4 Tips for Retaining Millennial Workers
Millennials have a reputation for job hopping. They may choose to leave their current position because they don’t believe they are being paid what they’re worth, they don’t see any opportunities to grow in the company, or they’re unable to have the work-life balance they desire. No matter why they choose to leave, it can cost your small business a lot of money to find and train a replacement. Check out these four tips for encouraging your millennial staff members to stay with your company.
1. Offer performance-based pay
Millennials tend to have more access to salary information than previous generations. They can review pay data on websites like PayScale, and they’re not embarrassed to talk about compensation with their peers. Because of this, they know what their skills are worth and expect to be paid fairly for them.
A great way to retain millennials is to move away from offering bonuses and raises based on seniority. Instead, consider moving toward an individualized compensation model and pay your workers based on their performance. Your millennial staff members will recognize that their salary is not based on nepotism or tenure but on their efforts.
Anytime you give someone a raise, give them feedback so they understand what actions, achievements, and added responsibilities contributed to the raise.
2. Empower them
Give your staff members projects that they’ll excel at and be proud to claim as their own. This will empower them to make decisions that can directly impact the company. Many of your workers will want to stick around to see their project through to the end and see how it helps the business achieve its goals. These projects also give your team a chance to make full use of all the skills they bring to the table.
3. Give them opportunities for growth
When determining whether to stay with a job, 87% of millennials say that professional development opportunities play a key role in their decision-making process. Provide the growth and development they crave by actively looking for ways to challenge them, so they have a chance to learn new skills. You can also help them find courses and certifications that can help them excel in their roles.
4. Guard against burnout
Millennials often want their jobs to play an active role in their lives. That means they might check their email and take phone calls when they’re out of the office, which can lead to burnout. Burnout can ultimately cause your workers to leave your company in search of a healthier work-life balance.
To limit the chances your employees will experience burnout, encourage them to take regular breaks throughout the day, go for a short walk every day, or do some exercises at their desk. You might consider implementing a work-from-home policy or offering paid time off (PTO). Encourage your team to completely disconnect from work when they’re not working. Learn more about why you should consider giving your staff PTO.