Don’t Let Them Get Away: Perks That Will Help Retain Your Millennial Employees
Mar 20, 2014
Employment turnover is at an all time high among the Millennial generation. According to a Millennial Branding study, more than 60 percent of Millennials are leaving their job in less than three years, costing these companies anywhere between $15,000 and $25,000 per employee.
Avoid costly employee replacements by keeping the Millennial in your office happy with perks that go above and beyond. Health insurance, casual Fridays and a week or two of vacation are no longer enough for this demanding generation.
Give Them a Flexible Schedule
Workplaces are beginning to call themselves campuses, perhaps in an attempt to make these young employees’ transition from college and into the real world easier. You’re dealing with a group that became used to setting their own class schedules and choosing between attending a brick and mortar school or an online institution. If you take away flexibility and insist a Monday through Friday, 9 a.m. to 5 p.m. schedule, you’re setting yourself up for failure.
Give part-time telecommuting, alternative office workspaces and unlimited vacation days a chance. Instead of setting up strict work hours ask that your employees have their assignments completed by a certain deadline. As long as they’re getting their work done, where and when they work shouldn’t be a concern. In fact, Time found that this is such an important perk to Millennials they’re even willing to take a pay cut if it means more flexibility at work.
Make Work Meaningful
Millennials are determined to make a lasting change in the world. A study commissioned by Career Advisory Board found that Millennials consider meaningful work to be the most important indicator of career success. Feed into this desire by allowing them to organize charity events that give back to the community. Network for Good also suggests making a company donation to a cause your employees care deeply about.
To add more meaning, you’ll also want to create a tangible goal that gives your Millennial employee a sense of purpose. Google has this down to a science, allowing employees to “Do cool things that matter” as the Google Careers homepage states. That’s the kind of attitude your business needs to adopt so this generation feels fulfilled.
Offer the Newest Technology
The Millennial Generation, also known as the “Net Generation”, is used to having the newest and fastest technology money can buy. A PC with Windows 98 installed and a wired mouse is just not going to cut it. This generation also prefers to have their paycheck deposited into their bank account, making payroll direct deposit software another modern technology must. These changes are necessary for successful, productive Millennial employees.
A workaround to upgrading the office tech is through BYOD (Bring Your Own Device). Chances are your 20-something owns a tablet or a laptop. An IBM study found that allowing employees to use their personal devices will not only save you money, but will increase employee satisfaction in the process. Avoid legalities by only allowing employees that don’t regularly access private company information to participate in BYOD.
Be Generous With Freebies
Who doesn’t love free stuff? Don’t let your talented Millennial employees leave you for the competition, and bribe them with better perks. Find a good balance by establishing a reasonable monthly budget that can be used on anything from free lunches, complimentary valet parking, a yearly paid vacation, gym memberships, weekly massages and laundry services on the company’s dime.
These perks might be a bit of a culture shock for older generations who expected none of this. Remember, however, that Generation Y is innovative, tech-savvy, confident and engaged. Overcoming these challenges is worth the talent and drive these young employees bring to the workforce.