Although perks are enough for some, millennials, particularly those with a little experience in the workforce, seek deeper incentives.
According to The Deloitte Millennial Survey 2016, millennials express little loyalty to their current employers and are planning near-term exits; 25% this year alone. That’s three times higher than other generations who plan on doing the same. We already know that workers are actively disengaged. But did you know that millennials lead the pack? In fact, according to a Gallop study, 71% of millennials claim either not engaged or actively disengaged at work.
We know employee engagement is critical to retaining employees. And millennials are no different. Tons and tons of articles point to the “what” — What do I have to do to retain the millennial talent. What many of these articles fail to do, however, is provide the “how.” How do you keep this growing population of talent interested and engaged in your company? That is the focus of this article.
Listen to what they have to say
Millennials are looking for employers who put employees first. The best way to put employees first and to build trust with them is to open the lines of communication. Let them know you care about what they have to say by instituting one-on-one meetings with them once a quarter (or more). These are informal meetings where employees can discuss anything they want in a private and judgement-free environment.
Another effective way for listening to employee feedback and ideas, particularly as you scale, is by implementing an engagement program with idea software. Show your employees that they have a voice in the company by communicating the company goals and asking them for ideas on how to reach them. Once you receive the ideas and feedback, the next step is to evaluate the input and respond. Remember, closing the feedback loop is as, if not more, important as soliciting the input itself.
Prove that you don’t just care about profits
Millennials are not impressed by the size, age or general buzz surrounding a company. Nearly nine in 10 (87%) believe that the success of a business should be measured in terms of more than just its financial performance. It’s no coincidence that Google, for example, is consistently regarded as having the best workplace in Americaand equally as celebrated for its CSR platform, which supports climate change, education, and poverty alleviation.
That being said, you don’t need to compete with corporate powerhouses to send a powerful message to millennials. You can…
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