Gen Y is a hot topic. And one of the buzzwords associated with them is retention. They’re not sticking around for very long at various companies. And if you’re a leader, you should be worried at their high turnover rate—they’re entering the workforce en masse. Research firm Millennial Branding did a survey on retaining this generation:
- 40% of companies employ 50 or more Gen Y workers
- 30% of companies surveyed lost 15% or more of their Gen Y employees in the past year
- 60% of Gen Y are leaving their company in less than 3 years
Companies are going to suffer from the turnover if they don’t start planning ways to retain this generation. We asked leaders for advice on how their organizations are keeping this workforce locked down. Here are the retention strategies you can start adopting in your company:
Turn To Technology
Olivia Carr, Marketing And Administrative Exectutive at Flexiworkforce points out the importance of technology: “The millennials were the first to have grown up with the Internet, so they have an organic ability to adapt to different modes of technology.”
This generation is quick to adopt the latest tools and expect workplaces to do the same. “Young workers are realizing that with the aid of just a laptop and a smartphone, they are able to work efficiently while connecting with clients all over the world.”
Give Them Career Guidance
“They need to see documented career paths to reach personal goals and challenges to help them grow … Regular check-ins with their supervisors for feedback and constructive criticism helps keep this generation engaged,” says Michelle Burke, Marketing Supervisor at WyckWyre.
Millennials crave professional growth, and they’re quick to jump ship if the progression isn’t clear. Show them the path and make sure you help them achieve their goals.
Secrets have no place in the work environment. “Millennials do not like to be kept in the dark about anything—either good or bad,” says Carin Chivulescu, Director of Human Capital at The Expert Institute.
Millennials highly value a transparent culture. And they don’t like busywork—they want to know how their work impacts the rest of the company. “Managers should be sure to articulate the value of the tasks they assign to their millennial workers within the larger effort of the company.”
Keep It Fun
Nima Noori, CEO and Founder of TorontoVaporizer shares her secret to retaining millennials, “We all get together after work on a Thursday night to have some fun … We’ve been go-karting, to a comedy club…”
You can’t keep a happy workforce if you’re not encouraging employees to have fun. This is especially important for millennials: 88% of them want a fun and social work environment.
Millennials might be notorious for job hopping, but that’s only because companies don't know the best ways to retain them. Implementing these changes in the workplace is the way to retain this young generation.