A popular question that a hiring manager, HR personnel or business leader needs to ask themselves.
If you don’t understand what your millennial employees want within their careers – how will you know what actions to take to retain them?
A brief regarding the impact of losing an employee – up to £50,000 in costs*, the timeframe for recruiting will decrease business productivity, as well as the ‘domino effect’ – the impact on the employee’s team members and company culture after they leave! Don’t forget the relationships with the customer base the employee leaves behind also.
Employee statistics according to TINYpulse*:
- 34%of under-valued employees leave their job within the first year.
- 70%of employees leave their job due to no career advancement.
If your business offers benefits such as trust, engagement, and well-being initiatives:
- 10%of employees will stay with a job due to a suitable work-life balance.
Regardless of cost, time, and a headache – you spent value energy finding this millennial employee, whom you engaged with and deemed a leader of the future.
Understand your millennial employees at a personnel level – what are their drivers? motivations? Aspirations?
Why do they want to work for you and your business?
Remember - The life goals of this generation may be vastly different from the generations which went before – and this could be the difference between staff retention and the opposite.
According to a recent Gallup report regarding the millennial generation’s behaviour within their jobs - reveals that 21% of millennials have changed jobs within the past year – this is more than three times compared to the number of non-millennials. **
Millennials aren’t looking for lifelong careers. There are a lot of options and opportunities in the 21st century – they are not concerned about the process of finding another job. They are looking for purpose, engagement, and value.
An area of focus for businesses – Training and development:
93% of employees staying longer within their job if the company is investing within their career (according to LinkedIn’s 2018 Workforce Learning report).
There are various areas of training and development needs – depending on the type of job, organisation, and industry etc.
Has your business considered a specific area of interest for millennials?
Businesses need to embrace developing their millennial staff to sell differently utilising digital and modern techniques such as social media – they were the first generation that grew up in a digital age! Is this part of your organisation’s induction or training programme?
From one of my surveys:
83%of Sales Professionals feel they require support in using social media for building business relationships (Correct Careers Coaching, 2019)
If your business doesn’t have digital training? – think of the problems which might occur if your millennial sales staff are not trained to sell to other likeminded Millennials or the Baby Boomers (Generation Z).
Are your employee’s tech-savvy? Can they utilise social media channels i.e. LinkedIn to connect/engage with new prospects and their existing customers?
And are your training programmes designed for each generation? Focusing on different communication styles that suit them –
Communication is 93% non-verbal and 7% verbal.***
Don’t forget individuals process and learn information with different senses e.g. verbal, auditory, or kinaesthetic.
How do our experiences and emotions make a difference?
✅ Current Millennial Statistic:
I asked Millennials –
“What % do you tell your friends to buy the same service/product you just brought?”
Surprisingly the response was 52.5% – said they would tell their friends.
I pondered – if this evidence would be the same for the experience a millennial had within an organisation they worked for - whether good or bad, will they share this experience with others?
Useful insight especially if your business has a refer a friend hire scheme. The more engaging experience for an employee – the more likely they will share this information with others.
What should your business focus on for your millennial employee’s post-reintegration?
- Well-being strategies.
- Engagement from managers and colleagues.
- Upskilling for the future – The Information Age!
Soon the Information Age will come to an end, the ‘Experience Age’ is next…
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I'm Jamie Martin (Founder and Managing Director) of Correct Careers Coaching, author of The Anomaly Crystal, speaker, and podcast host. I'm an award-winning sales professional, an experienced Modern Sales Trainer, and Sales Strategist.
Even more importantly I’m a Business Millennial, born between 1980 and 1994 and I’m a thought leader.
Please do contact me directly (details below): if you are a Millennial and want to be included within these surveys or if you are a business and you would like me to identify any specific areas of interest to you?
The links to the four articles within this Millennial Buying series:
Jamie Martin of Correct Careers Coaching
[email protected]or 07599 332178
My Castbox Podcast ‘Business Millennial’: https://castbox.fm/va/2750129
LinkedIn: Correct Careers Coaching
***Source: Mehrabian, A. (1971). Silent messages. Wadsworth, Belmont, California.