For most managers, this is proving to be a complicated generation of workers to understand and retain in the workplace. In fact, 68% of Millennials surveyed say the longest they will stay at the same employer is 3 years. Surprisingly, today the average U.S. worker spends just 15 months in one role in today’s working environment. Retaining millennials is a significant issue facing businesses today.
The generation that desired employment with the same employer for the entirety of their working careers is left dumbfounded by this constant need for change and mobility. To better understand how to retain workers (for as long as they are willing to stay), wrap your mind around these three ideas that speak to Millennial retention.
A good fit
Every company has their work culture. Forget quoting the core values, I’m talking about the reality of how work is conducted within your business. Certain personality traits fit that culture and some personality traits will not. Identify the traits that keep your long-term employees on your team and hire to match those traits.
This is the time to be honest. I had a client tell me the reason his long-term people stayed was because they loved working as a team there, when in fact, the reason they stayed was because none of them were interested in moving up (since there was nowhere to go) and were comfortable with the routines they had developed.
If you are looking for go-getters and driven employees to be working in this environment, think again. This isn’t a good fit for that personality. Know your culture and know who fits that culture. Want to change your culture? That begins with leadership, and that is another article entirely!
A job that matters
74% of Millennial job seekers want a job that feels meaningful and makes a difference. Does your company make a difference in the community? Do your new employees get the opportunity to meaningfully interact with customers? These are job characteristics that rank high in job satisfaction. Millennials are three times more likely to stay with the same company if they feel fulfilled as a person while working.
87% of Millennials expect managers to develop them personally. Without a clear path of professional development for the individual, the retention of Millennials will stay low for employers not willing to make this a priority.
This is not the “start at the bottom, pay your dues and work your way up the ladder” development old-school managers experienced in their youth. This is a clearly defined program to grow and develop skills for not-too-distant future opportunities.
To build your workforce with the newest and largest generation of workers, make sure they fit your culture, give them a job that makes a difference, and develop them and encourage them to build their careers.