There is no gainsaying that the millennials are the workforce of the future. The percentage of millennials in today’s workplace is already on the rise. A study shows that they already make up about 35% of the total workforce of the US.
There is a premise that millennials are job hoppers as they are often not satisfied with their jobs and on the lookout for bigger paychecks. However, this is not entirely true. Instead, they are more interested in a separate set of employee benefits compared to their generational predecessors.
Here are four important ways in which companies can increase their retention rate of millennials.
Millennials are more drawn to work positions where they can learn new skills. Studies have shown that about 50% of millennials are more inclined to leave a job that does not provide them with learning opportunities. Although this age group loves investing in themselves, they do not enjoy spending money on training themselves, so companies should keep that in mind.
Compared to their generational predecessors, millennials do not value general company-sponsored training programs. Instead, they should be given an opportunity to define their training and development plan as they are more acquainted with newer trends in the workplace. They should be able to take courses of their choice. Also, they should be given training and travel allowances for conferences relevant to their job position and skill set.
Workplace flexibility is essential for retaining your millennial workforce. 84% of millennials state that having more work-life balance is the most important factor when considering a new job position.
Young professionals in the industry now want flexibility. This demand is further supported by advancements in technology that allow employees to work from the comfort of their homes.
Indeed, 75% of millennials say they are most drawn to job openings that provide employees with a chance to work from home. A flexible work schedule can bring out the best results from your millennial workforce rather than imposing a typical 9-to-5 job on them.
Appreciation and Reward System
A good fraction of millennials wants to be rewarded for their contributions to their teams and companies in general. In fact, studies show that a company would be able to retain approximately 79% of the millennial workforce if they came up with an excellent reward system.
Rewards, no matter how small, motivate them to stick to their current job and not look for a different one where their requirements will be met.
You may be surprised at how a simple “thank you” or a greeting card will increase their loyalty to your brand. Other ways of recognizing their hard work and showing appreciation for the work done is organizing company events and hosting weekly or monthly feedback sessions. This provides employees with an opportunity to make suggestions, share ideas, and voice their opinion on different work-related topics.
The Perks of Wellness Programs in the Workplace
Millennials are undoubtedly one of the most stressed generations worldwide. That is closely related to the challenges of making themselves indispensable in a fast-paced digital world.
Consequently, they come down with illnesses caused by stress and unhealthy work routines. Still, 54% of millennials have at some point in their lives skipped appointments with doctors or specialists because of treatment costs. If that is the case, a company with a well-thought-out health and wellness program will attract a considerable number of millennials.
The Bottom Line
Having a good work culture, reward system, and training programs will make millennials gravitate toward your brand and consequentially boost your millennial retention rate.