How To Attract and Retain Millennials In The Work Force

Millennials. Can’t live with or without them. Often regarded as the generation with a notorious reputation for being lazy, narcissistic and entitled, Millennials are also in high demand for their tremendous talent and vision. They’re the most educated generation in American history, and their technologically savvy, so it’s no wonder they’re one of the most highly-sought-after groups in the corporate world at the moment. But unlike their parents and grandparents, Millennials are both hard to recruit and retain, and there are multiple factors including salary discrepancies, advancement opportunities and work-life balance that contribute to their lack of ability to commit to a company or role for more than 3-5 years.

Recent studies show that the average Millennial employee spends 18 months at a job before moving on to greener pastures. And although many companies have learned to adapt to this cycle, most want to minimize the risk of losing top-tier talent and the extra time and resources that it takes to replace them. Luckily, there are multiple things that employers can focus on within the overall company culture and structure that can reel this generation of visionaries in and possibly get them to stick around for a much longer anticipated time-span.

Ditch the 9-to-5 Work Schedule

As time progresses, it’s becoming more apparent than ever that the traditional 9-to-5 work schedule is less appealing to employees who have active personal lives and families. That's why one of the most alluring perks that companies can offer employees is a flexible work schedule. According to a 2016 survey, 90% of employees surveyed felt more productive working from home than in the office.

Invest in Their Growth and Development

Despite the claim that Millennials are lazy, the truth of the matter is most of them truly value professional development and investing in resources that help to elevate their skills. One of the biggest complaints that this generation of workers has is lack of growth or leadership opportunities, which in turn, can lead to them jumping ship and seeking another company that sees the value in offering opportunities for advancement. By providing training, continued education, mentorship programs and other resources for professional growth, you can prevent them from feeling stagnant and inspire them to push for even greater success.

Show Them the Money

Let’s face it: money talks...and if it doesn’t, sometimes you’ll find that your best talent will walk. Salary and benefits are an essential factor in helping Millennials to determine whether or not to accept a job, and the course of pay raises and promotions will often factor in to their desire to continue working with a company. Being compensated for their hard work with competitive salaries and benefits is important to Millennials, most of which are pressured with the weight of student loan debt and a high cost-of-living in a stifled economy. Millennials don’t want to live to work, they want to work to live.

Give Them Purpose

Millennials are purpose-driven and often looking for ways to feel like they are contributing to their passions and the greater good of society. It’s often very important for them to work with companies where their passion for purpose aligns with the company culture. If your mission inspires them, and they find that their work is driven behind a specific purpose for a greater cause, they’ll be more inclined to accept a position and stay for the long haul.

Are there any other initiatives that you feel companies should integrate into their company culture in order to successfully attract and retain Millennial talent? Let us know about them by leaving us a comment on our Facebook page!