Complaints about Gen Y and Millennials mount the list of top complaints for HR, managers and business owners attempting to curb employee turnover ranging from their unwillingness to do “grunt” work, to the entitlement issue and the fact that they are one of the most mobile generations to date. As Baby Boomers prepare to retire managers and companies will have to bend to a changing job market, where as Josh Bersin of Bersin by Deloitte pointed out, “The economy is picking up; young employees want career growth…and in developing economies the workforce is simply in great demand…”
The thing to remember with Millenials and Gen Y though is they are also a generation that have never known lifelong employment, between downsizing, layoffs and bad economies. The days where you stayed with a company your entire career to them seems outdated and for a here and now generation if there is something they don’t like, they will most definitely be looking for the next opportunity.
Nonetheless, there are lots of reasons to keep these young people on your staff stemming from their abilities, to the fact that they are also some of the most innovative, tech savvy and dynamic individuals in our workforce and will push your business to remain on the cutting edge.
To increase job retention keep these helpful hints in mind:
- Job Fit: Do not overpromise, be honest about the benefits, the positives, and the negatives of a job or your company. If they take the job they are going to find out all of the above in short order but not before you have already invested in them as a new hire. It is always better to hire the right person the first time.
- Workplace Transparency: They value collaboration, but also want to be privy to the company’s development. They want to be engaged and challenged as individuals and if they are actively involved they are more likely to develop a sense of loyalty to the company.
- Career Path: Opportunities are a big motivating factor, but they do not need to be frivolous title changes, or advancement. It can be adding new tasks to their work load or allowing them the opportunity to flex their leadership muscles on a small scale project.
The cost of high turnover goes over and above simply hiring and training a new employee. You as an employer need to budget accordingly for your industry turnover rates, but you also must be weary of the company impact of losing employees. This includes everything from loss of engagement, and cultural impact, to the negative effect on customer relations because of less senior staff with less experience and knowledge of the company’s inner workings.