by Lock Collins, Cambiar Partner
Many of our clients are struggling with retaining Millennial employees. What is a Millennial? There are many variations on the definitions, but generally, it’s the workers who were born between the early 1980s and the late 1990s. In other words, these are the children of the baby boomers. With a little research, one can find a great deal of information as to how this generation was molded. One excellent source of information is, “Millennials: Confident. Connected. Open to Change,” from the Pew Research Center. A common perception regarding Millennials is that they are job hoppers. However, the question is what to do about it.
Millennial behaviors in the workplace are generally felt to include high expectations for advancement and salary growth along with a coaching relationship with their manager. They are accustomed to getting work done in a variety of environments – not simply sitting at their desks. Flexible scheduling is of great appeal to Millennials, who place a high value on work-life balance. Author Ron Alsop of the Wall Street Journal found that Millennials are largely seen as entitled and “narcissistic.” (Note: we’re not sure about that last behavior). Alsop also finds that Millennials, although good team players, are particularly ambitious, seeking constant appraisal and lightening-fast promotions up the corporate ladder. However, they desire a good work-life balance, and, to sate their desire for a fulfilling job, they’re also frequent job-hoppers, frustrating employers with low retention rates.
Here are some ideas to address the issue with Millennial retention:
- These employees want regular contact with their manager. They seek praise and coaching. The traditional Boomer manager may feel that this is a waste of time, but they need to adapt. The effective manager for this generation understands, so help your managers with this transition.
- Millennials don’t want to simply pay their dues as did previous generations. For many companies, the default process is to promote based on tenure rather than talent. This will drive Millennials out the door. Take a hard look at how you assess candidates for promotions. The longer tenured employee may have more experience and tactical knowledge, but the Millennial may have talents that can change the company.
- Millennials are connected. The idea of being required to sit in a cubicle for eight hours a day strikes the Millennial as bizarre. Evaluate employees on productivity and innovation, rather than how many hours they are in the office. Expand your thinking on where and when employees can work — This can make a big difference.
- Develop a formal mentor program. Just having a mentor program, however, is not enough. It must be a hallmark of your culture. Mentors have to be willing to be involved and should receive training on how to be a good coach. If someone is required to be a mentor, the relationship will fail.
- Finally, consider adding a resource to help you manage your Millennial retention. The HR staff in most companies is already overloaded. So, while this resource should be integrated with the HR department, don’t assume that current staffing levels can accommodate these new requirements. You want someone who is recruiting and monitoring this group of employees, as well as keeping track of industry trends in managing retention. Leslie Kwoh at The Wall Street Journal reports that more companies are “jumping through hoops to accommodate Millennial’s demands for faster promotions, greater responsibilities and more flexible work schedules.” Why? Because Millennial workers will outnumber any other generation within a few years. By 2020, the U.S. Bureau of Labor Statistics projects that Millennials will make up 40 percent of the workforce.
Boomers are retiring at the rate of thousands per day. Think about your Employer Brand as it relates to attracting and retaining this generation. Unless your company creates a Millennial-friendly environment, you will struggle in the years ahead to recruit and retain the Millennial employee.
Feel free to contact me at Lock@consultcambiar.com if you would like to discuss how to assess your Employer Brand or if you would like some help in developing your “Millennial Friendly” strategy.
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