Retaining Millennial Workfoce now made easy
Retaining Millennial Workfoce now made easy
The millennial workforce has started to dominate the global workforce, gone are the days when you can dismiss millennials as job-hoppers and not do anything about it. It is time that you need to have a retention strategy for millennials workforce in place. Over the years, there are many organisations who have managed to retain this workforce. There is so much more than giving free food and bean bags to this lot your organization can do to retain this lot.
Connect their contribution to the organizational goal
Millennials look at the bigger picture, they are those who look for their work to create an impact, contribute to a bigger goal. It works well from the start if you communicate their role and how it contributes to the organization. Giving this workforce a meaning in what they do, and by being clear about end-result would make it them engage in meaningful work.
By focusing on how their work translates and fits their career, and also to the organization’s goal will help to understand the bigger scheme of things which is very important to this generation. Growing up with plenty of information at the touch of their fingers, their need to know is so much greater.
While amenities were a priority to this lot, there is a seismic shift in their expectations as compared to the previous generation. Millennials, not just crave for a job that has an impact, they also love attention. In other words, they need attention given to their career development as well. A personal care from the management comes a long way. Managers who are invested in their team, who spend time mentoring them would be a great value add to retaining this workforce.
So often, promotions are given to technically skilled persons and they soon become managers managing people. However providing the managers with constant people handling techniques and skills would not just benefit the team, but would boost the morale of the entire organization, fostering a greater rapport.
While millennials are not keen on pay-scale being their lone factor of recognition, it sure matters a lot. This generation, armed with knowledge prefer to work on a performance-based pay scale that is transparent. They prefer to be compensated with respect to the effort put in rather than the seniority and tenure.
Millennial workforce loves to have flexibility at work to carefully work their time between their work and personal. With the blurring of the 9-5 timings, and exceeding use of technology, flexibility helps them to indulge and perform more creatively.
Many companies who have worked with performance-based presence rather than time-based presence have seen a great improvement in retention. However, this is highly specific to the nature of the job. With the increase in pursuit of hobbies and passions, millennial workforce prefers flexibility more than remuneration
A generation that grew up with rapid innovations, largely self-taught to keep up to the trend, this millennials lot value innovation more than anything. Abundantly creative, this lot needs spaces to exercise their creativity and problem-solving skills. Many companies are setting up focus teams and assigning them projects. This also helps the current managers to identify potential leaders, solve the crisis and retain talent.
This generation is very close to their family, they consult them in all their decisions. Knowing this, companies like Facebook and Google have a day when the employees are encouraged to bring their family and the company entertain them. This proves helpful for them to gain their trust and approval, and talk them out of job transfers if the situation so arises.
Nature of Work
Most of the millennials prefer not to do transitional recurrent work, but it is also essential to keep them motivated through the drill of doing the essential tasks and survive through their learning curve. Investing in their learning, and having constant touch points to make them feel connected and validated.
They also do well in a group task, motivated with a common goal, more so with a tangible impact factor. They value this impact more than pay, and if you strike a chord to tie it to their objectives, you have a winner.
With these pointers given here, one important factor to remember is that you as an organization need to be prepared to see them leave. Their ideal tenor is around 1.6 years in a company/role. Being upfront with your employees when they hit their maximum potential is crucial and it will help you earn respect and become better mentors. However, there are many millennials who return to the same organization after venturing into other spaces and realising that it just seemed like greener pasture. These employees are your best ambassadors.
Share with us what worked for you!