How to Stabilize Job-hopping Millennials in Your OrganizationEmployee Retention
How to Stabilize Job-hopping Millennials in Your Organization
According to Forbes, by 2020, 40% of the total working population will be millennials. This translates to roughly 86 million people. This statistic is concerning as millennials are a generation skilled in technology with an ability to multi-task and are filled with energy. They seek challenges in what they pursue and have high regard for work-life balance like no other generation. They are also the future of the American workforce.Millennials desire for expedited growth within an organization and willingness to switch jobs to accelerate this process is a cause of great concern to many companies today.60% of current millennial employees are open to new job opportunities to an extent that the generation has been termed as a “job-hopping” generation.Millennials are a generation who thrive on being valued and appreciated for their work. They believe in working hard, being recognized, and then working even harder to surpass expectations. The most effective way to retain millennials in organizations is by helping them feel valued and connected to the organization and their peers. Employees must be engaged sufficiently to be able to relate to organizational goals and visions. In a 2015 survey, Gallup has reported that 68% of employees do not feel engaged or actively engaged in their workplace which leads to 73% of them thinking about another job.This is problematic as most top talent in companies are hand-picked after spending a lot of resources on talent acquisition ($247.2 billion in recruitment costs). Any loss of top talent in an organization is hefty to the company both in terms of productivity and capital.By adopting the following 9 strategies companies can improve their millennial retention while attracting top talent to the organization.
- Focus on nurturing your top talent:
95% of the productive work is done by 5% of the top performing employees in a company. Compnanies must focus their engagement strategies in the areas where their top performers make maximum impact.
- Recognition and appreciation
According to an Aon Hewitt report in 2015, more than 42% of millennials consider public recognition by senior management as a good form of appreciation and more than 40% want to be appreciated as frequently as once a month, assuming they earned the recognition.
- Continuous feedback
Continuous feedback in terms of performance is quickly gaining popularity among the new age employees. More than 80% of millennial employees value frequent feedback that can be immediately applied to their work rather than waiting for structured performance reviews.
- Vision and CSR (Corporate Social Responsibility) – The greater good
Now more than ever, the millennial employee wants to be connected to a company’s mission and vision. National Society of High School Scholars reported in 2016 that 46% of the millennials considered CSR activities as a factor while choosing their employer. When employees have the option to contribute to the greater good, they feel more valued, engaged, and are less likely to take up another job that may come their way.
- Encourage flexibility
Gone are the days of working a strict 9 to 5. Millennials prefer flexible work hours and locations which not only drives their productivity but also makes them happier employees as they feel better equipped to manage their time effectively.
- Engagement strategies
Gallup states that only 33% of employees are engaged in their new roles. Organizations must invest more time and resources into curating better engagement strategies like allowing for more collaboration and transforming day-to-day processes within the teams for better productivity.
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- Streamlined onboarding programs
The hiring process is the first critical association made between a company and an employee. A whopping 70% of workers say that they are likely to be with a company for three years or more if they had a seamless application and onboarding process. A company’s hiring process is not over once a person has been recruited. It's equally important for retention to ensure that the worker has an engaging and positive onboarding process.
- Latest tools and tech
One of the biggest roadblocks to employee productivity is the inefficiency of the technology around them. Faulty and outdated technology slows down your employees. Organizations must show their workforce that they are supportive by being active in adopting the latest relevant technology and processes which ensures that the millennials can perform at their best.
- Opportunities for development
Employees and managers must be aware of mentoring, certifications, training and other talent development and growth programs that are available to them.This helps millennials stay up-to-date with knowledge in their field and also give them a feeling of being able to develop themselves personally within the organization without having to look to an outside source.Hiring the right talent, mentoring them at essential intervals to develop the requisite competencies, communicating the right vision, and recognizing your workforce for their exemplary performances are definite ways to help organizations have a strong retention rate among millennials and reward the companies with loyal employees that contribute to company successes in the long term.Sources:https://www.mckinsey.com/business-functions/organization/our-insights/attracting-and-retaining-the-right-talenthttp://fortune.com/2017/01/25/millennials-talent-retention-leadership-career-advice-job-hopping/https://www.entrepreneur.com/article/284126http://www.selectinternational.com/blog/bid/148239/5-things-successful-companies-do-to-retain-top-talent