In today’s workplace, you likely have an interesting mix of older employees and younger employees. The younger workforce often referred to as “millennials,” is very different from the older, more traditional workforce. For example, millennials tend to move from job to job. Older generations that stay put in a job or two their entire working lives. A recent study found that 91 percent of millennials expect to stay in a job for less than three years. If this proves true, it means that the average millennial could have fifteen to twenty jobs over the course of their working lives.
As you may have noticed, employee retention can be a problem, especially with millennials. As more and more millennials enter the workforce, many companies are struggling to figure out how to retain them.
The team at Optimum Employer Solutions has gathered together some of the best advice for creating a good human resources strategy for understanding millennials, leveraging their performance and, most of all, retaining them.
Some millennials will leave your company no matter your company culture, benefits or retention efforts. However, you can control how this group leaves your organization. Some companies have begun the process of “Millennial Transition.” This is a process that is a mutual process understanding that ensures bother parties keep their commitments. From the beginning, incorporate transition into the hiring process and company culture. For example, during the job interview ask a question like, “The average employee stays in one job for two years. Assuming this is the case, how will this position help you build the skills you need for your next career?” This eye-opening and unusual question will certainly make a potential employee sit and think. In addition, it lets them know that you would not be surprised if they left two or three years after being hired. It also allows for a much more honest discussion. Once hired, continue the transition talk by meeting regularly. During these meetings, ask about their career desires and how you can help them. By being open with your communication, you can both better prepare for the future.
When an employee decides to move on, create a plan that will help them and minimize your stress. For example, create an end date that is two or three months out. This gives them time to find another job and you to find a replacement. When it is time for the employee to leave, make sure to communicate with other staff so they do not panic and understand how the workflow will change.
When you take a fluid, transitional approach, you may find that millennial retention actually improves. In the short term, you can reduce stress by overlapping employee exiting and training for new recruits, which boosts morale and productivity. In the long term, you will likely find that you retain other employees. This approach will show your existing staff that they can be open and honest about their careers. In addition, millennials in a workplace that they can trust will often reconsider leaving. Millennials tend to be dissatisfied with their jobs, often looking for “the next best thing.” If they work in a place that is open, accepting and honest, it is far more likely that they will be satisfied. In addition to staying, working in a place where they feel comfortable will improve productivity. While you may not retain all of your employees until retirement, you will likely beat the national average by retaining many employees past the two or three-year mark.
The experts at Optimum Employer Solutions, an HR outsourcing company, can help you with a wide range of HR tasks, including hiring processes, training new and existing employees, and helping you create an effective HR system that works to retain employees and improve their productivity.
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