Millennial and Gen Z employees have a different perspective and attitude when it comes to their job. In part, as the job market is doing quite well, they have more flexibility; meaning, if they're unhappy with a job situation they can leave and look elsewhere. They also tend to be more demanding as far as what they want out of a career. So what can your company do to try and improve your Millennial retention rate…Keep reading!
Set up opportunities for advancement
More so than their Gen X counterparts, Millennials often feel ready for a promotion after just a short time on the job. And while at times this isn't realistic, it is important for you to actively show them the path toward advancement. You have to draw it out for them and reassure your employees that with the time, work and effort, that yes they will eventually ascend the ladder. Also, be sure that you're clear as far as expectations go—in terms of how much time and what milestones they need to meet to advance.
Integrate more development opportunities
Both Millennials and Gen Z employees emphasize learning opportunities within companies. They are eager to develop their skills and talents. The problem, however, is that many smaller businesses especially aren't offering such opportunities. You may need to get a bit creative depending on your budget. You can do in house training sessions or online programs; you might even establish a mentorship program with the seasoned veterans on your staff.
Feedback needs to be more regular
The younger generations now in the workforce want more feedback. Relegating feedback twice yearly is a thing of the past. Again, this helps them to see where gaps may be, what weaknesses they need to address and thus improve their performance. This is important for everyone on your team—not solely Millennials.
First Union Lending would love to find out more about your hiring and retention efforts. Could you use more business capital to institute better training and education programs? We're here to help! Call today.