Millennials are fast becoming the largest generation in the workplace. Like the generations that came before them, they want a favorable work environment and compensation for their education and experience. Millennials, however, are much more likely to change jobs if they feel their needs are not being met. If you want to increase the retention rate of Millennials, you need to know, and act on, these three key things.
Job satisfaction is key. The happier and more satisfied a person is at work the longer they will stay. Millennials find work fulfilling when they have opportunities to grow and learn. They want to be constantly challenged and they want to know there is room for them to grow within their company. While they are known to be serial job hoppers, they’re more than willing to move laterally within a company to gain additional skills and knowledge.
Support and Feedback
In the past, annual reviews and occasional conversations with leadership was the only feedback employees received. The Millennial workforce wants and needs continuous feedback about how they’re doing and what areas they can improve in. Meeting weekly with them keeps the lines of communication open, and shows them you are committed to their continued growth and prosperity.
A Sense of Purpose
One of the key factors that Millennials cite as their reason for seeking a job within a specific organization is the ability to contribute to something bigger than themselves. They are more likely to show interest in companies that are socially conscious with a strong set of ethics and morals. They aren’t willing to work for those that show a blatant disregard for the environment, or human rights, for example. They take pride in making a difference in the world and favor companies that mirror these values.
Employee retention is a challenge for businesses of all types and sizes. However, by understanding what the largest generation of workers wants and needs your company can overcome this challenge and increase retention rates.
NextGen is the brainchild of longtime telecom professionals with nearly 50 years of experience and millions of dollars in Telecom Recruiting Services. We focus on establishing long term relationships with our clients and candidates so we can recruit the best and the brightest in the telecom industry. This ‘quality over quantity’ approach is at the heart of everything we do and has resulted in successful job placements at Fortune 1000 firms worldwide.