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Keeping Millennials: 5 Effective Engagement Strategies to Lower Turnover Rates

In today’s technology-driven world, you need to have the right people on your team. Aside from seasoned and resilient professionals, you also need talent from the tech-savvy generations. As the world quickly adapts to new technologies every year, keeping up with the latest tech advancements becomes challenging.

This is why you need to attract and retain younger generations—and the ones now entering the market are the millennials. So, how do you make millennials happy at work? How can you convince them to stay within your organization?

This article explains what excites millennials and offers the most effective ways to lower turnover rates of millennial employees.

 

Millennials in the Modern World of Work

Born between 1981 and 1996, millennials, also known as Generation Y, represent most of the American population today. According to a recently released report, millennials comprise around 22 percent of the US population.¹ Currently, they’re in their late 20s and early 40s. This generation represents a significant portion of the workforce in many different industries.

Like other generations, millennials have their own strengths and perspectives. Since they’re considered digital natives, they’re known to be tech-savvy. Even if a program or tool is new, they can still learn and adapt quickly.

 

Reasons Behind Increased Millennial Turnover

According to a report by the Bureau of Labor Statistics, the total number of job separations in the US as of April 2024 is around 5.4 million. Almost 65 percent of them decided to quit their jobs.² This created an increase in turnover across different industries.

Considering the entire working population, millennials are viewed as the most likely to leave their companies. They are known to jump from one job to another. But, what people fail to see is the reason behind their frequent job hunts.

 

How to Lower Turnover Rates for Millennial Employees

To prevent your millennial professionals from leaving, you need to understand the reasons behind their decisions. The following are examples of critical values and priorities most of them hold dear:

 

1. Purpose-Driven Work

Millennials don’t work mainly for financial reasons. Instead, they choose their roles based on their goals and objectives. Before selecting the highest-paying employer, millennials find organizations with the same values, sentiments, and perspectives as they do.

Millennials work because they have a sense of purpose. They want to feel like their hard work contributes to the greater good. This is why they’re always on the lookout for purpose-driven work that aligns with their morals.

 

2. Work-Life Balance

Another critical factor for this generation is their health. They prioritize staying holistically healthy, which usually manifests in their dedication to maintaining a work-life balance.

Unlike previous generations, millennials know when to draw the line between their personal and professional lives. They aren’t willing to sacrifice their personal time and well-being just to advance their careers.

 

3. Continuous Professional Growth

Although they don’t want to spend their personal hours on tasks, this doesn’t mean millennials are unmotivated to work. Contrary to this, they are passionate when it comes to professional growth.

This generation always finds opportunities to enhance their skills. They are dedicated to improving their capabilities to stay relevant in the rapidly changing job market.

Read More: 2024 Labor Trends – Insights into Wage Growth and Labor Force Participation

 

5 Effective Engagement Strategies for Millennials

The best way to lower employee turnover is to improve employee engagement. To maintain your millennial employees, you can use the following top engagement strategies to keep them loyal to your organization.

 

1. Provide Flexible Work Arrangements

Since work-life balance is essential for millennials, consider offering flexible work arrangements. Allow them to choose from different options such as remote, face-to-face, or hybrid setups.

Giving them the flexibility to choose the best time and location to finish their responsibilities empowers them to be more independent. It also allows them to create schedules that would be the most beneficial to their tasks and duties.

Remember to provide guidelines, which may depend on your industry or department. This should include a set of rules and regulations they can follow when making their schedules. Here are a few examples:

  • Complete working hours of 8 hours a day, 5 times a week.
  • Accomplish all given tasks regardless of time.
  • Be in the office for a number of days a week/month.
  • Ensure availability for all team meetings and collaborations.
  • Respond timely to all communication channels.

 

2. Advocate for Health and Wellness

More than just encouraging work-life balance, you must let your people know you value their health. Do this by advocating for their health through different programs and platforms.

For example, you can create comprehensive health benefits for your employees. You can also offer counseling services and other programs that could help support their mental and emotional health.

Aside from programs, remember to lead by example. Remove any stigma within your office. You can start conversations about health and wellness as well. Show your people that you value them by giving them ways to maintain their well-being.

Read More: 5 Reasons Why You Should Prioritize Employee Wellness and Well-Being

 

3. Acknowledge Progress and Achievements

Since millennials desire to advance their skills and capabilities, it’s important for them to receive recognition for their hard work. Take extra steps to validate their effort by acknowledging their progress and achievements.

Consider offering incentives for outstanding performances. If this doesn’t fit your company’s budget, you can opt for regular feedback and highlight their accomplishments.

You can also schedule formal recognition programs that celebrate your employees. Although this may not give them any monetary incentive, the recognition will motivate them to continue their journey toward professional development.

Read More: How Recruiting Firms Empower Business Leaders to Achieve Goals

 

4. Create Mentorship Programs

Aside from acknowledgments, your employees also require constructive feedback to stay motivated and engaged. To comply with this need, you should create mentorship programs that would contribute to their development as professionals in their chosen fields.

Whether they prefer face-to-face or remote work, you need to have a plan prepared. Ensure that this program can accommodate their individual needs. The main goal is to partner millennial professionals with other employees who can contribute to their growth.

Take time to anticipate any challenges and barriers that may hinder their progress. For example, what would happen if your remote employee can’t contact their mentors? Consider establishing a company-wide channel they can use for easier communication.

 

5. Offer Career Development and Upskilling Opportunities

Although millennials can learn a lot from others, their upbringing allows them to learn more from first-hand experiences. This is why you must offer training and career development opportunities. Give them a chance to explore and learn from various experiences. Let them make their own mistakes while providing professional guidance.

By giving them a way to acquire valuable skills needed in today’s fast-paced work environment, millennials are more likely to stay rather than find new opportunities. Since you’re also offering them ways to further their careers, they won’t have any reasons to browse open roles in the job market.

It’s best to conduct meetings with experts to adopt this strategy effectively. Create the best programs that fit the goals and interests of your people. You can also conduct surveys or interviews about the opportunities your millennial workers hope to grab. Remember that this strategy is meant to fit what your people need.

Read More: Right Hire, Right Now – How Skills-Based Hiring Gets You the Perfect Fit

 

HIRE LOYAL EMPLOYEES THROUGH CORPORATE JOBS BANK

Here at Corporate Jobs Bank, a Masis Staffing Company, we strongly believe in the power of people. We want to help your business succeed by helping you build a strong workforce that can meet your needs.

Equipped with expertise and experience, we can offer you the best strategies to improve employee retention, increase engagement, and drive business success. Contact us today to learn more!

 

 

References

  1. Korhonen, Veera. “Population Distribution in the United States in 2023, by Generation.” Statista, 12 Jun. 2024, www.statista.com/statistics/296974/us-population-share-by-generation/.
  2. “Job Openings and Labor Turnover.” Bureau of Labor Statistics, 4 Jun. 2024, www.bls.gov/news.release/pdf/jolts.pdf.

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