Are you having a tough time recruiting and retaining millennial hires on your team? Millennials aren’t like previous generations. Their primary motivation for working isn’t money – they are looking for a company whose philosophy they can believe in, the flexibility to do the job their way and value a work/life balance in their lives.
Here are four ways to attract and retain millennial talent:
- Flexibility at Work – Millennials (born between 1980 and 2000) are mostly looking for flexibility in the workplace. They are seeking a good work/life balance and value their happiness more than money. While they’re technically savvy and device oriented, what they’re really seeking is an open, social, creative environment. They’re not cubicle dwellers. If there’s a task that has clearly delineated instructions and a specific deadline, they want to work where they feel the most comfortable, and that might not always be the office. Focus less on the time clock and more on the final product and you’ll keep them happy and productive.
- Personal and Professional Development – Millennials value personal development even more than flexibility. They want more challenging work and are eager to advance quickly. The average time on the job for Boomers is 7 years, Gen-Xers 5 years, and Millennials just 2. They won’t hesitate to change jobs if they feel they’re not receiving substantial personal development.
- Mentors not Managers – Millennials don’t want to be over or under-managed. The right balance gives them the freedom they need to express their feelings (even when they’re bored) and it also gives them steady mentorship. Studies show that employees who are mentored have a 23 percent higher retention rate.
- Tangible Opportunities For Advancement – In the past, career advancement was about paying your dues. Seniority was the path to advancement. Millennials want to be challenged and when they prove themselves, promoted. If they don’t feel that their work is being recognized and they aren’t working towards real opportunities they will get frustrated.
If you want to retain millennials it’s important to find ways to acknowledge their work and reward their talent. Structure momentum into their careers and keep them on your team.
