There’s no secret formula for attracting millennial talent or getting them to stick with your company. Millennials get a bad rap for job hopping and being seemingly unhappy in their work, but they appear to have a different approach when it comes to their jobs and their lives. In fact, they may even consider that their work is their life.
So, if this is true, it means that leaders need to better understand how to attract and engage millennial talent in order to retain them for years to come. According to the 2016 Deloitte Millennial Survey, here are the top 5 retention factors for millennials:
- Good Work/Life Balance
- Opportunities to Progress/Be Leaders
- Flexibility in Schedule
- Sense of Meaning from Work
- Professional Development Training Programs
Great! So now you know some of the most important things this generation needs in order to stay at a position. But let’s take some time to break this down a bit more. What are millennials really looking for in a job and why?
Getting a paycheck isn’t enough. Millennials want a reason to do their job.
Money is still important to millennials and it does motivate them to accept an offer. However, salary is not the singular component when you’re trying to attract top millennial talent. You must also offer meaning behind the work you are presenting to them. Millennials care about the world around them and making a positive difference in their communities. They also care deeply about developing leadership skills and creativity.
They aren’t interested in being stuck in their roles long-term – they want to grow.
Ensuring that there is room to grow within the company is extremely important to this generational workforce. Making your employees feel like a part of the overall mission and helping them realize their path within it, can encourage them to envision a future within the organization. Plus, by providing opportunities for training and professional development like cross-training, leadership opportunities, and the chance to participate in a mentorship program, you’re shedding more light on their potential direction within the company.
Millennials are looking for mentors who are willing to give constant feedback.
Did you know that millennials intending to stay at their organization for more than 5 years are twice as likely to have a mentor? Yep that’s right! So, don’t underestimate the importance of providing mentorship opportunities for these employees. In fact, millennials appreciate having a constant line of trusted contact and receiving immediate feedback on their work. Plus, mentorship is a great opportunity to show that employee and company values are aligned.
Millennials want to be social, have fun, and work hard – all on their own time.
Work/life balance and job flexibility are crucial elements for the millennial generation. The article, “How to Motivate Millennials, By Millennials,” states that they, “view their jobs often as an extension of their social community and even their identity at times.” With cultural fit and relationships being important parts of the preferred millennial work environment, it’s not surprising that trust and work autonomy are factors that these employees also hold dear.
Maybe for some millennials, the better definition of what they seek is “work-life integration” vs “work-life balance” and vice-versa. Either way, providing options for work-life balance and/or flexibility will help millennials feel that you value their time and talents.
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