There are more than 79 million millennials in the United States and many of them are joining the workforce. Some companies already have 50 millennial employees and by the year 2025, this generation will make up almost 75 percent of the workforce. With younger employees flooding the market, business owners need to realize this generation has different perspectives and values than Baby Boomers and Gen X’ers. In order to maintain productive and engaged workers, managers need to understand and adjust to this new generation.
Companies can use this five-step plan to better attract and retain millennial employees:
1. Businesses need to offer competitive salaries and benefits as well as the opportunity to advance within the company in order to attract potential candidates. Millennials don’t want to wait three to five years for a promotion.
2. Millennials want transparency when it comes to a company’s business decisions. Once an employee is hired, companies should provide an open atmosphere to foster trust and community among workers.
3. Businesses should flatten the hierarchy organizational system to ensure millennials feel like they have a voice.
4. Feedback is critical to millennials so managers need to provide constructive criticism often along with clear and consistent criteria for their performance reviews. Millennials believe their managers are the best sources for their growth.
5. A positive company culture and collaborative environment will also help businesses retain millennial employees. Millennials want a fun, exciting, and challenging work environment. An environment that is comfortable and safe will be beneficial to workers. Because millennials are very social, 71 percent want their colleagues to be a second family.
Millennials want to find meaning in their work so companies that are socially conscious or provide volunteer opportunities will help them stay engaged. Millennials are natural collaborators and while they still need structure and boundaries, they want to work together rather than be competitive with other employees. Millennials are more entrepreneurial and innovative than generations before which can provide your company with many benefits if you are able to capitalize on their values.
Alyson is a high school librarian and freelance writer. In her free time, she enjoys hiking with her husband and her dog.