Millennials are known for hopping from job to job. According to PayScale, the average tenure of a millennial is two years. Compare that to members of Gen X, who are likely to stick around at a company for five years.
It’s in your organization's best interest to keep millennial workers on board. To do that, you first need to understand what motivates them to stick around:
1. They enjoy their jobs
Money isn’t the most important motivator for all workers. According to a recent Fortunepiece, nearly 50% of millennials believe having a job you love is extremely important. That’s compared to 38% of baby boomers who feel the same way.
When millennial workers love what they’re doing, they’re much more likely to stick around.
2. Managers treat them with respect
Sure, millennials might represent some of the younger workers at any given organization. Our own research uncovered that employees who have respectful managers are 31% less likely to think about looking for greener pastures. But that doesn’t mean they need to be babied and micromanaged to the utmost degree.
Many millennials prefer autonomy at the workplace. So long as they’re doing their jobs well, does it really matter how these employees approach work? Beyond that, millennials also enjoy transparent organizations. They like to be informed of what’s happening on a consistent basis.
3. They get paid well
Employees do work for a paycheck. Virtually all workers wouldn’t mind a salary increase at any point in time. And millennials are no different. According to ourEmployee Engagement Report, nearly 25% of workers today would jump ship for a 10% pay increase somewhere else.
The more money millennials earn at their companies, the more likely they are to be in it for the long haul. Want them to stick around? Give them a pay bump when they deserve it.
4. The incentives are incredible
Employees don’t pick jobs solely because of the perks. But who would turn down a few extra incentives? When millennials find a job they like, and the gig offers access to things like catered meals, free laundry, and nap pods, chances are they’re sticking around.
5. They get along with their peers
When given the choice of working with a bunch of people you like or a bunch of people you hate, who could possibly pick the latter option? Colleagues are the thing today’s employees love most about their jobs, as we found in our our research.
That being the case, managers should invest ample resources in team-building activities and exercises. In doing so, colleagues will bond with one another. And the more tight-knit those bonds are, the lower employee turnover you can expect.
6. They get along with their bosses
If your boss hated you and you got into a shouting match with them on a near-weekly basis, it’s probably safe to say you’d be looking to take the very next job you’re offered.
Millennials in the workplace are no different. When they get along with their bosses, they’re not as driven to find another gig. Who’s to say their next boss won’t despise them?
7. Opportunities for professional development abound
Unless they are named Mark Zuckerberg, millennials are for the most part toward the beginning of their careers. While they might be content working in whichever capacity they are right now, chances are they’ll be trying to climb the ladder sometime in the future.
To this end, millennials seek out professional development opportunities. In fact, according to a recent survey from EdAssist, 60% of millennials would prefer a job that offered regular opportunities for professional development over one that offered regular pay raises.
Employee retention should be top of mind for any manager who wishes to help grow their organization. Luckily, millennials aren’t exactly hard to decipher. Keeping them on board is incredibly easy when you know what motivates them.