Forbes reports that 60% of Millennials are leaving their companies in less than three years. With 87% of companies reporting a cost of between $15,000 and $25,000 to replace each lost Millennial employee, this is certainly a wakeup call to anyone involved in the recruitment process and staffing success for their organization.
What do Millennials want?
Numerous studies, including the recent Millennial Branding report and data from the business collaboration and meeting experts at PGi, are reporting interesting findings about today’s young workers:
- Give me flexibility.
45% of Millennials choose workplace flexibility over pay. 89% say that “work-life balance is key to happiness on the job,” and 81% of them think that they should be able to make their own schedule.
- Give me a second family.
A huge determinant of sticking out a job is the cultural fit: They want their co-workers to be their “second family.” 60% of Millennials report leaving a company in less than three years because the personal and cultural connections just weren’t there.
- Give me personal fulfillment.
They crave “meaningful work with a greater purpose”: a job where they can “make an impact.”
- Give me financial stability.
And the icing on the cake? They still want to “make ends meet.”
So how do you accommodate all of these variables – flexibility, cultural fit and personal connections, purposeful work and economic security – in your workforce management and staffing strategy for the new year? Do you have to say bye-bye-bye to 9-5 and start amping up your organization’s philanthropic programs? Well, that’s a great start, but it’s not just about implementing a “work-from-home” policy, organizing some team-building events and making a few charitable contributions.
1. Show your team spirit.
Millennials are social people and very team oriented. So a position or company that puts the breaks on communication and impedes socialization is not going to fly with them.
- Make serious efforts to increase interaction amongst employees through daily catch-up meetings, “learning lunches” and team-building exercises.
- Organize activities outside work, whether it’s a charitable event or a spirited happy hour.
- Start a club or team that provides the opportunity to spend time with and relate to coworkers beyond the nine-to-five grind.
- Show your applicants during the recruitment process that you know how important intra-company interaction is – not just to collaborate for productivity purposes, but to energize your team’s camaraderie as well.
2. Whistle while you work.
Convey the importance your organization places on work-life balance: on digging out some room for life to happen, even when the workload really piles on hard.
- Highlight special benefits and employee-wellness initiatives.
- Make work less work-like with a work-from-home (WFH) option. This isn’t just about the fluffy comfort of working on your couch or seeming “cool and Silicon Valley-esque” to your applicants. WFH also cuts down on presenteeism. When workers come in sick, they do more harm than good: compromising their own health, spreading their sickness and working at a far lower level of productivity, accuracy and quality than would be possible if they could WFH.
- Implement a flexible workday, one that doesn’t start at nine and end at five (every day, no questions asked). Let’s face it: Some people are morning people, while others do their best work at night. Don’t box your team into a nine-to-five “jail cell.” Show your applicants you’re willing to work with them: to respect their preferences, improve their work lives and leverage their skills when their skills are at their best.
3. Make some room to fly.
Millennials don’t want to feel stuck. They want to cultivate their careers and grow with their passions.
- Talk about advancement opportunities and career paths that don’t stay stuck in the mud. Keep their employment runways looking long, open and exciting.
- Make sure your employees are well aware that they have the ability to move up (or sideways, if another department catches their eye) within your organization.
- Show that you’re always on board with whatever it takes (within reason) to help them become more specialized in their field.
- Tell your job seekers that this is not a jammed-in job, but a self-propelled profession that they have the ability to mold, re-shape and diversify their positions however they please – if they put in the effort and possess the skills, of course.
Is your company putting millennials at the helm of your placement program? Or are you shooting up staffing-stifling flares that you’re stuck in the last generation?
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