You may well have heard the statement that today’s millennial employees jump from job to job, staying only a year or two before moving onto greener pastures. First, research from the U.S. Bureau of Labor Statistics belies that myth, pointing out that while in 1983 the average employee stayed at the same company for 3.5 years, in 2014, that number had risen to 4.6 years. To keep turnover low, companies have figured out how to keep those employees around. Read on to get some insights for your own company.
- Recognition for their contributions. You’ve probably heard the idea that this everyone-gets-a-trophy generation wants a reward for doing their basic job, but that puts a rather negative slant on what most employees, no matter their age, want: acknowledgment for putting in hard work. This doesn’t even have to come in the form of salary compensation (although it doesn’t hurt); rather, the recognition from a manager or peer for going beyond what’s necessary goes a long way toward employee retention. They want to stay where they feel appreciated and seen.
- Flexibility. This can come in different forms. Today’s employees want to find that too-often elusive work-life balance, and that may mean breaking the mold of the 9-to-5 workday. Consider implementing a flex or custom schedule for employees which still has them putting in the needed hours per day but that allows them some choice as to when those hours occur. You may want to start small, with one or two days a month to gauge progress (and perhaps even requiring employees work more standard hours for a certain number of months first, having them earn it through their productivity). Track projects and statistics, analyzing the results after 3-6 months, and see what might need tweaking.
- Culture. Today’s employees want a place where they not only feel appreciated and wanted, they also look for a place where they want to come every day. Make sure you have a clear value system for your company and its employees; then live those values daily, infusing them into everyday work (and play). Millennials want to feel passionate about their work; they want opportunities to make a difference. Look at your own company: Does it embody that sort of ethic? Do you give your employees structure and enough room and chances to take risks? Do you have a culture that’s welcoming enough for employees to want to become a long-term part of it?
If you want your employees to stay, you have to give them reasons to do so. To ensure the health and wellness of those employees (which helps lower turnover),reach out to the medical staffing experts at Medical Professionals.