8 Effective Ways to Manage Millennial Employees for Better Retention
These days, millennials make up a significant portion of the global workforce. And it is expected that they will comprise 75% of the worldwide labor force by 2025.
Unfortunately, many people in supervisorial and managerial positions have no clue how to manage and lead a millennial workforce. This is one of the reasons people born between 1980 to 1996 have the reputation of “job-hopping.”
Here’s the thing: Millennials likely do not want to leave their job. However, their employers are not giving them enough reason to stay.
That said, here are eight practical ways on managing millennial employees to improve retention:
1. Allow Workplace Flexibility
One of the most common expectations most workers have today is flexibility. More work can already be done remotely compared to years back, and employers must learn how to adapt to these changes.
Most millennials’ desire for new experiences may make them want to work at different hours or even for employees from a foreign country. To keep millennials around, companies should provide flexible work schedules. This includes having a work-from-home option.
After all, we can now complete tasks without going to the office. This is all thanks to technology and work automation.
2. Create a Positive Work Atmosphere
A positive work atmosphere can be a significant turning point for the checklist of the average millennial worker. Since millennials have high standards and values, it may need some work to create a more supportive environment for your team.
Moreover, millennials like to be surrounded by individuals that encourage them to do their best while helping them along the way. Like with any successful organization, collaboration is vital.
That said, it’s essential to create a space that will make millennials feel comfortable sharing their ideas and creativity. Various perspectives will also eventually lead to a more innovative and profitable business in the long run.
3. Give Them a Sense of Purpose
Millennials are a generation seeking more than just paychecks, but work that matters to them, giving them a sense of purpose. That’s why most organizations are advised to take a close look at the organization’s goal to retain millennial employees.
Make sure that you assess how you communicate to them the heart and soul of the company and how it can make a lasting impact on its employees and society. Making this minor change can significantly impact employee retention, and it doesn’t cost much.
4. Demonstrate Transparency in the Office
Millennials will likely maintain their loyalty if you stay transparent with them. Ideally, they want to thrive in an environment that allows them to see better and contribute to the company’s decision-making process.
You can do this by fostering open communication in the office or company-wide meetings that keep everyone in the loop. Transparency will let them understand the organization more and adopt a better approach to their job.
5. Make Them Feel Valued and Appreciated
According to a study, millennials want to feel appreciated for their contributions to the company. However, doing so should go beyond saying “thank you” and handing them a certificate of appreciation.
These days, employees are looking for promotions, cash incentives, an opportunity to lead a team or upgrade their skills. Another excellent way to show that you appreciate your employees is to implement profit sharing or give them a stock option to the company.
In addition, offering regular feedback will show them how much you care about their development. Meanwhile, asking for their feedback will let them know that you value their ideas and opinions.
However, ensure that you’re giving something tangible as well. Remember that empty promises won’t get you anywhere.
6. Give Access to Professional Development
Most millennials aren’t just looking for a job. They’re also looking for opportunities to grow and improve their skills. In fact, the current workforce is more interested in personal development and growth than earning money.
While everyone loves a pay raise, this is just a short-term solution. If you want to improve loyalty and create lasting connections, you should be willing to help them enhance their current skill set. You can offer them workshops or challenging projects to let them learn new things and improve their skills.
They should also get the necessary support to participate in these courses. You can even provide them with bite-sized classes spread throughout the day. Doing so can help break the routine, keeping employees interested in what they do.
7. Have a Social Conscience
Millennials are often a generation that values social causes more. You can retain more employees if you’re more involved with fundraising efforts with the community.
Supporting charitable causes helps attract better employees, and it can also serve as a good PR.
8. Be Open With the Prospect of Moving On
While it may sound counterintuitive, encouraging employees to seek out other opportunities, you’ll improve millennial retention rates.
That’s because this is a way of showing them that you care about their career. This makes employees more inclined to stay in the organization in the long run and sets the tone for other employees.
Over to You
The key here is to understand your millennial employees. Know what they expect from an employer and what would make them stay.
After all, employees these days will look for opportunities that can support their lifestyle. Nonetheless, it would help to ask what would make them stay.
That said, follow the employee management tips above to lead millennials and improve your company’s retention.
The article outlines eight effective strategies, including offering workplace flexibility, creating a positive work environment, providing a sense of purpose, maintaining transparency, valuing and appreciating employees, offering professional development opportunities, having a social conscience, and being open about career progression.
By accommodating their desire for work-life balance and recognizing the feasibility of remote work thanks to technology, workplace flexibility can significantly boost millennial satisfaction and retention.
Millennials seek more than just a paycheck; they want their work to have meaning and contribute to a greater good, which in turn fosters loyalty and engagement.
Millennials value growth and learning opportunities. Offering them ways to enhance their skills and careers can lead to higher retention rates as it aligns with their personal and professional aspirations.
