Millennials make up one-third of the workforce in the U.S. They’re driven, ambitious, and well educated. They have more tech savvy than any of the generations preceding them. But millennials are fickle.
Millennials are not known for their loyalty. They job hop often. Employers will have to learn how to work with millennials if they want to retain them as employees – and soon, they’ll have a lot less choice as baby boomers retire out of the workforce.
Understanding what millennials want in the workplace is the first step to employee retention. Here are just five things millennials want that you can offer as an employer with very little cost.
- Work-life balance
Millennials require a work-life balance. This includes flextime and the ability to work remotely. Millennials don’t want to stick around to 5 o’clock because that is the industry norm. They want to go home when they finish the work they need to do for the day. Their hobbies and time with friends and family are just as important as their careers.
- Collaboration
This generation is more connected than any other generation. They are technology natives and as a result have connections all over the globe. This generation doesn’t work in a bubble. They want to work with others including employees in different departments. Collaboration fosters engagement. Sadly, only 29% of millennials are engaged at work.
- Want to be heard
Millennials what to be included in the decisions. They’re ambitious and feel that they add value. Giving millennials a seat at the head table fosters collaboration, innovation, and problem solving. Millennials are smart and have a different point of view. This different viewpoint can make a difference in your company.
- Crave learning
Millennials are more educated than any other generation. They crave learning and value opportunities to grow. Providing ongoing education, training, and mentorship will go a long way towards retaining millennials.
- A sense of purpose.
Millennials want a job with a purpose. Millennials look for roles where their work means something. They want to work for companies with values including social and environmental responsibility. Transparency is critical.
Employers need to step up their game to retain the millennial workforce. The cost of turnover is $30.5 billion a year – it’s just not worth it. Investing in your employees is one of the best things you can do for your company. Fortunately, millennials seek other compensation besides a paycheck. Think about the perks you can offer like flexible scheduling, remote work, and professional development that won’t break the bank. Understand that what your company stands for is just as important as what your company does. Millennials seek companies with a philanthropic practice.
Embrace this generation. The vitality of your company depends on it.
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