A recent Gallup survey found that turnover costs the United States’ economy around $30 billion each year. This figure translates to untold earnings companies could generate if they could just retain the best and smartest employees.
Today’s employers must constantly ask themselves what they should do to improve employee retention rate, particularly when it comes to the biggest emerging segment of the workforce, Millennials. Below are a few suggestions on how to engage millennials and keep them around for years.
Invest in onboarding
Surprisingly, many companies say they don’t have an allocated budget for on-boarding. This makes it very difficult to assess the performance of a company’s integration methods because a return on investment cannot be calculated.
Setting aside time and money to build up a robust and continual on-boarding program is crucial in helping millennial workers gain a sense of inclusion and commitment.
Most millennials prioritize career progression, compensation and development opportunities when evaluating a current or potential employer. Committing to onboarding and following through with professional development not only speaks to these factors, it’s also a win-win for the company and its workers.
Make a plan for each employee
By establishing clear expectations, new hires are given sense of direction that improves their performance and their employment experience.
It is less difficult for workers to comprehend their roles and goals when they have clearly outlined expectations. Setting up targets for staff members to reach, such as communication goals or learning objectives, is an excellent way start for millennials to know how they can meet or exceed expectations.
It is also crucial to have buy-in from the organization’s management when planning the futures of individual employees. With guidance from all levels of management, employee planning can create a flexible and diversified group of talented staff members.
Properly measure productivity
When a company does not measure the productivity of its new hires, it has no defined way to assess the success of its on-boarding program. Furthermore, surveys show that millennials tend to strive for quantifiable results, rather than racking up hours working toward an objective.
Therefore, it’s vital for companies to track the productivity of their workers and share worker results in a constructive manner.
With today’s technology, it’s hard to hide anything from anybody. Millennials grew up in this age of increasing transparency and they expect it from their managers. Companies looking to retain millennial talent should refrain from announcing decisions without any explanation, especially decisions that might be annoying or upsetting. Millennials will also be more engaged they know why decisions are made.
Make work important
Surveys also show that millennials want to feel like their job is making a difference, whether that difference is made in their company, the industry, the community, the country or the world.
Therefore, it’s vital to connect each worker’s job to a greater purpose. Companies can reinforce that greater purpose by supporting community, national and global initiatives.
At SSI, we strive to connect our clients with best-fit talent from every generation in the workforce. If your company is currently looking for a talent acquisition solution, please contact us today.