Millennial employees are taking over the workplace and your business needs to jump on for the ride if you plan on staying relevant.
They move faster, and dream bigger than any generation to date. And most importantly, they’re not sticking around if where there isn’t opportunity for both personal and professional growth.
In 2013 Millennial Branding reported that nearly 2/3rds of millennials leave a company within three years, and that 87% of companies reported the cost of replacing that person is as high as and $25,000 per employee!
How expensive is your revolving door?
How many employees does your business have now? Cut that number in half and multiply it by the average replacement cost of $20,000, and you’ll start to realize you’re looking at a pretty expensive revolving door.
And LinkedIn research is telling us that the number of job changes isn’t slowing down anytime soon.
The Cost of Hiring Millennial Employees
Hiring millennials is expensive, and they can’t be won over by the same tactics as previous generations. This generation is looking for the right culture fit (i.e. teammates) and to be a part of something bigger than themselves (i.e. corporate mission/values).
One study even reported that only 14% of HR professionals reported millennials even asking about health care benefits during the interview process.
Instead of traditional benefits, you need to switch gears and focus on what millennials really want. Start working on celebrating your people, and exuding your mission’s universal impact.
And don’t take these suggestions lightly. Millennials are serious about what they want.
If they don’t find it in you, they may just become a competitor. An astounding 54% of millennials have already started their own business, or plan to start one, according to a Kauffman Foundation survey.
Millennials are also changing the recruiting and job searching process. Companies are wasting big money on traditional job search sites and recruiters, while millennials are busy cruising Twitter and SnapChat.
Changing focus to communicating a message millennials want to hear, and sharing it in ways where they can find it will dramatically increase your recruiting success, and in turn, help your bottom line.
Getting Millennial Employees Up to Speed
As smart and tech savvy as they are, millennial employees still need onboarding just like anyone else. In fact, because millennials are switching jobs faster than any other generation, they aren’t getting the same level of training within each role.
The good news? You can customize their training and shape the employee they are going to be. The bad news? You need to invest in your training.
Millennials are a tech savvy group, and they expect their employer to be too. Your training infrastructure should leverage online training software. Make it fun, make it accessible, and most of all, use technology. Millennials don’t need hand holding, they just need a process that works.
As an added bonus, if you do fall victim to the millennial turnover curse, you have your onboarding training program locked and loaded. Instead of wasting valuable man hours, you can simply send new employees through the online program.
Training millennial employees should theoretically be more expensive because of faster turnover, but if you leverage their tech savvy skills correctly you can actually save instead.
The Biggest Factors in Keeping Millennial Employees
Millennials value their ideas about how the world works, not yours. Instead of keeping your business traditions going, you’ll have to take in feedback from their point of view. Change is good.
Ping pong tables and beer on tap worked in the beginning, but millennials have figured out that “stuff” is different an authentic business culture. They’re starting to recognize these tactics are just an illusion, and starting to do their research with resources like Glassdoor and other review sites.
What this means for you is the game just got that much harder. In other words, it’s time to rewrite the playbook.
Focus on attracting them for the right reasons. Just like a new relationships built on honesty instead of your fancy car, your time together will last a lot longer. This drives loyalty and saves you money.
To keep millennials, focus on their non negotiables like flexibility, culture and corporate mission.
Not buying it? Keep in mind 89% of millennials prefer to choose where and when they work versus being a nine-to-five employee. On top of that, 45% actually value workplace flexibility even more than pay.
Millennial employees are a dedicated generation of hard working, driven and tech savvy people. Ultimately, they want to be a part of a company that’s doing something exciting, that offers them the opportunity to develop and advance.