Turnover costs quite a bit, on various fronts. In the literal sense, turnover becomes expensive: Depending on the industry, it can cost thousands of dollars to replace just one good employee. A higher turnover rate adds up over time. There’s also the cost of lost productivity (finding someone to replace who’s left, time taken to recruit, conduct interviews, hire a temp, etc.) and stability within a team or a department. Keeping young employees around has its own challenges. The millennial generation in particular is known for staying with an employer for an average of three years…but a few key factors in the hiring process can help you extend their employment and ensure long-term employee satisfaction.
- Create collaborative opportunities. The younger generations grew up focusing on team-building and working in groups, particularly in school, and they connect with others through technology in their everyday lives. Because of this background, they flourish when given the opportunity to work with their colleagues. They’re also much more ready and willing to work with all types of colleagues than previous generations. Offering collaborative projects meets their needs for social interaction and promotes increased productivity – and it keeps them happy to stay where they are.
- Offer consistent, useful feedback. Millennials and Gen Y have gotten used to quick, mostly instant results for their efforts from their authority figures (parents, teachers, coaches) and the technology they interact with. As a manager, you can get your younger employees motivated by letting them know how they’re performing – whether positive or negative. It helps motivate if they receive deserved praise for good work, since this group thrives on feeling appreciated in their jobs. The concept of personal development in their employment matters a great deal to Generation Y, in particular, so regular feedback will give them those desired chances to grow in confidence and skill.
- Allow for flexibility. Nobody likes a workplace with too rigid a structure or hierarchy, and this is especially true for young employees. They have gotten used to connecting through laptops, tablets, and smartphones. As such they’re also used to working (and being productive) anywhere, and not during the usual nine-to-five times. Allowing for flexible scheduling can make you quite attractive to millennial and Generation Y employees, and it may well allow you to utilize them during odd hours when you still need something done. They will recognize that the work needs to get done, even if it’s not during the typical workday.
Recognizing that your younger employees work differently doesn’t mean you pander to their needs; it means you understand that people work in different ways and you’re willing to accommodate their methods so you can increase your productivity. For more help on how to work with this generation of employees, reach out to the experienced Thousand Oaks recruiters at PrideStaff for guidance.