Millennials represent 35% of the workforce and change jobs more frequently than any other generation; 21% have switched jobs in the last 12 months (TeamStage).
If you want to beat the odds and hire millennials who will actually stick around beyond the one-year mark, you need to create a company they want to be a part of. Impossible? Think again. rater8 is composed of a multi-generational team with a millennial employee population of 56%. Of those, 32% have been with the company for over a year.
We recently asked our team to share what it is about rater8 that makes them stay, and we’re sharing what we’re doing that’s appealing to a generation crucial to the growth of our organization.
Put an end to rapid millennial attrition and encourage them to stay awhile or, better yet, make them never want to leave at all.
Offer Remote or Flexible Work Options
This generation shares a common value: FREEDOM. Millennials prefer to work in the gig economy or for employers who will let them work on their own terms. This can be easy to accomplish in a world where technology allows us to be connected anytime and anywhere.
From conception and always, rater8 allows its employees to work where they feel the most productive and comfortable. This fosters a gig economy feel with a steady, dependable stream of income—something they won’t get from ride-sharing. Focus on results, not hours worked.
It will serve you well to ensure your team feels trusted enough to work hours that would be typical in a generally acceptable work week. While 9 am to 5 pm may be the norm, some people perform better slightly earlier or later. Others may need to step away for a short period of time to tend to children or other personal responsibilities; naturally, they want to work somewhere that eliminates clock watching and takes the pressure off. As most employers are learning as a result of the Great Reshuffle, giving people this freedom promotes a healthy life-work balance, which is often more important than salary.
Take Care of Your Employees
Unfortunately, most employers miss the boat on this one. While they may offer a competitive salary, they tend to offer limited paid time off (PTO) policies and standard benefits packages. Once companies realize that salary isn’t the only motivating factor that entices prospective candidates, they can benefit from getting creative and offering perks that other employers don’t. For example, rater8 promotes and encourages its employees to take advantage of its unlimited PTO policy. During the interview process, candidates often ask, “What’s the catch?” But there isn’t one. rater8 trusts its staff to take the time they need when they feel it is appropriate.
Stop making new hires wait 30 to 90 days to enroll in benefits. A person’s health isn’t paused when they start a new job. Wellness is a basic human need and a natural right. Offering day-one eligibility could increase your offer acceptance rate, especially for candidates who have needs that prevent them from going a few months without medical insurance.
In addition to healthcare benefits, 401(k) plans, and PTO, you can offer incentives like employee referral bonuses, Taco Tuesdays, and sending swag kits to new hires. When people feel like their employer truly cares about them, they are more productive. So go ahead, let your workers take time when they need it, and you’re bound to see improved productivity, lower stress, and improved mental health.
Empower Your People
Another common denominator amongst the millennial generation is the desire to actually make a difference. People want to add value, period. After spending time and money getting a degree, millennial employees want to work somewhere that is open to leveraging their skills and knowledge. They want to work on projects that contribute to process improvement and help their company scale.
Millennials are particularly notorious for wanting more out of their career than completing tedious, redundant tasks day in and day out. How do you prevent redundancy and boredom? Hear them out. Listen. Encourage your team to share their suggestions for improvement and bring new ideas to the table. You don’t have to implement every single change someone suggests, but you may benefit simply from allowing them to lend insight. The results can be twofold: When someone helps make a change that has a ripple effect impact across the organization, 1) the employee will feel valued, and 2) the company wins due to the efficiency and increased return on investment resulting from the change.
Provide Ongoing Feedback and Focus on Results
A common mistake many organizations make is using an annual performance review as the primary opportunity to provide feedback. At this point, the feedback is too late, especially if it contains constructive components. Managers should be accountable for having routine 1:1 meetings during which they celebrate wins, offer support, and coach employees on their areas for improvement. If the employee has opportunities to improve, this will give them a chance to do just that before it’s too late. Negative feedback should never come as a surprise at the end of the year.
It’s also important to foster an environment where peers are encouraged to recognize each other for noteworthy achievements. This will boost morale, help team members feel connected, and increase employee satisfaction. When you make an effort to cultivate a collaborative culture, you elevate the likelihood of retaining all of your employees, millennials included. At rater8, we recognize and celebrate every individual sale and the team members who made it happen.
Promote People When They Are Ready
Don’t make employees wait for their performance review to receive a promotion if they have already demonstrated that they are ready to take on a new role and responsibilities. This is a generation that values recognition, and making employees wait until an arbitrary calendar date creates a flight risk, as they may begin to feel underappreciated and underpaid. Mid-year promotions make employees feel valued and appreciated. This leads to a confidence boost and, in turn, they will be invested and more productive.
We keep our millennial employees happy and believe you can too!
It’s crucial to adapt to the ever-changing talent landscape and consider the components of employment that actually matter to potential employees. After all, employment is a two-way street. If you only focus on what’s in it for you and offer the bare minimum benefits, it’s likely millennials will remain a flight risk. They may come on board, but the second something better rears its head, they will be quick to jump ship.
The solution: Show compassion, get creative, and offer perks that people are asking for. The results will be worth it.