As a small business owner, you have a plethora of organizational and market-related factors to consider each month, as well as a seemingly endless list of expenses to cover. While it’s easy to become distracted by immediate, in-your-face concerns, keep in mind that staff retention is critical, and each time you lose a valued employee, you have significant costs associated with finding and training a replacement.
Key Strategies for Retaining Millennial Workforce
Provide Opportunities for Advancement to Employees
While we all want to be fairly compensated for our efforts, millennials are particularly concerned with maintaining interest and enjoyment in their jobs. They want to advance their careers professionally over time. Give them access to motivational speakers, training programs, and workshops, as well as the opportunity to attend key industry and company events.
Reward Millennials with Perks and Gifts
Millennials, like anyone else, appreciate receiving perks and gifts that demonstrate that their managers appreciate their efforts. Allow employees to take extra days off and provide free or subsidized lunches, massages, child care, or healthcare, among other benefits. Also, make your rewards as personalized as possible.
Have Clearly-Communicated Business Values
Another way to keep your younger employees is to make your company stand for something. Millennials want to work for companies that have a clear vision and values that are similar to their own. If you want to keep millennials committed and engaged in the long run, make sure they understand how the company operates and, preferably, how it gives back to the community and has a positive impact on the world at large.
Be Flexible
Millennial workers are intensely focused on achieving some semblance of work-life balance. They aren’t your typical 9-to-5 employees, and they frequently work from tablets, smartphones, and laptop computers at all hours of the day and night. As a result, being open about how you allow your team to complete tasks is a good idea.
Final Words:
Don’t be afraid to ask younger employees what they want and need at work to be happy. Every small step you take to address all of these different factors will help you create a productive workforce that will become your most valuable asset. Call Cegura Technologies to know the strategies to boost the retention of your millennial workforce.
