6 Tips to Increase Retention
#1 Encourage Self-Growth
Younger workers are seeking ways to improve themselves and their professional skills. This is often the number one benefit that Millennial employees seek when evaluating potential employers. In-house training, financial assistance and professional support for community college and university courses, and other trainings that can help them advance their careers are a worthwhile investment in retaining a skilled, experienced workforce.
#2 Be Flexible
While Boomers struggle to understand the desire for flexibility in the workplace, Millennials crave it. Many are young parents who want to balance their work with family and spend more quality time with their children. Others simply enjoy the chance to work when they are most productive, rather than forcing themselves to get up early and down four cups of coffee to feel human. Offering flexible hours or even the ability to work from home some days will go far in extending the tenure of younger employees.
#3 Keep Communication Open
Every generation wants to be kept in the loop, and Millennials are no exception. While newsletters can help a company to reach employees, they’re not a substitute for face-to-face communication. The good news is Millennial employees often consider video conferencing or phone calls as face-to-face, so you can spread ideas and information easily without scheduling in-person meetings. This is also a good match for companies that allow workers to clock-in at home.
#4 Use Positive Reinforcement
One of the least expensive ways to boost retention is to make your employees feel like they are valued as an individual. Often, programs that focus on positive reinforcement don’t even necessitate any significant expense. Think of employee of the month, birthday gift cards, or other non-cash incentives, such as dinner on the company or tickets to a game. Letting your employees know you sincerely appreciate their work is powerful.
#5 Connect to the Community
Millennials value involvement and community above many things. The drive to give back makes this generation a powerful force for good, and letting them do so through your company can make them want to stay. Community activities, volunteering, and donation matching are just a few ideas to give back to the community and retain good people. It can even boost morale and the sense that you are a team.
#6 Break the Rules
More than defying authority, this is about challenging the status quo. If there’s a better way to do it, then make the change. Don’t get stuck in the thought of “This is the way it’s done because this is the way we’ve always done it.” Ask for input and ideas. Let your employees innovate and keep your company competitive.
Putting it simply—listen to what your employees need to succeed in a career. Respond to them in ways that makes them feel like they have a voice and a place in your company. Invest in your employees, and you’ll soon discover that they’re return the investment into their work. Don’t recruit new good people, keep the ones you have.