The millennial workforce is a different breed than their precursors. They value a work-life balance and want to work in an environment where they feel free to express themselves. Because of the difference amongst the generations, companies often struggle retaining their millennial employees.
In Part I of this series, we explored what millennials value on a personal level. Part II offers some strategies that cater toward their professional aspirations.
Recognition and Communication
“No news is good news,” is an appreciated adage of the baby boomers. Millennials, on the other hand, want constant communication and recognition. Growing up, they received trophies, awards, and certificates for everything from first place to one-hundredth place. They value positive reinforcement, but are open to constructive criticism, especially if it will lead to success.
Did you know that 75% of millennials want a mentor? That’s right… 75%. Millennials’ parents were strong, guiding forces in their lives. They value close relationships with the superiors that are similar to the ways in which they were raised. Millennials not only want to learn from their superiors and get regular feedback, but they want an opportunity to share their thoughts and opinions – feel as though they are part of the “big picture” – in a safe space.
Millennials are notorious for moving on to greener pastures in a short period of time. They are excited to progress in their careers and waiting a few years for a promotion is not usually an option that best suits their goals. Retain your millennial workforce by showing them what growth opportunities look like at your company. Provide them with a clear path to maximize these opportunities and be sure to re-emphasize and re-evaluate at quarterly and yearly reviews.
Professional Development & Training
Professional development and training are highly valued by millennials – and as the most educated generation, it’s not hard to see why they strive to be life-long learners. According to Entrepreneur, “surveys show that millennials rate training and development as an employee benefit three times higher than they rate cash bonuses.” Offering professional development and comprehensive training will draw plenty of new hires, as well as provide your company with effective workers.
Do you work with millennials? Let us know some tools you’ve found effective!