Generation Y is quickly becoming one of the most difficult generations to retain in the workforce. Considering this, it’s no surprise to hear 30 percent of companies have lost their Millennial employees over the last year.
Many companies are faced with this challenge because Millennial employees are focused on advancing their careers. If your company is struggling to meet that basic need of your Millennial workers, then you’re probably increasing your chances of losing them to another company.
If you’re wondering how you can save your Gen Y talent, here are a few suggestions:
5 Ways to Help you retain your millennial employees:
1. Be a social CEO.
If you’re the CEO of your company or even a manager, do your best to immerse yourself in social media. According to a recent survey released by Weber Shandwick, 72 percent of executives with social CEOs said they feel social media helps their CEO stay in touch with their company. This is huge when it comes to retaining Millennials because these employees want to have a connection with upper management. By making the effort to use social media to build relationships with your Millennial employees, you will be able to better relate to those employees.
2. Promote an engaging culture.
Generation Y is all about engagement and building relationships. Your company can promote an engaging culture by providing opportunities for career development, understanding their needs for a flexible work schedule, and making them feel like they are a part of a team and an asset to the company.
3. Understand what motivates Generation Y.
Millennial workers are definitely driven by results and recognition of their accomplishments. If you want to keep your best and most talented Millennial employees around, you’re going to have to show them how much they are valued by the company. For many employees, their careers aren’t only about the money alone — it’s more about having a job they look forward going to each day. If you can motivate your Millennial employees by recognizing their achievements, then you will be able to encourage them to work hard toward achieving company goals.
4. Allow them to move around.
Many Millennials are difficult to retain because they are constantly searching for ways to advance their careers. If your company doesn’t provide your Generation Y employees with the opportunity to advance their careers within your company, then of course you’re going to be at risk of losing these talented employees. To help retain more of your Millennial employees, create opportunities for them to receive promotions or transfer into new departments if they desire. Millennials want exciting and fast-paced careers, so help them achieve their dreams by providing them with the opportunity to grow with your company.
5. Don’t limit their technology.
Generation Y grew up with social media and technology engraved into their lifestyles. When retaining your Millennial employees, don’t limit their use of technology. Millennials want to use technology to help themselves work more efficiently, so allow them to use their smartphones, tablets, and other devices to help them find new ways to be more productive and focused at work.
To retain your Millennial employees, you’re going to have to listen to their needs. By implementing these tips into your company culture and employee retention strategies, you will able to inspire and motivate your Millennial employees to stay onboard with your company.
What is your company doing to retain your Millennial employees?