5 Ways to Retain High-Potential Millennials
The millennial generation is generally seen as people born between 1980 and the late 1990s, with some gradation on either side. The older ones have been in the workforce for a few years, and more are graduating from high school and college every year. They are tech savvy and flexible, but sometimes get a bad reputation for not feeling loyalty to a company, or for job-hopping too much. As more companies hire millennials, it’s important for HR managers to be familiar with retaining them. Here are 5 ways to retain high-potential millennial employees.
1. Provide Work-Life Flexibility
A 2012 PricewaterhouseCoopers study done with the University of Southern California and the London School of Business found that 71% of millennials at PwC think work demands interfere with their personal lives. “They do want flexible hours, but not so they can screw around,” says Lisa Orrell, a San Jose, Calif.-based leadership coach, author and generational dynamics expert. “The millennial mindset is, why do I have to be in a cubicle Monday through Friday, 8 to 5, as long as I’m not missing an important deadline or meeting? You’ll get your 40 hours from millennials – it just might not be right in front of you.” Orrell added that when companies adjust the corporate culture to offer flex time and work-from-home options, they find that retention of older generations goes up as well.
2. Offer Regular Training and Development
Ongoing training keeps high-potential millennials plugged into the company while also boosting their own skills and strengths. “They’re looking to be the best they can be,” says Orrell. “Their mindset is along the lines of, ‘The money is nice, but I understand that I’m new and can make that up in the future.’ ” In the meantime, show them the value of working at your company through training and development. She referenced a study that showed that three times more millennials were interested in training and development than in a cash bonus for working at a company.
3. Foster Relationships
As a generation that grew up on carefully organized team sports, millennials thrive on relationships – they like to stay connected, they enjoy personal relationships with people at work and they want to feel like a team. Manage a high-potential millennial’s experience at your company better by incorporating more group projects, encouraging connection across departments and fostering a culture of openness, transparency and communication. “Millennials’ psychological contract with a company is not with the company itself or the brand – it’s the relationships they build within the organization,” Orrell says. “If they don’t have a warm and fuzzy relationship with the boss and people they work with, they become detached.”
4. Mentor Them
Author Ron Alsop describes the millennials as “trophy kids” because they are often recognized for participating without achieving – and some managers believe this sets them up with unrealistic expectations. But by offering a strong mentoring program, employers can take this need for feedback and guidance and turn it toward employee development by showing young employees the kinds of career paths that are available at the company. “I’ve known millennials who were promised mentoring when they were hired, didn’t get it and quit because of it,” Orrell says.
5. Give Them Face Time
Millennials report that one of their biggest annoyances is when their managers cancel one-on-one meetings, Orrell says. “It drives them crazy,” she says. “Older generations get used to it. But millennials think, ‘You scheduled this time with me. I want to bond with you. I want to communicate, and every time you cancel it makes me feel like I’m not valued and you don’t care.’ ” Some managers may see this as needy; instead, remember that these one-on-one meetings are a good way to keep your high-potential millennials connected to the company.
By paying attention to the particular needs of high-potential millennials, HR managers can help their companies retain these inquisitive, engaged and tech-savvy employees. It may require some changes, but in the long run, can pay off.
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