Millennials comprise a significant portion of the job force now. However, retaining them has proven to be a challenge for employers worldwide. In our study, it was seen that 60% of millennials were open to better job opportunities, while 21% have changed jobs in the previous year itself. These trends lead to millennials being labelled as the “job-hopping” generation.
Reasons for leaving a job can range from mismatch of talent and employee interest, insufficiency in support, or lack of growth opportunities in the professional space. However, businesses can make efforts to turn this trend and retain talented employees by initiating structural changes.
Retention Starts Before Placement
Companies need to realize that efforts for retention have to be made as soon as employees are recruited. It is important to hire employees who can easily fit in the company culture, otherwise turnover would remain high. Identify the defining characteristics of your culture and then seek out employees who can measure up to the same traits. There is no harm in letting go an employee who might seem a misfit in the company culture, since they might end up leaving shortly after they find a better opportunity.
While recruiting, try to look beyond professional qualities in employees. Long tenures at previous jobs can provide insight into the loyalty of employees. Employee referral programs can also become a method to gauge whether a potential employee might fit in or not in the company culture, since they drive the culture.
Employees as Investment Opportunities
Your concern for employees does not end with their recruitment. It is the responsibility of the company to invest in the career of the employees. They feel valued when presented with opportunities for educational advancement and ongoing training. Our study shows that 80% employees believe that high-skills training is a significant benefit.
Identifying and nurturing the leadership qualities of potential leaders is another major investment opportunity for companies. Companies are often suggested that employees should be hires so that they support growth but investing in good leadership implies that growth becomes a sustainable and on-going model. Not only is investing in leadership a smart executive decision, it also saves financial resources as employees grow into executive roles.
Investment in employees is not only limited to their professional growth, rather managers should also be concerned about employees as individuals. Greater degree of engagement determines whether employee retention is high or not.
Inclusive and Safe Workspaces
Millennials not only comprise the major chunk of the workforce, they are also responsible for driving inclusivity in the workforce. As many as 53% of millennials said that they would leave the workplace for one that is more socially inclusive. Moreover, nearly 80% of job seekers categorize inclusion as a deciding factor in choosing their workplace.
Companies should strive to make the workplace inclusive towards all genders, races, and backgrounds. Retaining top talent and recruiting more employees is influenced by steps such as these. Companies should also include code of conduct, anti-discrimination policies, and training programs within their culture to promote a healthier environment for employees. Equal pay is another area that remains a source of conflict for many female employees. Taking feedback from employees is a great method to acknowledge their need and provide them space for their individuality.
The Bottom Line
Even though companies are actively changing their approach to retention, turnover rates might seem higher than those observed in the previous decades. High turnover might be the norm in the job sector for now. Establishing capable leadership and broadening recruitment processes might help to retain top talent in an ever-changing job force.<< back to Content