In a world where startups are a dime a dozen and young, savvy workers are becoming more and more valuable, businesses are starting to have to make some changes. Millennials, more so than people in other generations, are more likely to switch jobs often and to do so for different reasons than you may expect. In some cases, this can lead to high employee turnover, which is extremely expensive for companies, whether they're new startups or large corporations. So why are millennials moving around so much, and what can companies do to keep them?
A recent survey conducted by Atenga Inc. discovered that millennials are more likely to leave because of job dissatisfaction, including reasons like not having enough mentorship or not feeling fulfilled, than they are for financial reasons. That said, here are some ways you can keep your millennial employees happy:
Let Go of the Rules
Millennials are all about individuality and expression, which means super formal offices that ask them to cover tattoos or dress in traditional business attire every day are less likely to keep them happy. This is also why startups are seen as such a desirable place to work – they're often thought of as being more casual, focusing on a hip office culture and allowing more creative license. To keep your younger employees engaged, try loosening up on some rules, including dress codes and strict hours.
Provide Excellent Mentorship
According to the survey, 67 percent more millennials than baby boomers valued "having a great mentor" in the office. Mentorship gives young employees the chance to learn more and develop new skills, which means it's valuable to them, but it can also be beneficial for the company. If you don't have one already, develop a mentorship program within your onboarding process. Pair new employees with ones who have been at the company for awhile.
Help Them Find Fulfillment
While baby boomers are more likely to value a job that makes them money, millennials rank making money on the same level as "doing good," according to the survey. This is great news for you – raising salaries isn't necessarily the key to keeping people around (as long as they aren't dismal). Instead, work on ways to help your employees find fulfillment both within the company and for a greater cause. Look for ways you can make them feel like they play an important role in the company – even just providing them with business cards can make a difference. Also, find ways they can feel fulfilled outside of the company as well. Can you volunteer together or pledge some of your company earnings to a good cause?
Give Them a Little Autonomy
Young employees are also less likely to be happy when they feel like they're constantly being micromanaged or told how to do their jobs. Flexibility and autonomy matter to millennials, and they're both easy to provide. Instead of managing every task your employees have to do, set up a results-oriented way of keeping track. Provide clear goals and deadlines they can work toward, and measure their success that way.