Very soon millennials will be the largest generation in the workforce in America. As more millennials graduate from college and find jobs, that number will only continue to grow. India too will be witnessing a surge of millennial employees very soon.
Millennials are not easy to retain. Job hopping which was a trait in the western countries for the last decades is soon becoming a fad in India and China too. Here are a few tips on how to retain millennial employees and make them stick to your organization.
To retain millennial employees, organizations must understand how to meet their career needs and goals. According to a recent Gallup study, millennials generally crave for employee training and development opportunities in the workplace. The study revealed that 87 percent of millennials said that “professional or career growth and development opportunities” are a top factor in their decision to stay at a company.
Here are 3 Tips on How to Retain Millennial Employees:
1. Development Focussed:
Millennials may want learning opportunities at work. They want their skills to be frequently updated and self-development is a priority for them. If you want to attract and retain top millennial workers, your organization is going to need to stress employee training and development.
Making room for on-the-job skill-building within your organization can mean you have ensured a staff full of millennials willing to engage and become part of the business and its culture.
You can also offer workshops or conferences that will benefit them in growing professionally within their role. Millennials are eager to participate because these new skills will increase their value within the company and the position.
2. Provide Feedback and Mentorship:
Millennials want guidance in the workplace. According to a 2015 study by Atenga, 67 percent more millennials than Baby Boomers say that having a great mentor at work is crucial.
Organizations should help high performers develop leadership skills. The benefit of establishing ongoing leadership training is two-fold: employees will transition into senior positions with more ease, and they’ll be equipped to provide peer-to-peer coaching on their way up.
An ongoing performance management system gives employees the chance to be in constant conversation with their managers, they shall be in a positive process of asking them questions and learning from them.
If they gain continuous constructive feedback on their performance and are ensured that they are on track to achieve personal and companywide objectives, it becomes easy to retain millennial employees.
3. Encourage their Entrepreneurial Passion:
An entrepreneur is always improving how and what they do and how and what they think about. This is a standard embraced by successful entrepreneurs and a standard many Millennials seem to be embracing.
Many Millennials are putting in the extra effort to read more, ask for more feedback, and adapt from what they learn. Starting the process for the millennials of opening the windows of new possibilities and projects to pursue and trusting them to take the lead can retain the millennial employees of your organization.