Millennials have gained a bit of a reputation for going from job to job, and surveys show that Millennials do tend to change jobs frequently.
According to the Bureau of Labor statistics from 2016, Millennials had an average of 7.2 jobs in their first decade of adulthood. A Gallup poll, also from 2016, showed more than one-fifth of Millennial respondents saying they had changed jobs in the past year, more than triple the number of non-Millennials.
Given this reality, the costs of turnover and the tight labor market, employers have the tall task of holding on to their Millennial staff members for as long as possible. Company leaders have to get used to the ambitious career development expectations of many Millennials and equip themselves with a handful of strategies to stop young professionals in their organization from leaving.
Below is a shortlist of tips on how your company can keep its Millennials from jumping ship.
Develop a Culture of Coaching
Parents of Millennials were known for engaging their kids in all kinds of extracurricular activities and as a result, this generation is used to structure and guidance. Your company can engage these younger workers by developing a supportive coaching culture that guides and helps them down their respective career paths.
In addition to making staff members more valuable contributors, good coaching has the added effects of building trust and loyalty. Coaching enables leaders to effectively gauge the skillsets, development and impact each staff member is having on the company. Good coaches can also advise Millennials on where they can grow their skills to reach their personal career goals.
Conversely, coaching lets leaders see when a staff member is struggling, getting annoyed or being underutilized; all red flags for an employee may be looking to leave the business. Leaders looking to coach dissatisfied employees should recognize and express that there is no magic bullet remedy for job satisfaction. It can be a long, slow climb back to satisfaction.
Thanks in part to social media, Millennials are used to having their voices heard. Companies that provide opportunities to contribute and share ownership will see higher loyalty and lower turnover in return.
Too frequently companies undervalue the ability and desire Millennials have to make contributions. Underestimating brings about animosity and underemployment results in impatience. Support an environment that motivates and channels employee contributions.
Usually in the early stages of their careers, Millennials want to grow their sets of skills and experiences. In fact, many Millennials quit a job due to a lack of career development opportunities within their employer.
To address Millennials’ desire to gain abilities, support moving and cross-training opportunities throughout this company. Take into account the possibility they might want to move laterally or even down before moving up the company ladder.
Helping them attend networking events or industry conferences are other ways you can let Millennials gain knowledge in their field.
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At ZDA, we work hard to assist our clients with any challenges they face in today’s tight labor market. If you are currently looking for talent acquisition assistance, please contact our supply chain recruiters today.