If your business is staffed entirely by people who were born prior to 1980, then at some point you’re going to run into a problem. Those people might look to retire at some point, and you’ll need new blood to take their place. Moreover, a workforce whose age is skewed too far in one direction is going to lack diversity of thinking, which might prevent you from spotting novel solutions to the problems you face.
All of which are good reasons to try to attract millennials to work for your company.
But millennials aren’t quite as loyal as previous generations. According to statistics gathered by LinkedIn, around six in ten millennials are open to new job opportunities. 43% plan to leave their current job within two years, and only 28% plan to stay longer than five.
Retaining these fickle employees can be a bit of a challenge. So what’s the solution?
Changing Recruitment Methods
Over the years, the way that we track down and approach the right staff has changed. It’s more data-driven than ever. Recruiters need to be tech-savvy if they’re to get the attention of young people, who have been immersed in the internet, for better or worse, since they were born.
It’s important to perform your analysis and move the recruitment process quickly. This means streamlining things, possibly by outsourcing to a dedicated recruitment company. The longer you take to make an offer, the likelier it is that the candidate will have looked elsewhere.
You might also get information about your company into a visual medium that can be consumed quickly. That tends to mean fewer words, or, ideally, a well-produced video.
Advertise Workplace Perks
Millennials aren’t just looking for a salary – they’re looking for a range of workplace perks, too. Flexible working hours, healthcare, working from home privileges, and even things like restaurant vouchers might all make a difference. In the wake of the pandemic, young people are looking for employers that will consider their work-life balance.
If you have the ability to offer these perks, therefore, you should ensure that they’re being properly advertised.
Outline a Career Path
Among the biggest drivers of staff turnover is a lack of vision for the future. If an employee thinks that they’re professionally stagnant, then they’ll look elsewhere. Offering everyone an opportunity to progress in the workplace, through training and internal recruitment for management roles, is therefore critical.
Better Pay
If you pay your staff more, they’ll be more likely to stick around. This cost can often offset that of looking for a new recruit. As well as paying staff more, you might also consider paying them promptly – possibly with the help of dedicated payroll software.
