Attracting And Retaining Millennial Talent In the Workforce

By Elana Goodwin on October 6, 2016

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Millennials are on the fast track to being the largest demographic in the workforce, with their numbers only set to increase in upcoming years. With these younger people now making up a major part of the workforce, companies have been making changes in order to attract and retain millennial talent.

Here are some of the differences that businesses are implementing in order to appeal to a younger workforce and keep them happy.

Technology. Most millennials pretty much sleep and breathe technology and spend a good portion of their lives using various pieces of tech. As such, it’s crucial that companies stay up to date when it comes to technology as millennials expect businesses to be high-tech throughout their practices and workplace.

All tech should be be impressive but easy to navigate, and widespread throughout the company, from office communications to dealing with clients. No clunky old computers will do for millennials, nor will outdated software and other tech — so companies are staying more on top of the tech game in efforts to please and retain their millennial workers.

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Feedback. Millennials respond better to more informal and continuous feedback rather than annual job reviews and the like. Getting feedback more regularly ensures recognition for work well done and a better, more connected relationship between boss and worker, which influences the culture of the company and makes it feel more collaborative and engaging.

Many companies are now moving away from formal job reviews in favor of more casual meetings regarding performance and work in order to please millennials and make them feel more connected to the business and their colleagues so the workplace is more appealing to them.

Flexible Hours. Other generations may have been content with working an 8- or 9-to-5 sort of schedule — but millennials aren’t quite as eager to do so. According to a 2011 PricewaterhouseCoopers survey of millennial workers, 95 percent of respondents said that maintaining a healthy work-life balance was important to them, and more than 25 percent of young employees said they were dissatisfied with the amount of balance they were able to manage.

Offering more flexible hours will appeal to millennials as it allows them to have more of a life outside of work, and also will enable them to be more productive and engaged while they’re at work. Some companies are already starting to embrace this more casual approach to the work day while others are less willing to entertain the change, but flexible hours will definitely interest millennial talent and make businesses that much more attractive to them.

Career Advancement & Professional Training. Millennial workers, on average, stay with a job for three years — so retaining millennial talent may seem like a challenge. In order to entice millennial workers to stay, companies need to offer more opportunities for career advancement within the company. Just like any other generation, millennials want to move up the corporate ladder in pursuit of better salaries and titles, and they want employers to offer professional development and training resources.

According to a 2016 Deloitte survey, two-thirds of millennials anticipate leaving their current employers by 2020, and the survey emphasized one important reason: a severe lack of leadership development and opportunities. If a millennial senses they’ve hit the ceiling at their current company and can’t expect any career growth in the future, they’ll typically start looking for other employment and end up leaving their current business. In order to retain millennial workers, companies need to facilitate more job growth and be willing to make the employer-employee relationship more of a two-way street with ample benefits for both.

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Salary & Perks. There are a good number of millennials with college degrees who are underemployed and/or underpaid — so if a company wants to attract and retain millennial talent, they need to, quite literally, show them the money. Of course, besides being paid a healthy salary, millennials also look for great perks that come with the job and that will make the work environment a more fun or relaxed place to be and work.

Stuff like free food, being able to bring your pet to work, a relaxed office dress code, and more, are all perks that will attract and enable a company to retain millennial talent. Additionally, outside-work benefits like weekly happy hours, interesting lectures and experiences, and even opportunities to continue their education will appeal to millennials and make them happier with their employers and more willing to stay.

Ultimately, in order to attract and retain millennial talent in the workforce, companies will often need to change their status quo and embrace more young-friendly practices. Updating to and adapting new technology, increasing feedback and creating a more informal work environment, being open to more flexible scheduling, providing opportunities for career advancement and professional development and growth, and offering a competitive salary and great benefits and perks will enable companies to gain new millennial talent and keep their millennial workers happy and committed to their employers.

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