If there’s something HR managers know about millennials it is the fact that they work for purpose, not paychecks. Despite this feat, millennials are labelled job-hoppers who are believed to be fickle and disloyal to their employers. But is it entirely their fault? Millennials are capable and self-motivated employees who are self-assured about their career potential. However, their confidence hits rock bottom when the employer fails to provide them with a vision and growth opportunities.
The ugly truth is that employers have failed in engaging millennials at the workplace and how. What works for them is the exact opposite of what’s worked so far. It’s high time employers realised that a one-size fits all approach won’t work. Here are 5 effective tips on how to retain millennials.
Millennials are capable and self-motivated employees who are self-assured about their career potential. However, their confidence hits rock bottom when the employer fails to provide them with a vision and growth opportunities.
Millennials want to make a difference and align their goals with those of the organisation. That’s why employers need to make the extra effort to map out a road plan for them. Underlining the company’s vision motivates millennials and helps them find the purpose they’re seeking. It’s also essential that every employer is transparent about where their company will be in a year, and in the next 5 and 10 years — one step at a time.
Experts say millennials strive for fulfilment at work and at home. From spending quality time with family to constantly seeking a purpose in what they do for a living, everything must fall perfectly into place for the millennial. This is precisely why every organisation must have employee engagement tools that encourage work-life balance for their Gen Y employees.
Millennials are an ambitious lot and expect their employers to provide them with ample scope towards future growth. Whether the growth reflects in the paycheck or not, they want to slowly move towards having a say in the decision-making of the company. They leave when they see the path is leading nowhere. It’s ever so important that millennials are allowed to envision their future with the future of the company.
It’s crucial that employers take the effort to tell millennials how valuable they are for the company and how they are helping the company cross milestones. Millennials look for constant mentorship and feedback at the workplace. Give them a chance to be a hero and call it out loud with rewards and recognition when needed, and see how they’ll never leave your side. Don’t forget employee appreciation is a key retention tool. Works equally well for millennials too!
Offering a more lucrative salary to millennials can be one of the best strategies of employee retention. Employee tax benefits are a great way to offer more in-hand to employees without having to expand the existing CTC slabs. The 3R strategy — Rethink, Revise and Retain — is something we use with great effectiveness at our workplace. Since Standard Deduction will become a built-in tax deduction come April, this is the best time for employers to rethink and revise their existing pay structure to accommodate tax-saving reimbursements, and help employees save Rs 80,000 more in taxes every year. Turns out work benefits are a high on the list of wants for millennials!