Millennials make up a large part of the workforce, and more are entering every year. But even though their share of the labor pool will only grow as Baby Boomers continue to retire, plenty of organizations still don’t understand what Millennials want, or how to manage them.
Contrary to the stereotype, Millennials don’t prefer changing organizations every few years. In fact, Millennials want to learn, grow, and become leaders in their organizations. They are eager for opportunities.
Even so, HR leaders should understand that current satisfaction doesn’t mean Millennials aren’t looking or willing to make a change.
Our book, What Millennials Want from Work, is based on survey data from more than 25,000 Millennials from 22 countries and more than 300 organizations, plus 29,000 people from other generations from the same organizations. One finding of the book’s research, which HR leaders should note, is that Millennials are both committed to their jobs…and also willing to leave:
- 69% are satisfied with their job
- 76% say they like working for their current organization
- 49% say they would be happy to spend the rest of their career with their current organization.
- Yet nearly 1 in 3 (30%) report they are looking for a new job right now.
What to Know to Attract and Retain Millennial Employees
Some Millennials are trying to escape a situation they don’t like — a bad boss, office politics, or a “stuffy” culture. Many feel overloaded and underpaid for the work they are doing. Other Millennials are looking to “level up” to a better situation, even if they are generally satisfied with their current situation. Organizations that see retaining high-potential talent as a strategic advantage need to be aware of this desire to “level up,” and provide options for employees who have this need.
To effectively attract, retain and engage Millennials in the workplace, we recommend that organizations pay attention to 3 dimensions:
- The people. Millennials report that the people they work with is an incredibly important part of their experience. They place significant value on their team, boss, mentors, and friends in the workplace. To attract and retain Millennial employees, create an environment so Millennials can develop friendships. Be sure managers and mentors are trained and have time to connect and build relationships. If Millennials don’t feel they have a community at work, they are more likely to go elsewhere.
- The work. Millennials want their work to be interesting and meaningful, and they value social responsibility initiatives. What they do and how they do it is critical to their workplace experience. Work/life balance is also important to them — they don’t actually want to be plugged into work at all times. To attract and retain Millennial employees, improve workplace flexibility. Structure work so that its interesting, meaningful, and enables them to enjoy a balanced life.
- The opportunities. Millennials worry that they could stagnate and won’t be competitive in the job market. They are interested in opportunities for development, promotion, competitive salary structures, and feedback for them to feel they are continuing to progress even as they stay with the same organization. They value autonomy and like to learn and grow, and they enjoy opportunities that allow them to contribute to society because they care deeply about doing good.
Tips on Retaining Millennial Employees
Millennials want to advance, and they’d appreciate your help in getting there.
- As the book notes, this generation both wants and needs development, so HR leaders and managers who want to retain Millennial employees need to help them to access development. As stated above, Millennials are eager for opportunities, and they would appreciate it if their managers would help them strategize about what they want in their careers and understand what they need to do in order to develop to that point.
- They’d also like to feel like their genuinely appreciated. Providing feedback about what they’re doing well and constructively framing how they could improve or be a better employee is useful and can motivate them. Showing gratitude is a good practice for all leaders, but Millennials in particular value this level of feedback.
- Millennials also want their managers to be a coach and mentor, providing individualized guidance and holding coaching conversations rather than merely assigning tasks or delegating responsibilities. Like everyone, this generation doesn’t particularly like being micromanaged, and they seek opportunities to work independently.
- Millennials still need direction and instructions for what’s expected of them. This means that managers need to walk the line between making sure direct reports understand what needs to be done without telling them exactly what to do in painstaking detail.
Jokes about lazy and entitled youth aside, many of the characteristics that exemplify the Millennial generation overlap with their predecessors. Different generations in the workplace share more common values thank you might think.
While the details of how they live their lives are different everywhere, Millennials are remarkably similar around the world. Organizations that learn how to attract and retain Millennial employees and provide the working conditions Millennials crave will benefit from a generation that is willing to work hard and stay for the long term.
By understanding this generation’s primary concerns and by following this advice about providing ample development opportunities, you will be more likely to retain your talented Millennial employees.
Ready to Take the Next Step?
To attract and retain Millennial employees, invest in them with leadership development that helps them build critical leadership skills and organizational competencies. Learn more about our virtual leadership training programs or how we can work with you to design a custom talent development solution tailored to your unique needs to help grow your organization into the future.