A recent survey by Deloitte Touche Tohmatsu, a research company based in the United States, found that as many as 44% of all young workers plan to leave their current employers within the next two years. The survey found that by 2020, that number balloons even higher – to as much as 66%.
The economy has changed dramatically. Not long ago, loyalty among employees was almost expected, as workers were simply happy to have a job. Now, not only do most young workers know that they’re in high demand – most simply do not feel that there is a connection to the company that makes it necessary to stay.
How to Reduce Turnover Among Millennials
Young workers are harder to keep on staff than ever before. But that also means that your company can benefit greatly by initiating processes that keep them interested in working for you in the long term.
According to the survey, the main reason young workers leave is that they want their job to have a purpose, whether it’s a purpose for the company or a place for them in it. They want the company to give back much of what they put into it, not necessarily financially, but with growth, potential, learning, and more.
The following are some policies that are very likely to appeal to young workers, and could help you maintain young workers for longer.
- Give Employees Growth Plans – If you don’t want your employees to leave, you have to show them that you’re as committed to them moving up in the company as they are. You can do this by offering growth plans, such as role changes and promotions every 2 to 4 years, financial compensation, and tools that they can use to further their education and abilities.
- Give Freedom – Young workers have big dreams. While in the past there were many that lived to work, these days even the hardest working young people want to work to live. They don’t want to be held back like they feel their parents were from enjoying life. So consider various options that improve that freedom, such as options to work remotely (as well as working vacations), no set hours, and/or more vacation and leave time.
- Create Connections – Give your young workers something that they can use to feel like they are connected to the workplace. For example, let them name the breakroom, or have them on papers published by your company. If their name can be out there for others to see as though they are connected to your business, they’ll be more likely to feel they are a part of it.
- Provide Valuable Feedback (Or None At All) – Young workers know that they are valued. So if you tell them they are not or criticise them more than they feel they deserve, they may react poorly. That’s why objective performance metrics are important, as is making sure that when you provide feedback it is genuinely useful, and not based on a bias or generic. They want to know you appreciate them, and don’t want to be criticised without good reason.
- Train and Onboard – Despite the value that young workers have, they are also… well… young. They aren’t necessarily going to have the experience they need to thrive, even if they know they have the skills to do so. Onboarding – introducing them to the staff, training them thoroughly in the role, making sure they have all of the information they need to do their best – is a great way to make sure that each and every new employee that you bring in is as productive as possible, and feels like they are confident in themselves.
You should also look for ways to have people bond, and feel like they are part of a team and community. Millennials tend to thrive on interpersonal connections, and so if you have ways for your team to really feel connected, you’re more likely to keep them from seeking work elsewhere.
Reducing Turnover – Training Rockstars
Young workers do leave, and you should be prepared for that with a great list of candidates that you can hold on to. But you should also look for strategies that increase engagement by Millennials in your work place. If you find the right formula, you’ll be able to retain a lot more individuals.