The average American worker today stays at his or her job for less than four years, while millennials, also known as Generation Y’ers (those born between 1977 and 1997), are leaving in a fraction of that time. Ninety-one percent of millennials expect to stay in a job fewer than three years, and the average is eight to 12 months.
New data reveals that a lack of longevity with one company has no effect on length of stay at the next, so the old stereotype of “Once a job-hopper, always a job-hopper” is becoming less relevant to employers, possibly debunking workers’ fears of not being offered new work just because their lengthy resumes are littered with short-stint positions.
As an employer, you obviously want to keep turnover among workers low. Losing workers after a mere year means wasted time and resources invested on recruiting, training and development. Millennials with high expected potential to perform are especially precious to keep around, even more so than workers with proven achievements in key positions such as engineering.
So how do you prevent millennials and other workers from leaving your company quickly? Try the following:
- Hire well initially. The economy has made every open position look tempting to a wide array of job seekers. Even if your company’s applicant tracking system successfully weeds out over- or underqualified candidates efficiently, some workers who aren’t the right fit inevitably make it through.
To keep high-potential millennials and other workers at your company, ensure you’re hiring the right people first. Use video interviews to broaden your search efforts geographically and to better establish an accurate feel for potential workers, all while saving time and money.
- Embody values. A 2012 survey by Net Impact found that 58 percent of respondents said they’d be willing to take a 15 percent pay cut in order to work for a company that has values similar to their own.
To keep high-potential millennials at your company, do more than just hand employees a list of the company’s values on day one; actually embody the values day in and day out and reward employees who do the same.
- Encourage communication. If today’s social marketing campaigns illustrate one thing, it’s that consumers enjoy engaging in open conversation.
Likewise, employees, especially millennials, appreciate the opportunity to share ideas and opinions openly in the workplace. To keep high-potential millennials at your company, encourage open two-way communication among all employees through various channels.
- Integrate technology. Millennials are stereotypically the most tech- and digital-savvy generation in history. In fact, Gen Y’ers are prioritizing acquiring the latest smartphone or tablet above purchasing a car.
To keep Gen Y’ers at your company, demonstrate your company’s desire to be a technology leader by implementing the latest technology, beginning with video interviews in the hiring process.
- Offer flexibility. More young workers in industries that don’t demand in-office face time prefer to do their work outside the office, according to a recent Detroit News article. And for Gen Y’ers in industries where face time is required, flexible hours can be more important than high salaries.
To keep your high-potential Gen Y’ers around, try to offer more workplace flexibility. If more schedule and telecommuting flexibility isn’t possible at your company, see the next tip.
- Ask for input. Assuming that Gen Y’ers at your company want holiday gift baskets or other outdated employee perks that won’t inspire gratitude will have them running out the door before their first year is up. To keep Gen Y’ers at your company, ask what benefits they want to receive or take inspiration for employee benefits from other companies with cool perks.
- Offer training. Information today is doubling every 18 months. By some estimations, that means workers need to recover a quarter of their college education every five years just to keep up with industry standards.
To retain Gen Y’ers value and keep them at your company, offer training opportunities for workers to learn new and refreshed information and knowledge. Your company can even offer education benefits for Gen Y’ers itching to return to the classroom.
Sherri Elliott-Yeary is the CEO of human resources consulting companies Optimance Workforce Strategies and Gen InsYght, as well as the author of “Ties to Tattoos: Turning Generational Differences into a Competitive Advantage.” She has more than 15 years of experience as a trusted adviser and human resources consultant to companies ranging from small start-ups to large international corporations. Contact her at [email protected]