Attracting, retaining and engaging the millennial workforce is far different than my generation. The rules have changed. What motivated me and my generation is a million miles apart from this younger and more diverse group of men and women.
My friends from Networkforgood.org have put together an excellent EGuide called, Engaging Millennial Employees: Recruit and Retain Top Talent with Cause.
Here are some key takeaways from their book:
- Retaining Millennial employees is serious business. The cost of turnover is an average $24,000 per employee, and this generation is notorious for job hopping. This guide gives companies tips on and insights into keeping the workforce they have and recruiting top-tier Gen Y candidates.
- There are three key features to retaining a Millennial workforce: creating an engaging workplace, giving employees purposeful work, and establishing a corporate culture that enables philanthropy.
- Millennials are changing the dialogue around responsible business practices. They support companies that develop and execute robust corporate social responsibility strategies, but they can also identify when they’re just empty PR stunts. This generation wants to work for organizations they believe in—a job isn’t just a job anymore.
This generation isn’t just about praise, though; constructive criticism is also welcome. The key is this: Clearly communicate when the company makes a decision. If millennials feel consistently appreciated,engaged, and heard, they feel valued and become happier, more productive, and stimulated.
What to Do:
Three key features that will help retain your Millennial workforce:
- Annually survey staff on the company’s culture and values. Ask your team how they’d like to be engaged.
- Communicate survey results to your employees as well as your intended plans for what you’ll do with their feedback.
- Identify engagement drivers and opportunities to improve engagement
For more information, click on this link to download the free E-book, Engaging Millennial Employees.