How can you retain millennial employees in a competitive job market?

Millennials, or those born between 1981 and 1996, are the largest generation in the workforce today. They are also the most likely to switch jobs, with 43% of them planning to leave their current employers within two years, according to a Deloitte survey. This poses a challenge for human resources (HR) professionals who want to retain millennial talent and avoid the costs and disruptions of high turnover. How can you keep your millennial employees engaged, motivated, and loyal in a competitive job market? Here are some strategies to consider.

1 Offer flexibility and autonomy

Millennials value work-life balance and the ability to choose when, where, and how they work. They are not fond of rigid schedules, micromanagement, or unnecessary bureaucracy. They want to have a say in their projects, goals, and methods. To retain them, you need to offer them flexibility and autonomy in their work arrangements. For example, you can allow them to work remotely, set their own hours, or customize their benefits. You can also give them opportunities to shape their own career paths, learn new skills, and take on different roles.

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Jean Vignon

General Affairs Manager Groupe GO! FORMATIONS
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Young people from Generation Z are looking for missions that respond to current environmental and societal challenges. They don’t want a job that has no meaning for them. 18-24 year olds refuse a job that has no meaning in their eyes. They are attentive to the impact of the mission before choosing or accepting a job. It’s a generation that gets tired quickly. To avoid boredom, she appreciates being able to move from one task to another and having the possibility of changing positions regularly. What this generation wants above all is to be fulfilled while making their contribution at the societal and environmental levels.

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Shweta Sharma

HR Manager || Payroll Management || Employee Engagement || HR Strategist || Employee Engagement || Hiring Versatile Talent II Fostering culture of innovation and inclusion
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Some effective ways to retain millennial employees: 1. Provide Growth Opportunities for career advancement and professional development. 2. Offer Competitive Compensation and Benefits 3. Create a positive and inclusive work environment where millennials feel valued, respected, and supported 4. Encourage Feedback and Recognition: Millennials appreciate regular feedback, recognition, and appreciation for their contributions. 5. Create a positive and inclusive work environment where millennials feel valued, respected, and uplifted.

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Folke Christoph Grigo

VP People & Culture / Board Member / HR Top Voice 2024 / HR-Tech Investor
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In meiner Rolle habe ich gesehen, wie kritisch Flexibilität für Millennials ist. Wir haben flexible Arbeitszeiten und die Möglichkeit zum Remote-Work eingeführt. Es geht darum, Vertrauen zu zeigen und zu beweisen, dass es uns mehr um Ergebnisse als um Anwesenheitszeiten geht.

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2 Provide feedback and recognition

Millennials crave feedback and recognition for their work. They want to know how they are performing, what they can improve, and how they can grow. They also want to be appreciated and rewarded for their contributions and achievements. To retain them, you need to provide them with frequent, specific, and constructive feedback and recognition. For example, you can have regular one-on-one meetings, send them personalized messages, or celebrate their successes publicly. You can also offer them incentives, bonuses, or perks that align with their values and interests.

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Folke Christoph Grigo

VP People & Culture / Board Member / HR Top Voice 2024 / HR-Tech Investor
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Bei Everphone setzen wir auf regelmäßiges, konstruktives Feedback und erkennen Leistungen an. Nicht nur durch formale Bewertungen, sondern auch durch spontanes Lob in Meetings oder auf unseren internen Kanälen. Diese Anerkennung stärkt das Selbstwertgefühl und motiviert.

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3 Foster a sense of purpose and impact

Millennials are not just motivated by money or status. They want to work for a purpose and make a positive impact on the world. They are attracted to organizations that have a clear vision, mission, and values, and that demonstrate social responsibility and sustainability. To retain them, you need to foster a sense of purpose and impact in your workplace. For example, you can communicate your organization's vision, mission, and values regularly, and show how your millennial employees' work contributes to them. You can also involve them in social or environmental causes, or support their personal passions and causes.

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4 Build a strong culture and community

Millennials are social and collaborative. They want to work with people who share their goals, values, and interests. They also want to feel connected, supported, and respected by their colleagues and managers. To retain them, you need to build a strong culture and community in your workplace. For example, you can create a positive and inclusive work environment, where diversity, equity, and inclusion are valued and promoted. You can also encourage teamwork, collaboration, and innovation, and provide opportunities for socializing, networking, and mentoring.

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5 Embrace technology and innovation

Millennials are tech-savvy and innovation-driven. They are comfortable with using digital tools and platforms, and they expect their employers to keep up with the latest trends and developments. They also want to work in an environment that encourages creativity, experimentation, and learning. To retain them, you need to embrace technology and innovation in your workplace. For example, you can invest in modern and user-friendly technology, and train your millennial employees on how to use it effectively. You can also solicit their ideas and feedback, and support their initiatives and projects.

Retaining millennial employees in a competitive job market is not easy, but it is possible. By offering them flexibility, feedback, purpose, community, and technology, you can increase their engagement, satisfaction, and loyalty, and reduce their turnover intentions. You can also benefit from their skills, perspectives, and contributions, and enhance your organization's performance and reputation.

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Folke Christoph Grigo

VP People & Culture / Board Member / HR Top Voice 2024 / HR-Tech Investor
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Als Device-as-a-Service-Unternehmen ist Innovation unser Kerngeschäft. Wir ermutigen unsere Mitarbeiter, neue Ideen vorzustellen und bieten ihnen die neuesten Technologien, um ihre Arbeit effizienter und effektiver zu gestalten.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Appurva Rekhi
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Understanding the target audience is very essential to effectively retain them. Most millennials look forward to flexibility, autonomy and challenging work at workplace. Being proactive around creating policies and procedures offering these will be critical. It will also be a good idea to co-create policy by including them as part of the process.

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How can you retain millennial employees in a competitive job market?

1

2

3

4

5

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1 Offer flexibility and autonomy

2 Provide feedback and recognition

3 Foster a sense of purpose and impact

4 Build a strong culture and community

5 Embrace technology and innovation

6 Here’s what else to consider

Human Resources

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How can you retain millennial employees in a competitive job market?

1

2

3

4

5

6

1 Offer flexibility and autonomy

2 Provide feedback and recognition

3 Foster a sense of purpose and impact

4 Build a strong culture and community

5 Embrace technology and innovation

6 Here’s what else to consider

Human Resources

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