Five years ago Deloitte surveyed nearly 7,700
Millennials, all of whom were employed full-time, had college or university
degrees and worked for large employers. Globally, 66 percent of the Millennials
expected to change jobs by 2020. As
millennial turnover has been at about 20% a year, the stats in this research
are probably low. With the vibrant
current economy and more jobs available than employees to fill them, this issue
will continue and probably get worse.
Retention is a common issue to HR professionals
regardless of company size, and losing good employees is never good for your
company. You may not be able to retain
every employee but there are some mistakes that are made that you might be able
to avoid which can lower your turnover.
Mistake 1: Do you ask them
to work as much as you do but don’t pay them for doing it?
It’s only natural for you and higher management to be so
committed to the company or the project you’re pursuing that you expect every
employee to automatically feel the same way. Growth and profit planning often
dictate that you take on extra projects that make your team do overtime every
week. But it’s not fair to assume they
will put in extra work to attain goals they are not a part of. When work is
piled on without sharing in the outcomes, something will give. While income may not be the most important
reason a person leaves, it ranks within the top three.
If an overtime work week is the norm, a change in how you
compensate for performance may make a difference. If you don’t want to upset
your income planning there are other forms of compensation that can be
effective. Non cash awards properly
implemented can provide a great boost to morale and enthusiasm. Not only can that help retain your best, it
can improve quality and productivity.
A current Amex study shows that half of millennials feel
pressured to be available for work at all times. The more overtime you ask of your employees,
the more stressed they become, and the more likely they are to look for another
job.
Mistake 2: Are you giving
them the chance to learn new skills?
Research has shown that career development is a top
factor in retaining millennials. 60% say that the opportunity to learn and grow
is extremely important to them. This is
higher by a third when compared to how Gen Xers or baby boomers.
Give your employees new opportunities to learn and do
meaningful work and then allow them a “seat at the table” in planning company
goals and milestones. This will give
them a sense of purpose and meaning that can lead to improved performance and
lower turnover. And as so many millennials
want to contribute to their community and society in general, focus them on how
their work can improve their surroundings for the better over time.
Mistake 3: Do you treat them
well?
This
is a question that is often overlooked by management. Frankly it is just assumed that as a matter
of course, purpose, or objective within the everyday workweek that you treat
employees well. Would it surprise you to
know that according to PayScale research, a third of employees who left their
job had problems with their boss?
Micromanaging
is one of the worst things a manager can do.
Millennials especially want and need autonomy…which is just the opposite
of what they get with the micromanager.
Research also indicates that 59% of employees have worked for a
micromanager. Of those, 68% said it
decreased their moral and 55% said it lowered productivity.
Most all HR professionals acknowledge that employee
recognition is important for a number of reasons. One reason that is often overlooked is that
to provide meaningful recognition managers need to be good coaches and mentors,
something difficult for a micromanager to do.
In fact micromanagers tend not to realize that in themselves at
all.
So, while turnover may be inevitable, you can take these
simple steps above to reduce these mistakes and to avoid some costly losses of
your best people.
For more information on Ultimate Choice Inc.’s products or services please contact us at lborlo@ultimatechoice.com.
