Millennials -- those tech-savvy, avocado-loving twenty- and thirty-somethings -- have perhaps unfairly earned a bad reputation for “job-hopping.” According to Pew Research, there’s essentially no difference in the average length of time an 18 to 35 year old is employed, whether he or she was a Gen Xer or is a millennial.
Even so, the stigma of disloyal millennial employees persists. And sure, some millennials are spending less than the proverbial “two to five years” at their jobs. Luckily, there are policies and practices your business can implement to boost millennial retention. In this blog post, we’ll discuss three great approaches to keeping your young and talented employees happy.
Create a Modern, Friendly Workspace
Millennials love good, modern design -- and they appreciate it even more if it comes with perks.
Many millennials want to spend as much time as possible in beautiful, engaging places. While you don’t need to overhaul your entire suite to look like a WeWork, you might want to consider adding a few youthful touches to your office space.
While a great office alone won’t inspire loyalty, it will prove to your employees that you care enough to make their workplace comfortable and fun.
Some ways to modernize your workspace:
- Create a comfortable relaxation and socialization area for your employees
- Retrofit cubicles with standing desk configurations, dual monitors, and ergonomic chairs
- Use mirrors, plants, and ambient lighting to recreate the outdoors if windows are few and far between
Offer Irresistible, Competitive Compensation and Benefits
Great pay and benefits have long been lauded as a way to attract and retain talent. If you’re paying employees less than they’re worth, then you will likely lose them. Are you paying employees based on tenure, instead of basing pay off of value and contribution? If so, younger employees are likely undercompensated – and looking for better pay elsewhere.
Same goes for benefits. Attractive vacation and parental leave policies prove to millennial employees that they can settle into their careers with your company without giving up traveling the world or becoming parents. Prove to these young workers that with your company, they really can have it all.
Develop and Promote Employees Early and Often
There is perhaps no kiss of death more certain for employers than failing to set their employees up for long term growth. One survey, covered by CNBC, revealed that 90% of millennials would stay in their current job for a decade if they were guaranteed annual raises and real career growth.
Another interesting finding: when millennials left a job they liked, 36% of the time it was for a better opportunity elsewhere. Create those opportunities for your existing employees if you want to retain them.
Access to legitimate career development matters too. Millennials, like employees of all ages, want to learn new skills and gain new experiences. If your company is skipping out on interesting seminars, trips, and trainings for employees, that could lead to harmful employee turnover.