Generation Y workers arenâ€™t staying at companies for decades like their parents anymore. In fact, 60% of millennials will quit their job within three years of being hired.
Itâ€™s no secret that members of this bold generation are choosing to flee organizations that arenâ€™t quite suiting their fancy, but there is something that managers can do to possibly halt them in their tracks. Although there will never be a cookie-cutter approach as to what it takes to reverse the revolving door, here are key ways bosses can increase their millennial retention rate:
Give meaningful work. Sure, itâ€™s completely understood there will be days when the mundane work has to be done, but limiting young professionals to those tasks can be detrimental to growth—and retention. Millennials want to be challenged to use the knowledge theyâ€™ve accumulated in college—which also came with a hefty price tag— to solve complex problems and enhance their skill set. Fifty-two percent of respondents from PwCâ€™s research on millennials at work said opportunities for progression are what make an employer most attractive. They want to feel like a part of the team and above all, they want their great ideas to be implemented.
Foster collaboration. The Gen Y bunch likes to obtain information differently than previous generations. Today, knowledge-sharing is at the heart of how many millennials learn, and it also fuels their creativity. According to IdeaPaintâ€™s 2013 Millennial Workplace Trends survey, 74% of respondents prefer to collaborate in small groups to generate big ideas. Implementing weekly brainstorm sessions to toss different ideas around is a great way to generate fresh and exciting ways of getting things done.
Be flexible. Flexible cultures that moderately embrace self-expression and a greater work-life balance are appealing to millennials. Implementing options like telecommuting or casual Fridays is a great way to promote a sense of work-life balance in the workplace. Also, you may want to release that restriction of access to social media sites. Studies conducted in 2013 have found the use of social media in the workplace improves productivity and retention rates.
Jaimee Ratliff (@WhatJaiSays) is a nationally published resource on career and life development. A communications professional who is addicted to hashtags and skymiles, Jaimee strives to encourage young professionals to maximize their personal brand while energizing their personal passions. When she is not dreaming up plans for her next international adventure, she can be found in Houston writing up a storm. Jaimee is also a freelance content creator for individuals and businesses. Her writing has appeared in Brazen Careerist, the Chicago Tribune and Ragan Communications. She holds a bachelorâ€™s degree in English from Spelman College.