Over the past 20 years, millennials have become the largest generation of the active workforce. They are young people with an optimistic approach and willingness to work non-stop. They have a very different outlook and expectations from their employment experience. Millennials are highly educated, capable of multi-tasking, highly confident and are a box full of energy. They not only consider their personal growth but also work in a team. They comfortably accept challenges and easily maintain work-life equilibrium. All in all, they have completely changed the managerial way of working. Therefore it has become a priority for management to motivate, engage and retain such people who have become an asset to the company. But employers will have to strategize their action plan to retain such employees.
It is necessary for the management to understand the millennial’s engagement drivers for retaining them and workout the strategy accordingly. Here are a few strategies that can help to retain millennial employees.
Offer Development Opportunities To Millennials
Unfortunately, employers are not providing enough opportunity to learn new things at the job. They do not have enough development or learning opportunities. Therefore performance management allows them to participate in company-wide development programs and keep track of their improvement.
Encourage The Millennials In Goal Setting
If the millennial’s goal does not match the employer’s goal then there is a high chance of millennials quitting the job. Hence, management must allow employees to set the goals and work accordingly try to meet their benchmark. They can thus communicate together and work accordingly to meet the goals. This will give the millennials a sense of belongingness with the company and will be willing to work together.
Provide Feedback And Mentorship To The Millennials
It is necessary to guide and provide feedback to the millennials in the workplace. This will help them to put a check on their working ways. A mentor can give them the proper guidance and feedback. They can assist them the millennials during the project thus establish a good communication system. The millennials can be in constant communication with their mentors and ask them questions and learn accordingly. A mentor can be anyone, a project head, or a manager or anyone of the top management. Getting feedback will help them realize that they are on the right track of achieving their goals or not.
Increase Millennials Engagement In The Company
A company cannot work in isolation and millennials are the key employees for them. Therefore it is necessary to engage them maximum in the company. Feedback, goal setting and development opportunities all are the way to keep them engaged. Keeping them productively engaged can improve their productivity, and also help them to retain.
No company can afford to lose their millennials. This will increase their labor turnover and the growth of the company shall become constant. Replacing old employees is also a costly affair. Therefore it is advisable for the company and the people at the top management to retain them. It is necessary for the management to understand the millennial’s engagement drivers for retaining them.