How to Hold on to Millennial Employees

April 13, 2016 | 820 views

How to Hold on to Millennial Employees

How to Hold on to Millennial Employees

As more and more Millennials flood the workforce, more managers look for ways to keep this generation of employees happy. In the past, higher wages were the way to make people stay with your firm. Today, things are a little different. Millennial employees demand more from their employers to be happy in the workplace.

 

Here are a few ways you can increase your chances of holding on to your Millennial employees.

 

Use Technology Wisely

 

Perhaps nothing is more frustrating for the technology soaked generation than a not-so-modern way of doing business. Business apps have taken the place of paper and pen style organization. Mobile devices have changed the way consumers buy. If your business isn’t keeping up with the trends, chances are you’ll have a hard time keeping your Millennials excited about their job.

 

Incorporate technology wherever you can in your business processes. The smoother you make your Millennial employee’s life, the more likely he will be to want to stay on board with your company.

 

Praise and Say Thank You

 

One of the ways Millennials feel most rewarded is when they’re shown appreciation for the work they’ve done. Pats on the back and ‘attaboys’ are easy ways to keep your employees feeling good about the work they do. This is cheaper than having to pay out large bonuses and it can be just as effective, if not more effective.

 

Financial Security is Still a Concern

 

Although praise and recognition is incredibly important to employees, so is financial security. Many Millennials are graduating with high amounts of college debt. They need a way to responsibly pay this down while still living a decent quality of life.

 

Offer financial security to your employees by giving a healthy compensation. If that’s not possible, or not up to your department to decide, you can also offer other benefits, such as career advancement training to help solidify their future in your industry. The more you provide in terms of support, the more likely your Millennial employees will be to stick with you for the long run.

 

Be Flexible

 

Flexibility is another job attribute that’s highly valued among Millennials. To the extent you can, offer a flexible work environment. This might mean giving the freedom to your employee to change his schedule or offering flexible shifts to accommodate family needs.

 

When you’re flexible, you’re giving your employees freedom, which is valued by the Millennial generation. Not only does it provide room for growth, but it also shows that you trust and value their efforts.

 

The Gist

 

Millennials are most focused on the level of respect they receive from their superiors. By giving them the tools they need to do their jobs, showing gratitude and offering room for advancement, you’ll give your Millennials a reason to stay with your company. Without these things, you could risk losing some of your best employees to your competition.

 

Author Profile Jon Forknell is the Vice President and General Manager of Atlas Business Solutions, Inc., a software marketing company specializing in employee scheduling software, including ScheduleBase employee scheduling software, and other business software solutions. In the past, Jon has been recognized by the U.S. Small Business Administration as a SBA Young Entrepreneur of the Year. Atlas Business Solutions was named as one of Software Magazine’s Top 500 Software Companies in 2004 through 2007 and again in 2010, 2013 and 2014

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