How to Retain Young Talent
While older employees provide experience and industry knowledge to an organization, younger employees are needed to bring passion and fresh perspectives to the business. However, the young, tech-savvy, dynamic generation comes with a host of requirements that could differ greatly from traditional employee needs over the past few decades.
The industry’s young generation, known as the millennials, are looking for jobs that align with their lifestyle. Companies must seek to understand this new generation if they wish to retain the young talent within their organizations.
Without understanding their needs, motivations, and workplace requirements, you may risk losing out on retaining your younger employees. Here are a few points to keep in mind when considering what the millennial generation looks for in their professional lives.
Millennials (and all workers for that matter) value work-life balance. They want the flexibility to leave their jobs at a convenient time so they can lead fulfilling lives outside of work. You need to ensure that flexible policies are in place, and that those in supervisory positions will hold up their end of the deal and allow their employees ample time off so they can manage their own personal lives.
Work culture encompasses the relationships between employees at work. For Generation Y, having social connections with their peers is a top retention factor. They want to be part of a community, not just a workplace, and they want to have friends, not just colleagues.
To help them out, try setting up forums that allow various sections of the organization to come together regularly, not just to discuss work but also to get to know people outside of their jobs. This will allow your workers to make friends and create bonds with others at the workplace, thus increasing their enjoyment of the company culture and helping with overall employee satisfaction.
Validation from Managers
The ideal supervisor is one who values communication, not authority, and managers should offer their support, provide mentoring, and give positive feedback and public recognition to reward hard work.
It’s quite common for busy managers to sometimes forget to show those who work for them that they are highly valued. Most Gen Y employees are looking for validation from their managers, so that they know that they’re on the right track. If their expectation of being treated like they matter is not met, your young talent is more likely to quit. Engaged organizations display a commitment to employees and offer support and recognition, which translates to a high retention rate.
Varied Job Roles
Gen Y embraces change, and you can take steps to provide them with change at the workplace. Key findings from KPMG’s Center of Excellence Survey reveal that younger skilled workers often seem less interested in traditional roles and tend to view themselves as free agents. They may not all be entrepreneurs, but they have an entrepreneurial outlook when it comes to business tasks and job roles.
So, offer some variety in their job descriptions, and provide these skilled young workers with added responsibilities and promotions when possible.
Career Progression & Training
Today, job training is more than just a tool for productivity – it is a tool for retention. Generation Y knows that, in the 21st Century, it is essential to keep their skills up to date. 90% of Generation Y workers who receive regular training from their employers are motivated to stay on with a company. Show these young talented employees that you care about their career development, and want them to stick around for as long as possible.
These are a few ways to retain young talent within your company. Soon enough, the millenials of your organization will be in managerial positions, and you want to ensure that they have been around long enough to understand what’s best for your company and guide the future growth efforts.