A US survey by Deloitte found 44% of all young workers plan to leave their current employers within the next two years and by 2020 this number is set to increase to 66%.
So, how can you reduce turnover within your Millennial workforce?
Well, young workers are in-demand and can thus harder to retain than any other demographic. According to Deloitte, the main reason younger workers leave a company is because they don’t feel they have a purpose or are connected to the company. If Millennials feel they are working for a purpose they will commit themselves to your organisation.
The following are some ways to appeal to young workers that can help you retain your these employees for longer.
- Enhance development opportunities. If you don’t want your employees to leave, you have to show them you’re as committed as they are to advancing their careers. You can do this by offering growth plans such as role diversity or defining promotional structures for advancement every 2-4 years.
- Facilitate freedom. Young employees have big dreams and want to be able to execute them. Instead of holding them back or losing them, look at flexible work options for your Gen Y workforce, such as working holidays or work-from-home options to ensure they can pursue interests outside of work.
- Create connections. Give your employees a reason to feel connected to your workplace. For example, let them name the break room or plan the next work event. If employees are involved in your organisational culture they’re more likely to feel connected to it.
- Provide valuable feedback. Young workers want to know they are valued and so they may feel like they’re doing a bad job if their good work is not affirmed. Create objective performance metrics to ensure when you provide feedback it is useful and not generic.
- Provide great training. While Millennials are confident and talented they can also lack the experience necessary to hit-the-ground running. Invest in your staff training to ensure they have all the tools they need to succeed, and, are as productive as possible in their new career.
Ultimately, younger employees may move on from your organisation no matter how hard you try to retain them. However, if you implement some, or all, of the above tips, then you can be confident knowing you’re putting your best foot forward in the race to retain top talent.
Saxon Marsden-Huggins is the managing director of Recruit Shop, which offers recruitment services to small businesses in Australia and New Zealand.