Millennial

Millennial retention rates are incredibly tiny. Companies are left scratching their heads
wondering why their millennial workforce always seems to jump ship. Just 13% of millennials in one study agreed that someone should stay in a company for at least five years before leaving.

Therefore, with that in mind we are going to show you four of the best ways to make your company millennial-friendly.

Keep Lines of Communication Open
Transparency is an absolute must for any company that wants to retain millennials. Listening to your boss just because they said something isn’t in their make-up. If you ignore them and assume that, like the baby boomers, you can tell them to get on with their work you are in the wrong century.

It’s your job to keep lines of communication open. That means millennials work in a team environment and they have little time for traditional hierarchies.

Gamification company Badgeville is one company that has been incredibly successful at doing this. They welcome ideas from everyone, even if they come from the bottom of the company. Additionally, they don’t just listen they actively consider.

Technology Not More Hourscommunication
The latest generation is more tech savvy than ever before. Unlike baby boomers who believe that more work hours equals more work, millennials agree that it’s better to work smarter not harder, and they’re using technology to do it.

Thirteen years ago, Toyota in the Swedish city of Gothenburg reduced work hours to six hours per day. It increased efficiency, boosted staff morale, and crucially lowered the turnover rate. This successful experiment has since extended to companies all over Sweden.

For your company, you don’t necessarily have to reduce work hours, but you must be driven by results not more work hours.

Don’t assume this is another way of saying millennials are lazier than their older counterparts. They just won’t work if they don’t see the point. If they continue to see results and they know they are making a difference, they will happily work extra overtime.

Just don’t expect them to stick around in a dead-end job. 


Knowing What Millennials Value

This is something many companies fall down on. They don’t understand what millennials value. Baby boomers may have wanted a promotion and a bigger salary. Yes, millennials want the same, but theywant more than that. They want to feel as if they are part of a company that’s making a difference to the wider world. They want to feel as if thei life matters.

valuesNow you know that they care about the company, it’s your job to keep that going and to keep being transparent.

One example of a company that has managed to attract a lot of young talent
is Apple. Their employees know they are working on some of the most historic products in the world. All around them in their day-to-day lives, they are seeing the fruits of their labors.

Give Feedback
It’s frustrating when you have no clue what your boss thinks of you or where you can improve. Seemingly, the only feedback you get is you’re fired or you’re getting a promotion. Millennials aren’t going to accept this. They want to know where they are going and what they can expect in the future.

One company that has a high retention rate amongst millennials is Swap. They say that each time the company employs someone new they go through their career options and a rough timescale for moving up the ladder.

To put it simply, millennials are proponents of the gold star. This is difficult for more conservative CEOs to understand. They expect good work simply because that’s what they’re paying them for. It’s not enough for millennials.

So Why Hire a Millennial?
From reading this article, you may wonder why you would ever want to go through all the hassle of hiring a demanding millennial. However, they add a lot to your team that you can’t get from other generations, including:

  •  A better affinity for the wider world of tech.
  • An understanding of what young shoppers want today.
  • Vitality and a willingness to work for a higher purpose.

More importantly, you are building for the future. The baby boomers and the rest of the older generations are going to retire. You need a young workforce to drive your company forward in the long-term. They bring benefits you can get from nobody else.

With all this in mind, begin changing your company’s culture now because competition is fierce. Follow these tips and you will find your retention rates to be much higher.

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AJ AgrawalABOUT THE AUTHOR: AJ Agrawal

AJ Agrawal is an entrepreneur, writer, and speaker. He is the CEO and Co-Founder of Alumnify