How can I keep the millennials working for my company more than a year or two?
It has been difficult to keep my young employees for more than a year or a two. I am a millennial, and before I founded my own company I also had jumped from company to company every couple of years. I understand this culture, yet now that I am on the other side of the relationship, I need some expert advice on how to maintain millennial employees for long term. I know the obvious things I can do- like providing good health care benefits, giving freedom, building a team, and allowing creativity, etc. But what else can I do? There is only so much of a pay raise I can give before some other big companies lure them with $$$ I can't compete with.
Develop a culture of creativity and innovation by empowering initiative and risk taking. Give them coaching and constructive feedback on a regular basis.
These answers are excellent.....It is all about developing a culture that allows them tp perform in their best environment....
You here is Sports a quote "Putting players in the best position to utilize their talents." Same with employees. and I would add for you making them a part of the profitability of your company through open dialogues and financial rewards, so they can own more of their decisions and see how it helps your organization---under your LEADERSHIP
Give them candy.
I hear they like Skittles for jobs well done.
Have incremental small step promotions so that they have something to look forward to and complete for. Get them talking about the move and they will compete for it.
I'm sorry to ask a harsh question, but why do you care?
Consider this: if people are leaving for a better opportunity, then be happy for them that they have found something you could not provide... rather than that this is a dig to your management abilities.
So, do you care from a personal perspective or from a business perspective?
There are a lot of reasons to care from a business perspective: recruiting and training people is expensive. Those people then represent your company and establish/maintain important (i.e., profit-driving) relationships, which may be damaged if they leave. As a business manager, you should care a lot about these things.
But those things point you to ways to fix the problem. If recruiting and training are expensive, you might have a look at that. Reducing the cost reduces the "bite" if they leave and usually allows you to backfill with more agility. If they relationships they build are valuable, you have two ways to go:
Kinda nasty: spread the client relationships so that the loss of anyone on your side does less damage.
Kinda nice: pay people for their value. If someone has created a lot of relationships, compensate them more. Not everyone who's been there a year should get the same raise. For your best, give them added responsibilities (like training newbies) and use that as an excuse to pay them more.
Oh -- and have exit interviews. If someone wants their last paycheck, they must talk to you about their experience for an hour.
This is a great question more companies should be asking. I have a few suggestions for you. When your employees leave have a exit interview and ask them what they liked about working with you. What they did not like about working with you. What would they change if they could. This information should be very helpful going forward.
The other perspective is from the hiring process be very transparent about the role the company and the opportunity for growth. Have regular discussions with your employees ask them what they think. If you can keep a employee engaged and align the company objectives with the employees career goals you have a great chance for the employee to stick around. It is not always about the money. With a smaller company they can have a say and influence you on the potential direction of the company. In the big company that is unlikely to happen.
Have you asked the employees what are the expectations they have from you as an employer? Are they rewarded verbally for work well done? Do they feel they are part of a "family" ? Do you have regular meetings with them to inform them how things are going and what is the next step expected for the advancement of your company? If you do all the above: How about introducing "profit sharing" or even give them the opportunity to own stock from your company if they stay more than a certain number of years (you will have to determine the timing of these two options). These might be the type of incentives they need, to stay with your company.
Hi Lexi ~
I blog for a client that offers digital nomads jobs around the world, and we address this question frequently. Here's one germane post: https://jobbatical.com/hire-the-world/why-good-people-quit/
The "High C's" of retention boil down to:
1) Quick quit: poor communication
2) 6-month quit: contributions not valued
3) 1-2 year quit: company culture changed
4) 5-year quit: career advancement stalled
This latest post on culture shock may also be helpful: https://jobbatical.com/hire-the-world/you-must-describe-company-culture-clearly/
Connection and culture seem to be Millennials' primary concerns.
All the best to you,
A happy employee is someone who will stay. Give better incentives and insurance options. Look inward at your hierarchy of management. Think about what would make you leave your company - Are the bosses jerks? Are the people mean to each other? Is the culture of your office a negative place? I'm not sure being a "millennial" is an issue. There are plenty of older employees who jump from job to job as well and there is nothing wrong with going to the highest bidder, but there is something to be said about a job that people WANT to be in, vs. something just to pay the bills.