Better conversations and mentorship programs key to retaining Millennials: Report

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Millennials are more likely to stay at a company if employers focus on driving workplace engagement and having meaningful conversations, according to research published today.

While younger people are more likely to spend less time in a particular job, around two thirds will stay in a current role as long as they are acquiring new skills, according to a white paper published by software provider Kronos.

The Motivating Millennials report found 10% of Millennials actively try to not stay with an employer for more than two years.

However, 57% of millennials said open conversations would encourage them to stay in their roles longer, while two-thirds of respondents said they would be more likely to stick around if their managers took an interest in them as an individual.

Meanwhile, a “formalised mentorship” was one of the top reasons why employees in small businesses would not look for work elsewhere.

Close to 700 Australian workers were interviewed for the survey, with around one third of the respondents working in businesses with fewer than 20 employees.

Peter Harte, managing director of Kronos Australia, told SmartCompany the research also found Millennials were more likely to be engaged right up until their position ended in comparison to Baby Boomers or Gen X workers.

“This indicates that employing this generation will actually provide more value for SMEs in the long run, regardless how long they choose to stay,” Harte says.

Harte also points out the importance of open conversations and mentorship programs to younger workers.

“The main lesson that small business owners and managers can take from this research is that the trick to retaining this generation for longer may not be in dollars but in fact words,” he says.

“Two thirds of Millennials say they’d have stayed longer if management had shown interest in them as an individual, or simply asked what they needed to keep them there.

“SMEs should ensure their Millennial employees feel listened to, their opinions valued and implement requested changes when and where they’re needed.”

 

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Broede Carmody is a former senior reporter at SmartCompany. Previously, he was a co-editor of RMIT University's student magazine Catalyst.

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