Your business must be able to attract and retain millennials
It was forecast by 2020 that around 50% of the global workforce would comprise of millennials, and that by 2025 this would rise to a huge 75% of the workforce. It’s imperative therefore that your business understands and adopts the essential perks which attract and retain millennials.
But this generation isn’t driven solely by salary. And you can’t simply rely on fancy perks to woo them over. This career-driven crowd is looking for organizations where they can learn and develop their career. But if that doesn’t scare you, this will: our research has found that 75% of millennials would consider leaving their job if they don’t see options for their professional development.
So what are millennials really looking for in the workplace? How can you both attract and retain this generation? Let’s see what we uncovered from studies by Cap Strat and the Kenan-Flagler Business School:
- 72% of millennials are willing to sacrifice a higher salary for a more personally and professionally fulfilling career
- Over 50% millennials say that opportunities for career progression make an employer attractive
- Tuition reimbursement was a powerful attraction and retention tool
Millennials are looking to learn. And that also means they have a strong desire to better themselves, making it a win-win situation for your organization. If you want to attract and retain this generation, you need to find ways to help educate and strengthen their skills.
Attract them with developmental opportunities
This generation values learning opportunities and wants to be in a company that will nurture their development. In order to advance in their career, they need a way to gain knowledge. And avenues outside of on-the-job training are great chances for millennials to acquire the knowledge they’re seeking. For millennials, work isn’t all about producing. Give them a chance to soak up the knowledge by implementing training opportunities during work hours.
Retain millennials with a developmental path
Learning doesn’t stop after millennials start a job. For these young workers, their career path is a priority. But don’t assume that all they’re looking for is a vertical promotion or more money.
What follows are some tips about how to attract and retain millennials.
How to attract and retain millennials
- Classes and courses
Do you want your employee to succeed in their role? Certain industries, such as finance, require exams in order to progress professionally. Consider covering classes related to their field so they can gain more knowledge to support their position at work.
- Seminars and conferences
Whatever industry you’re in, there are tons of seminars and conferences out there. These live events offer the opportunity to hear from experts, network with peers, and learn about competitors. So not only are employees advancing their careers, but they’re also providing your company with beneficial knowledge.
- Brown bag learning lunches
Leverage executives or leaders in your organization to run a short seminar. This way, the more experienced workers can share their wealth of knowledge with the less-experienced millennials.
- Give them goals to work towards
Where does your employee see themself in five years? One year? Help them build their skills and develop by listening to their input on their personal development. Then work together to figure out the steps needed to make it happen.
- Offer a flexible path
Millennials place little importance on “defined succession and career plans,” meaning they’re interested in exploring their opportunities. Don’t confine them to a rigid career ladder—let their development be shaped by their interests and aptitude.
Attract and retain millennials by giving them what they need to thrive
Help nudge millennials along the way by giving them a clear path towards success. If you’re only focused on making sure they produce and pay no interest in their career progression, you’ll be sure they’ll be out the door in no time.