How to Encourage Job Retention With Today’s Millennial Workforce
Recent studies show that millennial workers of today are moving jobs more than ever, causing challenges for those invested in the future business planning and growth initiatives of an organization. As a business leader who’s looking to succeed and scale over the long-term, how can you ensure you are doing everything you can to keep these fast-paced employees on your payroll for more than just a couple years?
Here are a few ways you can help ground the rapidly moving millennial workforce of today:
Showcase Growth Opportunities
Many of today’s employees are on the hunt for the next opportunity that’s going to build on their experience, and, of course, pay them more money because of it. To avoid playing this game of ping-pong with your employees, map out the growth opportunities and pay rate increases for those upward moves right from the start of employment. After the hiring process, continue to expand on the current pace of growth during their performance reviews.
Make PTO a Primary Benefit
It’s proven that down time leads to a more productive brain, which, in turn, helps the overall daily performance of employees. Make PTO or vacation policies a primary benefit of the organization and increase the amount they have over time. Doing so encourages employees to stay even when another financial offer looks appealing. You may just find them saying, “I’ve built up my PTO time and I just don’t want to leave and start that over again.”
Pay Them Well
We know it may seem appealing to get someone in the door right out of school, pay them a little in exchange for the experience you’re providing to a new person, but this can also become a slippery slope over the long-term. Think about it, what’s that employee going to do once they’ve gained a little experience and they’re receiving the same standard 3% pay raise each year? The reality is, unless your benefits package is amazing or your yearly raises are more substantial, they’ll likely take that experience you gave them and scoop up the bigger paycheck as soon as possible.
Make Company Culture a Priority
The millennial workforce is on a hunt to make their work an enjoyable situation. The thought of a “daily grind” where they’re clocking in and out while divided from other coworkers in a confined cubicle just isn’t appealing. Today’s workforce knows they can have a stable and fun environment, and they are willing to wait and search to find it. Keep in mind that culture goes beyond setting up a ping pong table and implementing a more casual dress code, it’s about the right combination of people. Establishing a fun, but high-performing culture is a key component of retention. When people feel invested in the community they work with, they are less likely to leave it.
Shifting these company policies and procedures now will help ensure the younger workforce is coming to you instead of your competition. And as Richard Branson says, “Learn to look after your staff first, and the rest will follow.”