Millennials make up a significant proportion of young professionals in the workforce and are already emerging as senior leaders in many industries. There does still seem to be a negative stigma attached to this generation, with older generations labelling them as entitled and lazy. Something that won’t help millennials shake this stigma is the latest news based around the thoughts that millennials have, on their current state of employment.
It has been announced, that according to a recent survey, just under 50 percent of millennials plan to change jobs within the next 2 years. With only 20 percent of millennials intending to stay with their current employer for more than five years. The millennial employees that were interviewed for the survey, say they place great importance on working for organisations with innovative leaders, who offer meaningful work, as well as opportunities for development and a healthy work-life balance. Those who do not find leaders who value their energy and new ideas are likely to look elsewhere for work.
The findings from the Deloitte Millennial Survey 2016, suggests that companies need to begin rethinking strategies to retain their millennial work force, helping them achieve full job satisfaction. Whilst salary is the expected explanation for frequent company switching, millennials have also blamed lack of diversity, progression opportunities and flexibility within the organisations they work for. Even with a large percentage ready to jump ship, 44 percent of millennials do show faith in their employer’s abilities and feel they create meaningful change in society. Believing that business leaders are trying to make a positive impact and are not just solely focused on profits.
Simon Houlton, CEO of IScreenYouScreen has some advice for employers who are struggling to retain millennials within the workplace.
A company’s work force is it’s life blood; as a result, employers are becoming more dependent on the millennial generation working for them. This means that employers need to stop blaming the high staff turnover of this generation, on the stigma attached to them and start looking at strategies to ensure millennial staff remain at the company.
It is important for a business to first adequately check any potential member of staff’s references, to be completely sure that they are correct for the role they have applied for. By taking the time to do this before employment is offered, companies are able to see if potential staff have any previous experience that could offer transferable skills, to the job role. Meaning they can make a better judgement, on whether the applicant can carry out the role they have applied for. Vetting the applicants will also show the individuals who are over qualified and may grow bored of the position quickly.
One of the main concerns millennials have with the business world, is the lack of flexibility it offers, in terms of hours at the office. It seems that they are trying to achieve that work life balance from day one of their careers and expect to work for companies that share the same vision. A way to make this work in the office environment, would be to assess employees on the work they have achieved, instead of the number of hours worked. Leaving them to come and go as they please, as long as the work is completed on time and to the correct standard. This opens up options such as, remote working which greatly appeals to the millennial generation. When starting a dramatic change in the workplace such as this, it is important to keep a close eye on whether productivity is affected, the results may surprise you.
If you want staff to stay with your company for the long run, then you need to offer them a reason to stay. Most millennials have said that they are put off from companies that have no clear career progression. Even worse is the company that won’t invest in their staff, not keeping up with the formal training. Millennials are striving for careers, not just a pay check, so it is important to make the most of their tenacity and start seeing the millennial generation as a business investment. By keeping up with regular reviews it gives companies the chance to recognise employee’s attributes, achievements and career goals. It is important that the reviews are put in to an action plan and that staff are rewarded with new opportunities when they achieve their set goals.
If a company is interested in lowering staff turnover, particularly with their millennial community, they will need to implement change throughout the business, while working alongside staff to ensure the results generate a positive work place for all employees.