5 Secret Ingredients To Increase Employee Retention Among Millennials
By 2025, 75% of the entire workforce will be millennials. How can you increase employee retention among a workforce that has an average tenure of just two years?
While the cost of employee turnover is very high, most organisations lack a formal strategy to retain millennials and Generation Z.
Here are 5 secret recipe ingredients to help engage and retain millennials.
1. Start with Great Onboarding
A well-designed onboarding programme is key to increase employee retention among these generations. Set clear expectations during the hiring process about what your new employee can expect from their role.
Does your onboarding start pre-employment? If it doesn’t, consider including your new employee in a programme, project, event, coffee meet-up or outing to foster a sense of team belonging.
Focus on what matters to millennials and Generation Z: company values and mission; career and personal development and mentoring.
2. Demand Excellence in Managers
Make sure to provide training, coaching and feedback, especially to front line managers, who are one of the biggest influences on retention.
Have you trained your people managers on how to engage the different generations, which will certainly increase employee retention? If not, it’s time to invest in their development so that they can successfully manage a multi-generational workforce.
For your millennial managers, ensure you enable them to make the transition from individual contributor to People Manager.
3. Focus on the Big Picture
The operational aspects of a role are important, but what will really help engage millennials is focussing on the company vision.
Introduce the company’s values, culture, goals and strategy early and ensure your employee’s goals align with that big picture.
Empower your employees by making them “part of the engine, not a cog in the wheel.” This is key for millennials as they want to feel they have a purpose and an impact on the bigger picture. They want to share wins, losses and feel part of a greater purpose.
4. Give and Seek Regular Feedback
Have you got a feedback culture in place? If not, consider how a performance management model can incorporate continuous feedback for millennials.
Millennials and Generation Z appreciate and feel empowered by timely and regular feedback. If you’re leaving feedback until the mid-year or annual review, it’s too late.
Tandem HR Solutions says that organisations need to move away from “outdated performance management practices” and that regular, clear, helpful feedback is a necessity between managers and teams.
5. Start with Why
Millennials are leaving companies quicker than previous generations. It’s important to build a retention strategy that asks why they’re leaving and what can be done differently.
The exit interview, for example, would be best focussed on why they’re leaving your organisation rather than what attracted them to their new company.
This will give you meaningful insights and trends to feed back into the organisation to help reduce employee turnover.
Download our Whitepaper to learn how to Redesign the Workplace for Millennials & Gen Z
Bringing it all Together
Talivest is tailored to engage with Millennials. Our solution can help organisations understand why employees are leaving, stay connected with them and re-hire high performing millennial alumni. This results in reducing recruitment cost, boosting productivity and bolstering your company’s innovation pool. A combination of work practice innovation and Talivest will bring top performers back into your company.