5 Secrets to Retaining Millennials
More than one-in-three American labor force participants (35%) are Millennials, making them the largest population in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data. As of 2017 – the most recent year for which data are available – 56 million Millennials (those ages 21 to 36 in 2017) were working or looking for work.
According to Gallup’s State of the American Workforce, most workers, many of whom are millennials, approach a role and a company with a highly defined set of expectations. They want their work to have meaning and purpose. They want to use their talents and strengths to do what they do best every day. They want to learn and develop. They want their job to fit their life.
Organizations are trying to balance the preservation of their values and tradition of their culture while doing business in an era of digital transformation with a workforce that is constantly evolving. As millennials age in the workforce and take on leadership positions, many are still trying to adjust to the way millennials work and want to experience the world. For instance, there’s a gap between what HR says millennials want and what companies actually offer when it comes to rapid advancement or opportunities for growth, frequent feedback, and a flexible work environment or schedule.
In a talent economy where demand is high and supply is low, retaining the largest population of the workforce is top of mind for many organizations.
Here are five secrets to retaining millennials:
- Mentor in a new way – create connections within the organization
- Connect training dots to career advancement
- Embrace technology – think mobile first
- Greater engagement – align day to day work to company goals
- Check out the competition – continually evolve to secure competitive advantage
For more, download the 5 Secrets to Retaining Millennials eBook.
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