Millennial employees have a reputation as job hoppers. While that rep isn’t entirely undeserved, a new study by OC Tanner reveals the problem isn’t millennials—it’s their jobs. Keep reading to find out what your company might be doing wrong and what you can do to retain your millennial employees.
Millennial misery by the numbers
The majority of millennials in the survey (60 percent) have worked at 2 – 4 companies. However, 24 percent have worked at five or more places.
Of course, many millennial employees are still in the early stages of their careers, when switching jobs is a natural way to explore options. But OC Tanner uncovered a vicious circle: The more often millennials switch jobs because they’re dissatisfied, the less satisfied they become. For instance:
The growing dissatisfaction of millennial job-hoppers isn’t all that’s worrisome. When 20 percent of entry-level workers don’t trust their managers, and more than one-third are bored, feel stuck or believe work is damaging their health, there’s something seriously wrong.
Millennial retention tipsHow can you nip millennial job-hopping in the bud? It’s actually really easy to do. OC Tanner has identified six key aspects of company culture that people look for in a great place to work:
Companies that are even marginally better than average in these six categories enjoy a host of benefits, OC Tanner reports. Their employees are substantially more engaged. They’re more likely to be innovative. They have higher-than-average revenues. To boost your business “above average,” take these steps:Millennials have a lot to offer your business. Keep them happy at work, and their energy, passion and creativity will help power your company to new heights.
1. Purpose: Three-fourths of millennials in a Deloitte survey believe businesses have the potential to help solve society’s economic, environmental and social challenges—but just 47 percent believe businesses behave ethically, down from 62 percent last year. Give your employees a sense of purpose by clearly conveying your company’s vision and mission, how it contributes to making the world a better place, and the role their job plays in the big picture.
2. Opportunity: Even entry-level millennial employees want to strut their stuff. Give them ownership of a project or the opportunity to lead a group. Provide the tools and information they need, then let them take charge of the job.
3. Success: Providing growth opportunities helps millennial employees develop the skills they need for success. Be sure to celebrate both team and individual achievements.
4. Appreciation: Millennials crave feedback about their performance. Tell them how they’re doing daily, not just during performance reviews.
5. Wellbeing: Health insurance and flexible work schedules are two of the top benefits millennial employees want, Pentegra reports. See if your health insurance offers an employee wellness plan. Be open when employees want to adjust their work hours to accommodate not just family demands, but also personal passions such as traveling or training for a marathon.
6. Leadership: Two-way communication between management and millennial employees is essential to building trust. Transparency and honesty will help create bonds with millennial employees.
Millennials have a lot to offer your business. Keep them happy at work, and their energy, passion and creativity will help power your company to new heights.
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About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
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