The strategies to retain millennials in the workplace include:
Adopting flexible work arrangement
Most millennials prefer spending less time in an office, and it is prudent for an employer to implement a flexible work schedule when dealing with millennial employees. A company can achieve flexibility through remote work. The COVID-19 pandemic has demonstrated that employees can work remotely without undermining organizational performance and individual productivity. Therefore, employers should not hesitate to permit millennials to work remotely. The group pursues career and personal goals simultaneously, and remote work allows them to hold a job and do what interests them, such as traveling.
Improving internal communication
Millennials do not like working in an environment where they are not engaged, or their input is not considered in decision-making. Many millennial workers prioritize being heard over money. Retaining such a workforce requires open communication where employees raise suggestions and receive feedback from supervisors and managers. Improving internal communication makes millennial employees feel accepted, persuading them to remain in an organization.
Strengthening corporate social responsibility and sustainability
Millennials strongly advocate against social issues, including climate change, gender inequality, racial discrimination, and poverty and homelessness. They are critical of these issues and are unwilling to compromise whatsoever. For example, some millennial employees are likely to leave a company involved in environmental degradation, racial discrimination, and overexploitation. Not committing social injustices does not entirely persuade millennials to stay in a company; they expect the employer to implement CSR programs such as donating to environmental conservation groups, teaming up with non-profits, and organizing charity events. CSR positively influences millennials’ decision to commit to a company.
Providing career growth opportunities
Millennials are ambitious and do not like working in an organization where their careers are stagnant. The generation is willing to take risks to achieve career goals, including promotions and self-employment. Remaining in the same position for an extended period dissatisfies millennial workers; they take on challenging tasks to progress professionally. Failure to provide career growth opportunities leads to high employee turnover among millennials as they leave to join a company or field offering such opportunities. Robust training and development programs provide growth opportunities, allowing companies to retain millennial employees.
Implementing a comprehensive benefits package
The primary reason people work is to earn money and sustain a decent living standard. Although financial incentives are vital in the workplace, millennial workers want more than money; they want a comprehensive benefits package. A comprehensive package consists competitive salary, paid time off, vacation days, medical insurance, and retirement savings plan. Such a compensation package motivates millennial workers to stay in a company for as long as possible. It is an employer’s responsibility to know what motivates each employee.