$300,000+ is the cost of replacing one millennial worker over time. With their unique set of needs and desires, high turnover can quickly spiral costs out of control (not to mention lost revenue!). That’s what makes recruiting, engaging, and retaining this generation so vital, the dollar and cents. Being the largest generation ever the future of every organization literally hangs in the balance. The following is an excerpt from our new eBook The Millennial Takeover: How To Recruit, Engage, and Retain the Largest Generation Ever.
So, what do Millennials want?
Well, young people are people; they want what we all want. They want a job they enjoy, a steady income, a loving partner, a family of their own, a decent home, and a vacation once in awhile. It’s nothing wild or eccentric. So, we won’t dwell on the existential. Yet, there are unique characteristics, demands, and expectations they have on the job. These desires are critical to understanding how to keep millennials engaged, productive, and a part of your team.
At their core, “they yearn to work for managers who treat them fairly and respectfully, to form positive connections with colleagues and feel proud of what they do and its impact on the world.” As recently noted in Fortune:
“The companies that top Great Place to Work’s First-ever ranking of the 100 Best Workplaces for Millennials stand out for their ability to engage this generation, recognize their talents and give them a significant role where they can make a difference. At these companies, pay, profit sharing, and promotion decisions are executed fairly; everyone gets a shot at special recognition, and workers have a say in decisions that affect them. These workplaces exhibit strong, open, two-way communication; a high tolerance for risk-taking; high levels of cooperation and support among employees; and reduced roadblocks to innovation, such as internal politics.”
Those measured by Great Place to Work are fairly esoteric and may come as a surprise. The top ten rounds out as:
- Elite SEM
- Quicken Loans
- Point B
- Ultimate Software
- Power Home Remodeling Group
- Workday, World Wide Technology
- World Wide Technology
- Acuity Insurance
While a healthy mix of tech companies fill its ranks, the wide variety of industries on this list illustrates that millennials natural abilities with technology does not necessarily translate into a single-minded focus to work in the tech. Instead, it proves that so long as you embrace a certain ethos and equip your workforce with the right tools (computers, the right software, etc.) and right environment, they can and will flourish on the job.
Obviously, a happy career involves more than the work environment. The kinds of perks and benefits millennials desire is as important to consider as ensuring they have the latest iMac. Those companies in Great Place to Work are “more likely to offer flexible scheduling (76% vs. 63% for other companies), telecommuting options (82% vs. 74%), paid sabbaticals (15% vs. 11%) and paid volunteer days (46% vs. 39%.) More winning Millennial-friendly companies offer perks like massages (65% vs. 26%) and fitness classes (70% vs. 24%) to their workforce.”
Together, this information shows a generation that simply wants to have an impact, that cares about what they do, that is happy to work for a broad cross-section of industries, who want some flexibility in how and where they work (resulting from their use of computers to work!), and that wants to leverage their native, digital, advantages to benefit their employer and their colleagues…
Troubling, a recently published Gallup report revealed “that only 29% of millennials are engaged at work, with the remaining 71% either not engaged or actively disengaged. What’s more, six in 10 millennials say they’re open to different job opportunities, and only 50% plan to be with their company one year from now.” This is obviously a problem, but not one without a solution. In this eBook we explore how to engage and retain millennials by leveraging an intranet platform that will drive Feedback & Communication, Data & Analytics, and Time and Resource Management.