Perfect the Art of Retaining Employees
Today, millennials make up more than 15% of the working population. However, they are expected to constitute three-fourths of the workforce by the year 2025. With such a drastically evolving workforce, it is essential to understand how you can retain and manage your millennial employees.
As a workforce demographics, millennials significantly differ from other groups. A key differentiating factor is their work mindset which looks to garner as much experience as possible, in a short time-frame. They prefer to be on the move and enjoy a frequent change of scenery. This can be seen in the way they skip songs half-way through and subconsciously switch between apps and browser tabs. Their short attention span has transferred to the workplace. It is commonplace for them to have worked for different employers in a short time frame. It takes continuous interest and a series of challenges to keep the millennial engaged.
Competitive Package and Perks
While the paycheck is undoubtedly essential for millennials, it is the benefits or the perks that make all the difference, when they are choosing whether to stay at a job or leave it. Traditional benefits like health insurance, a pension fund, and investment options are still considered relevant. However, it is perks like flexible working hours, transportation compensation, work-from-home, bonus paid leave and employee recognition, which draws millennials to a company while selecting a job.
Rather than finding a work-life balance, millennials seek a work-life blend. Building a culture that is open and caring towards every employee, is a crucial factor in retaining your employees. Go that extra mile and mold a company with culture, which shows employees that they matter. While perks like food benefits may seem insignificant to your organization, it helps employees preserve interest and enthusiasms towards the company.
Foster Employee Development
A key point to retain employees is to prepare them to work and perform better. This could be via education workshops to learn a new job skill, or providing tuition reimbursement to help further the employee’s education. Instead of hiring a new bunch of employees for a specific job skill, you can conduct training for the same for the existing ones. This not only hones their skills but also makes them feel worthy of doing more than they can. This also gives them a sense of importance which inspires them to be loyal towards the company.
Teaching Managers to Deal With Different Mindsets
A company is an amalgamation of different people with different mindsets. As a manager, it can get tricky to understand and handle a variety of personalities. That is why it is crucial for a company to train their managers to be empathetic towards their team. Recruit managers not purely based on their skills, but more importantly on their ability to handle and work with other employees. Ensure that your managers hold regular meetings in which other employees can offer ideas and ask questions. Having an open-door policy encourages employees to speak frankly with their managers without the fear of repercussion.
Millennials have an affinity for digital tools, a desire for independence and a thirst for recognition. These traits, coupled with the low-cost of technology today, makes digital entrepreneurship a highly attractive option for them. As a result, companies must cultivate the right environment and convert the organization into a land of innovation. Organisations can retain employees by training and nurture the existing talent. Additionally, an important step is to reward employees and promote an open culture where ideas can be expressed. Show the employees to take risks and bear failures. Treat the employees as a part of the organization, based on whose decisions the company’s revenue can alter. Give them the stance of an entrepreneur.
Motivation Today, Employees Forever
To retain employees, it is necessary to motivate them from time to time. The first way to motivate your employees is to demonstrate that you have faith in their abilities to get the job done. Assign responsibilities and give them time to rise to the challenge. When excelling at work, appreciate and reward them. Positive reinforcement, after all, is one of the oldest psychological principles which holds true even today. Include your employees in big decisions. It can be discouraging for the employees when they see big decisions being made without letting them know. It makes them feel unimportant.
In today’s world of a highly competitive workplace, where people switch jobs within the blink of an eye, employee turnover is a big concern. You can stem the tide by putting light on employee engagement and training. Make the employees feel validated, take their opinions, listen to their concerns and create opportunities for them to grow. Doing so builds a solid foundation for employee management, stimulates growth and motivates them to provide their service for a long period.