Why do millennials leave a company?
Millennials carry a perhaps unfair reputation for hopping from one job to the next. Nonetheless, retaining this young talent should be a concern for employers, especially considering millennials may constitute up to 75 percent of the workforce within the next 10 years.
Millennial professionals have numerous reasons to want to stay with a company. The biggest may be financial, as they can expect to make about $10,000 more per year in starting salary compared to people who entered the workforce a decade ago. Ultimately, it's up to the employers themselves to determine why this age group is leaving for new opportunities.
What is your mission?
Millennials are not interested in simply punching a clock and then going home. Along with a paycheck, they yearn for meaning in their work. In a 2016 Gallup poll, 71 percent of millennials said that having a firm understanding of what their organization stands for would motivate them to stay for at least another year.
In what ways do millennials' efforts at the office advance their company's core organizational mission and goals? Answering this question will make it more likely for employers to keep their workers happy.
A little recognition goes a long way
Employees are more satisfied when they feel valued at work, and millennials are no different. In their book, When Millennials Take Over: Preparing For The Ridiculous Optimistic Future Of Business, authors Maddie Grant and Jamie Notter highlight Holacracy, a management system that spreads decision-making among a set of teams. This structure empowers new, younger hires to make decisions and take ownership of company solutions.
Even smaller gestures of recognition, such as a "thank you" in front of a customer, can be fulfilling for your millennial staff. A surprise bonus following successful completion of a big project is another way to recognize an employee's contributions.
Striking a balance
Recent surveys revealed what millennials most want is freedom in where, when and how they work. According to an Ernst & Young study, a lack of work-life balance was among the top-five reasons millennials worldwide gave to employers upon quitting their jobs.
To increase worker contentment, paid parental-leave and other flexibility options are steadily becoming an organizational "must have." Placing value on life outside of work can be advantageous for companies aiming to attract and retain millennial brainpower.
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