#9 Ways To Retain Millennial Employees With Old Wisdom And New Age Practices
Talent retention has always been a problem for business firms and with Gen Y on the block, it seems to rise.
While young and spirited souls are what most companies want, many find it difficult to work with millennial employees. Talent retention has always been a problem for firms and with Gen Y on the block, it seems to rise. Millennials demand to be looked upon with a new lens as they don't belong to the traditional lot. This is a demanding generation and is not satisfied until they get what they deserve. They won't hesitate to ask for something they feel is rightfully their due.
Managers may often find them arrogant, but millennials are more straightforward than the previous generation and would not shy away in demanding their rights. If young blood is what you need, be prepared for some changes in your traditional set-up.
Following are the simple steps that may help you retain the youthful talent in your organisation:
1. Let Them Realise That The Company Needs Their Skills
Nothing can work better than acknowledging that employees are an important part of the company and the firm needs their expertise. Every employee gets his/ salary on time, but the fact that their skills are recognised is what will make them stick around for a longer span and motivate them to give their best.
2. Value Their Time, Efforts And Choices
Gone are those days when employees spent thankless extra hours for work. The role of an organisation in maintaining the work-life balance of their employees needs to be taken seriously. Plan work and schedules with employees. Don't end up giving tasks at the end of the day.
This is a generation that will work for the company if they are appreciated for the efforts that they put. They will give more than 100% when they see that whatever they are doing are being noticed and valued.
You need to trust their instincts and choices. Their work style may differ from the previous generation, but it may also bring up efficient innovations for your organisations.
3. Involve Them
Employees are your partners in your journey to success. Involve them gradually in the decision-making process relevant to them, but ensure you don't end up having more of unnecessary meetings, wasting time of you and your employees.
Involvement in decision-making would boost their dedication towards implementation of those decisions. This may help boost leadership skills in them, further showing them growth prospects.
4. Do More Than Just Earning Profits
A report says that millennials are more likely to work at places which are socially inclined and allows them time to do so. Gen Y believes in giving back to the society and passionately wants to be a part of the change they want to see. While earning profits may be your primary motive, your social inclination may keep some good talents for longer than expected. Involving them in social activities may keep their interests alive and extend their stay with your firm.
5. Help Them Find Their Own Hidden Skills And Talents.
Gen Y is involved in multiple activities. Under tremendous pressure of making a career, they many a time get confused as to what should be their correct career choices. Your guidance here would make them feel more comfortable.
6. Reward Them What They Deserve
Millennials will not step back in putting efforts, but they will also expect sufficient rewards for their hard work. An appreciation mail or any employee of the month award could be a big confidence booster for them and will also augur well for the company.
7. Team-Bonding Activities
With professional careers being demanding, employees look forward to team-bonding. A well-gelled team can not only give more co-ordinated and productive outcomes but can also help retain employees. Frequent dinners and cocktail parties may not be economically burdensome for the company but can work wonders for the employees and will certainly reflect in their performances.
8. Let Your Growth Ensure Their Progress Too
Be a true leader by taking them ahead with your success. Millennials want to keep learning, innovating and developing. Monotonous job profiles bore them easily. They look forward to versatility in work. But, see to it that you don't give them work they don't want to do. Their consent is important.
9. Inculcate A Sense Of Trust In Them
Don't give false promises. In reality, there is a lot of distrust between the employers and the employees. The two groups on the opposite sides of the table do not believe in each others' words easily. You need to stay true to your words — let it be about appraisals, job profile or additional scope of work. Show them you trust them completely and they will walk that extra mile for you.