You love them. You want to work with them. You want to retain them.
In today’s technologically driven world, millennial employees are the demographic you need to build your ideas, grow your business, and realize your vision. They’re active and smart and tech savvy, so losing them is dangerous for your business. Eighty-seven percent of companies said it cost $15,000 to $25,000 to replace a departed millennial employee, according to a survey by Millennium Branding and Beyond.com.
Here are three top hacks for retaining your millennial employees.
1. Keep them happy
Generation Y are happy people.
They hang out with friends and families, go to parties, play video games, swim, drink, and chat on Snapchat. They always like to engage in a fun activity, whether they’re in college, home, or at work. They flee if your organization is dry, uninteresting, or boring. So, how do you make them happy?
Balance their work and life. 69% of millennials say work/life balance is one of the traits they seek in employers, according to a survey by the National Society of High School Scholars (NSHSS). Why? Because it’s important to them. They want to know whether you take their recreation, vacation, and leisure seriously. If you do, they’ll stay. If not, they’ll walk away.
Recognize their hard work. If you don’t, they will think that you don’t appreciate them. As an employer, you have to recognize their efforts, their hard work, and their contributions to the growth and development of your organization. That motivates them to work harder and stay longer.
Provide them with good job security. '65% of millennials would prefer a permanent full-time job rather than working freelance or as a consultant,' reports Deloitte in its 2017 millennial survey. So, to retain them, let your millennial employees know that their job is safe, stable, and secured.
These things make them excited and happy, but to retain them, you need to do some more… You need to keep them engaged.
2. Keep them engaged
By employee engagement, we mean a worker’s emotional attachment to their organization.
Henry S. Miller, the President of the Henry Miller Group, defined employee engagement as 'a desired outcome that occurs when workers feel a heightened mental and emotional connection to their jobs, their manager, their co-workers, and/or their organization and its mission.'
When an employee is engaged, they don’t just stay. They become more proactive. They perform better. They work harder to achieve the bottom-line results of an organization.
So how do you keep your Gen Y employees engaged? You do this by:
- Connecting their professionalism with your company culture, mission, and vision.
- Motivating them to succeed through training and development.
- Investing in their well-being.
3. Keep them satisfied
First, make their work flexible.
Millennial employees hate protocols and formalities and rigidity. They love the flexibility, and 67% feel that flexibility has a positive impact on productivity. No wonder, top companies are making work more flexible to their employees not just to keep them happy, but also to ensure they’re engaged and satisfied.
Second, train them.
Millennial employees don’t want to stay stagnant in a job that doesn’t advance their career, polish their professionalism. That’s why 87% of millennials rate 'professional or career growth and development opportunities' as important to them in a job, according to a Gallup study.
Third, pay them.
A good paycheck motivates millennial employees. According to a survey by Staples, 29% of Gen Y employees report that higher salary is the biggest contributor to their loyalty, compared to 20 percent of the broader workforce. You’ve got to pay them if you want them to stay.
You know it’s costly to lose your millennial employees, so you need to devise some hacks that will help you retain them for a lot longer. Instead of dishonoring them, making them unhappy, disengaged, and dissatisfied, you can start treating them with dignity, respect, mutual love and mutual understanding, so they stick to you for longer.
How do you do that?
- Keep them happy.
- Keep them engaged.
- Keep them satisfied.
You’ve got your three simple hacks. Now all you need to do is put them into practice. Your dream – realizing your company vision – awaits.