How to Retain Your Millennials

Millennial workers bring natural technological expertise and fresh ideas to companies, but they also present a challenge for employers. Unlike their older professional counterparts, young workers are less likely to stay at a company for long stretches of time. To avoid high turnover and training costs, companies must find ways to retain millennials.

Offer Feedback

Millennial workers exist partially in the online world, where feedback is instantaneous. Whether they are posting on social media or conversing with customer service via an online chat system, the quick response serves as a barometer for progress and status. As an employer, you can satisfy this desire for communication by offering frequent feedback about performance. Without it, the younger professional may feel ignored or insecure, leading to dissatisfaction. Feedback does not have to be formal or lengthy; a simple email or short conversation is often all it takes to keep the younger worker engaged.

Offer Clear Promotion Opportunities

A tangible and transparent promotion system is key for millennial workers. Unlike past generations, these young professionals may not have the patience to wait for years for promotions, nor are they likely to stay at companies that use a mysterious promotion schedules. To retain young workers, companies should establish clear set expectations and step-by-step processes for advancement. By eliminating the mystery and setting up a reward process early on, you can help create trust and demonstrate the benefits of high performance.

Offer Perks

Many millennial workers value a work/life balance and may be unwilling to commit to employers that don't support this goal. For companies employing younger professionals, it can be helpful to offer perks that make balance possible. Follow the lead of businesses such as Google, which offers free snacks, a shuttle service and pet-friendly offices. Consider perks such as laundry services, free gym memberships, on-site workout facilities or an occasional visit from a masseuse. Alternatively, allow employees the option to leave early on Fridays in exchange for staying later on Monday through Thursday. Even small perks can communicate to employees that you value their contributions and respect that they have lives outside of the office.

Provide Flexible Working Environments

Thanks to the widespread use of smart phones, tablets and laptops, millennial workers are comfortable performing common tasks from any location. As a result, many tend to value flexibility, in terms of both hours and physical location. Companies can capitalize on these preferences and retain millennials by building more flexibility into the professional environment. Allow workers to work from home for part of the week; if that isn't possible, consider an open-plan office with multiple group seating areas instead of cubicles and conference rooms.

For some companies, finding ways to retain millennial workers requires small changes to operations; for others, it requires drastic restructuring. By adapting to the new generation's expectations and adjusting accordingly, you can build a positive environment and keep millennials longer.

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