The research on millennials will tell you why it’s an asset to have this generation represented in your workforce. Millennials tend to feature similar traits — motivated, tech-savvy, focused on diversity and a positive company culture. You may be boosting benefits and adding workplace perks to retain employees. So why are your millennials leaving?
The Generational Shift
Although you may have baby boomers that remain with the company for 20 years, younger talent isn’t inclined to commit to one organization for the length of their career. Industry standards are shifting for many reasons, and millennials aren’t afraid of job-hopping. In the past, workers would maintain their position for a minimum of three to five years before considering new opportunities. These days, it’s not uncommon to see a resume with changes every one to two years. What used to indicate an unreliable candidate now shows someone searching for more responsibility and challenges.
They Crave Culture
Overall, millennials have a vested interest in the environment of their workplace; and why shouldn’t they? You spend at least 40 hours a week in one spot. It should be positive and inspirational. Many businesses have a proclaimed “mission” or “vision” that haven’t been fulfilled or revisited in over a decade. If your organization claims to support a specific purpose, you need to follow through. If not, create a unified message your entire team can get behind. All staff members experience an increase in performance when they can see and believe in the big picture.
They Lack Leadership
If your new staff members are walking right out the door, it’s time for some self-reflection. Examine your process to see if you are falling short as a manager. Millennials are masters of communication, and they crave frequent feedback. Here are a few small changes you can make on your end to improve millennial retention.
- Increase communication – consider weekly staff meetings or standing one-on-ones
- Be clear and decisive – assign action items and make sure you’re using your staff effectively
- Recognize your staff for their hard work
- Offer a fair wage and provide competitive benefits and perks
- Encourage opportunities for growth and professional development