What are Companies Doing to Retain Millennials?
Millennials are in the early stages of their careers and lives, which factors strongly in what they look for in a new job. While pay is important, most millennials are seeking jobs that provide them with more opportunities and community building experiences than previous generations.
If you are looking to improve retention rates of millennials, consider the following.
Make growth and development a priority
According to a recent Gallup survey, over 50% of millennials said the opportunity to learn and grow was the most important aspect of what they look for in a job. Many millennials see their current role as a stepping stone to something bigger within the company.
If you want to hold on to younger talent, you have to make sure that there are opportunities for upward mobility; otherwise, you may find yourself losing employees to companies that have those "next step" roles.
Consider things like adding junior and senior level roles if they apply to your positions and you don't have them already. Also, always be on the lookout for ways a new role may be beneficial to your operations and promote and hire from within.
Build a company culture that millennials are comfortable in
Most millennials want to work for a company whose core values resonate with them. Think of the things your company does, such as charity work or even business efforts that are focused on improving the world (or your local community). If you can give employees a sense of social responsibility, often they will find more purpose in the work that they do.
If you don't have a social initiative in place, encourage employees to rally together for a cause. Not only does it build a positive connection between employees and the workplace, employees will develop better work relationships with each other.
Not sure where to start? Check out our post on how to build a thriving company culture.