Attracting millennials has become the primary concern for local, national, and even international companies. According to the U.S. Bureau of Labor Statistics 2016, millennials are dominating the workforce, but the average time spent in a position is 18 months. Many of the companies searching for millennial talent, want to invest in a young growing team. However, they need to have solid programs in place, as studies show that turnover is higher than ever before. It’s best to question the “how” companies can attract, hire, and retain millennial talent while meeting their bottom line.
1. Create a “Happy” Company Culture
67% of millennials say they are “somewhat happy” at work (Teem)
If a millennial is switching jobs every two years, combating this issue should be easy by keeping them happy in their current role. Some of the top reasons for their unhappiness include lack of personal growth, lack of challenge, or inability to have added responsibilities (upward growth).
Companies that can retain millennial talent strive to continuously add challenges to their existing roles, and emphasize a long-term philosophy that with added responsibilities come additional perks and/or compensation. Sharing this philosophy in the first interview, dramatically helps decrease turnover, as it provides the new employee with an attachment to the “bigger picture.”
2. Build Trust
61% of Millennials say they would switch to a company with no performance reviews (Adobe)
The top organizations for millennials create a role in which the employee would take pride in their performance reviews. Everyone wants to do well on their first day but to continually reinforce that feeling.
Allow the employee the freedom to come up with a few parts of their own review, they want to be personally accounted for. For a sales person, this can be as simple as implementing more follow up phone calls to their routine to increase referrals from happy clients. Upon the review, ask them what their metric was, how they went about it, what the results were. This instills prideful ownership.
3. Create Professional Development Opportunities
76% of millennials think professional development opportunities are one of the essential elements of company culture (Execu-Search)
If a good portion of millennials believe that professional development opportunities are a great way to gauge company culture, it’s up to the company to provide such opportunities. Learning on-the-job skills can mean you have a staff full of millennials willing to engage and become part of the business and its culture. Even further, offer off-site workshops or conferences that’ll benefit them in growing professionally within their role. They’re willing to participate because these new skillsets will increase their value within the company and the position.
4. Be More Inclusive
64% of Millennials say they’re overwhelmed at work compared with 59% of professionals age 35 to 54 and 35% of workers ages 55+ (Accountemps)
At one point or another in a workday, feeling overwhelmed can cause you to slow down when completing your workload. But when the stress becomes overwhelming for some of your team members, reevaluate ways to combat this issue. Implement solutions like an open-door policy for managers, which allows team members to know that they’re able to unload on their management team without repercussions.
Also, it’s important to encourage a mental health break. Usually, a walk around the block can do a world of good when settling one’s mind and taking in outside air can help with some of those unsettling nerves.
5. Corporate Social Responsibility
81% of millennials expect companies to publicly pledge to be good corporate citizens (Horizon Media)
Creating a company culture that’ll entice millennials to apply isn’t just about offering the right salary or perks, other factors come into play like corporate social responsibility.
Words like honesty, integrity, and truth reign supreme about their work and this should reflect on the company team they decide to join. They tend to be attracted to companies who have community service projects, give back to charities, and have the occasional in-office event to raise money or donate volunteer hours to causes.