According to the Pew Research Center, 35% of the American work force consists of Millennials, making them the largest working generation. Given the sheer size of this group, why are so many companies having difficulty retaining talented employees under the age of forty?
Millennials bring unique qualities and skills to the workplace. They also have different expectations of how they are managed. PS&R offers some insight on how managers can approach this generation in the workplace:
Challenge them, but also have fun. Not only are Millennials incredibly well educated, but they also grew up during a time of rapid technological change. As a result, these younger workers want to be lifelong learners. They expect a challenge, so they are happiest when managers provide consistent opportunities for their development. You can show top talent in this generation that you care about their future career by putting learning and growth opportunities at the forefront of your workplace culture. Millennials also believe in work-life balance. You probably know of companies that have created common gathering spaces and weekly social events. This is likely an effort to accommodate the need of Millennials to integrate work with play.
Let them make a difference by working for you. Millennials grew up believing they were capable of changing the world. They were encouraged to be highly educated and to get involved with global events and social issues. This generation will relate better to an organization that has a broader connection to the outside world. As an employer, you can connect to Millennials by putting the mission and values of the company first. Make sure the culture involves giving back to the community in some way.
Show them their value. The recession in 2009 was difficult for all, but Millennials were especially hard hit. Many lost their jobs or their starter savings. Because of this, this generation is looking for reliable benefits that include a solid retirement plan and a wage that matches their cost of living. Showing loyalty to Millennials through compensation packages will make them work harder for you.
Turn to an experienced recruiting firm for help finding, hiring, and retaining top talent in the Millennial generation. Contact PS&R today at 617.723.1919.