- Enhance Company Culture
- Be Flexible
- Change Up Your Leadership Style
- Promote Wellness
As of 2017, millennials (those born between 1981 and 1996) made up 35% of the workforce. While the tides have shifted over the past few years as the younger generation Z has joined the workforce, millennials remain the largest cohort in today’s workplace. Despite the large population of millennials working, the average tenure of a millennial worker is only 3-4 years (industry dependent). This high attrition rate is costly for employers, replacing a millennial employee can cost upwards of $15,000; so how can workforce managers an HR professionals hire and retain millennial employees?
Enhance Company Culture
Millennial employees thrive on the feeling of being valued, they traditionally prefer an emotional reward over a monetary one. This factor drives millennial job seekers to be critical of employers who don’t have a strong company culture.
Companies looking to appeal to millennial employees should focus on cultivating a culture which makes every employee feel that they’re important. One of the top contributors to employee unhappiness is a lack of growth opportunities or challenges; as an employer, provide you’re well performing employees with opportunities for upward growth, this is extremely valuable to millennials.
Positive culture can also be reinforced by encouraging your employees to explore opportunities elsewhere. This may feel counterintuitive, but millennials value feeling supported so much that they’re more likely to stay with a company which encourages them to leave to make positive career moves than they are to stay with a company that they feel does not support them in a positive career move.
Millennial employees value flexibility in the workplace and they’ll prioritize a workplace which can offer them this luxury. Consider schedules that go beyond the M-F 9-5. Are there opportunities for remote work? Let your employees take advantage of the possibilities, they’ll value this trust and flexibility!
Change Up Your Leadership Style
As previously mentioned, millennial employees do best when they feel like they’re a part of something important, this includes their workplace relationships. Leaders looking to bolster their millennial workforce should approach employee relationships as coaches or mentors, rather than the traditional ‘boss’. Millennials will appreciate the respect and more meaningful relationships at work.
Strong employee-boss relationships reinforce millennial’s feelings of trust and respect, which makes them more likely to work independently and feel more accountable at work.
By now you’ve probably noticed the trend of promoting wellness in the workplace, this is great for attracting millennial employees!
Along with their desire to be a part of something important, millennials also value a company which cares about them. Put an anti-burnout plan or policy in place to encourage your team to maintain healthy work habits. Provide your employees with opportunities to relax and unwind while taking care of their physical or emotional health. A company’s involvement in their millennial employee’s wellness will lead them to appreciate and feel more connected to their employer.
Millennial employees value experiences over objects, provide your team with the opportunity for adventurous team outings or trips. This will benefit their mental health while increasing their connection to the company.
Although generation Z is making a major entrance into the workplace, millennials will be carrying our economy for many years to come. Any company that aims to continue growing a full staff of talent must ensure they’re implementing appeals to the millennial generation. Wooing a candidate is not enough, company-wide efforts must be made in order to retain millennial talent.