HOUSTON YOUNG PROFESSIONALS ENGAGE
Born between 1980 and 2000, the millennial demographic is the currently the largest sector of the U.S. workforce with over 80 million strong. Regardless of age, the millennial generation is changing the workforce at a rapid pace. The ability to attract and retain talent is vital to the growth of businesses across Middle Georgia. Houston Young Professionals Engage (HyPE) is a new initiative of the Robins Regional Chamber designed to support talent retention in Houston County. Learn more about HyPE and how your employees can get involved through the link below.LEARN MORE: HOUSTON YOUNG PROFESSIONALS ENGAGE
6 WAYS TO ATTRACT & RETAIN TALENT IN TODAY’S WORKFORCE
1. PERFORMANCE-BASED PAY AND GROWTH OPPORTUNITIES
Like generations before them, millennials want to achieve financial security. While stereotypically, millennials are seen as job-hoppers they really just want a position where they are fairly compensated and have a reason to stick around. Consider pairing your young professionals with experienced mentors, invest in their education and/or professional development courses, or simply have a conversation that shows rising talent a career trajectory they can work towards in your organization. You’ll also come to find out that millennials work fast and are more likely than generations before them to ask for a promotion within their first 3 years with an organization. In order to retain millennial talent, industry leaders are moving away from tenure-based compensation and seeing valuable results through quarterly performance incentives.
2. MEANINGFUL WORK
Millennials want their work to mean something. They want to find prestige in the company they work for, solve problems in their environment and society, and interact with interesting people. It’s no secret that employees that are passionate about their jobs, do a better job. Your business doesn’t have to be a nonprofit or social venture to create an environment where employees feel like their work matters. Encourage your employees to participate in community activities and offer time paid for occasional volunteer hours during the workday. Plus, it doesn’t hurt to show your business is invested in the community.
Millenials grew up in an age of transparency. With everything they want or need to know a click away, it should be no surprise that millennials have an innate curiosity and they expect the company they work for to be upfront. Keeping an open atmosphere will foster trust and loyalty amongst your employees. Even if it’s unintentional, announcing decisions without an explanation, constant changes, and high turnover makes this generation uneasy. Be honest about mistakes and be clear about your expectations, company policies, and management decisions. Essentially, millennials want to know how your business keeps the lights and how their performance plays a part in the organization’s ‘big picture’.
Millennials are thirsty for feedback and aren’t shy about asking for it. Employee feedback doesn’t have to come in the form annual report with pages of details. In fact, honest, constructive and immediate feedback can have a very positive impact on your organization by reducing complacency and building trust. Transparency goes both ways. Showing a real interest in what millennials want and think within your organization is a step to keeping them for the long haul. Chances are new talent may have a way to effectively utilize technology to leverage the company’s brand.
5. COMPANY PURPOSE AND DIGITAL REPUTATION
Say what you do and do what you say. The first thing your prospective millennial employees will do before applying is scour your website and online presence. If your digital presence is lacking, millennials may be wary of applying and/or you may not be attracting the right prospects. Your employees are one of the best tools you have to strengthen your company brand. Stay true to your company purpose and project a digital image that your employees are proud to represent. Think about what your employees say about your business off the record. Employees are going to share what they really think about their company, boss, and co-workers to those close to them. If one talented millennial isn’t feeling passionate about your company culture, chances are their talented peers won’t either.
Millennials care more about the overall picture. While financial stability is essential to any generation, millennials tend to value work-life balance over pay. Thanks to technology, the traditional 9 to 5 workday is eroding. At the end of the day it’s about getting the work done, not the number of hours worked. Not to mention, flexible schedules encourage creativity, innovation, and are more appealing to the millennial workforce. If your business cannot support working remotely, consider a flexible lunch schedule, opportunities to rotate between teams and positions within your organization, and flexibility with time off. While they may walk in 15 minutes past 9:00 am, you won’t hear any complaints when asked to stay late.