How to Keep Millennials from Job-Hopping Away From Your Company
It's fairly well-understood that the current generation of new employees doesn't expect to remain in the same job for longer than five years. If you want to keep your millennials from moving on to new employment, you have to incentivize their staying on.
It's fairly common knowledge at this point that, by and large, currently-employed millennials probably don't see much of a future with their companies beyond the next five years. According to Martin Birt in this piece at The Financial Post, a large amount of studies and business reports support this idea, indicating that millennials frequently switch jobs "because they want to develop industry experience and marketability."
As replacing departed employees can be a financial and logistical headache, it becomes a priority for companies to keep their young workers happy. Birt's advice is to take the appealing aspects of job-hopping and incorporate them within your business structure. This includes vertical integration, specialized in-house committees, and professional development.
Basically, you want to give promising young workers the opportunity to develop their skills and expertise while remaining in-house. Help them grow through mentorships and frank performance evaluations. Harness their talents so that they feel comfortable and valued in their positions. Prove to them that the things they desire from the job market can be had by sticking around.
There are a couple things Birt doesn't bring up that I think should be mentioned. First, growing up in the social media age has instilled within millennials a keen dedication and observance to social justice. How your business operates is going to have a huge influence on whether they stick around. A company that underpays or exploits its vulnerable young employees shouldn't expect to keep them for long. Millennials who do good work will seek gratitude elsewhere if they feel their efforts are going unnoticed.
Finally, be sure to keep in mind that, for the most part, millennials' parents were the first generation that didn't expect to keep the same job for their entire lives. Young workers harbor a degree of cynicism toward the business world; they feel they're seen by employers as little more than pawns. This is why millennials will remain loyal to you in the long-term if you can exceed their expectations with regard to how you value them. Happy workers make for a better workplace. Just look at Google.
Read more at The Financial Post
For more information pertaining to all things millennials, be sure to check out Samantha Klein's #AskAMillennial blog here at Big Think.
Photo credit: baranq / Shutterstock
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