Retaining GEN Y
Millennials, also known as GEN Y, were born between the years ranging from the early 1980s to the early 2000s and are notorious job hoppers. Reports suggest they have a short attention span and the majority of this generation does not expect to stay with one employer for more than five years.
Companies are feeling the real costs of these job hoppers. Reported in the Chicago Tribune 30% of companies surveyed lost 15% or more of their Millennial employees in 2013; and 87% said it cost $15,000 to $25,000 to replace a former Millennial employee.
Is there any way to keep Millennials from walking out the door? Yes. But it may mean changing your company culture and/or implementing new and creative ways for employee retention. Here are 5 suggestions:
1) Offer Job Hopping Opportunities Inside Your Company. Give Millennials an opportunity to have a wide range of experiences within your company. The ability to move between departments can lead to greater exposure and job fulfillment.
2) Leadership Development. Millennials pay close attention to whether their workplace offers leadership opportunities for them. Your company should develop and implement a variety of leadership programs that demonstrate a commitment to these young employees.
3) Mentorship Programs. Mentoring is very important to Millennials. Establishing an effective mentoring program is both a cost-effective means of facilitating connections, accelerate learning and send a positive message about their future with the company.
4) Current Technology. Millennials grew up with technology in their hands. They’re very comfortable with smart phones, IPads, Laptops, etc. and are keenly aware of the latest applications and improved mechanics. Make sure your company offers the state-of-the-art technology to help them work more efficiently and increase productivity levels.
5) Work/Life Balance. Millennials will work hard but want flexibility. Offer them remote connectivity and alternative work arrangements for community or family events. Also, offer a relaxed environment. It’s no coincidence that this generation admires the work environments of Google, Yahoo and Amazon. Gone are the days of wearing suits and ties as a more relaxed workplace is in.
If you’re a Millennial and change jobs often, please comment on how job hopping has been a positive for you.