Senior management is missing the point, and they’re wasting valuable resources ($$$) in the process.
Millennials have been categorized as a bunch of antsy children, needing new toys and demanding instant gratification. This has led many companies to set their offices up like arcades. Sure a popcorn machine is great, and who doesn’t like a big whiteboard covered in #MondayMantras, but are your next generation employees really going to stick around for Chad, your third floor barista?
According to a 2016 survey by Jobvite, 18% of the entire workforce changes jobs every 1-3 years, which isn’t bad in comparison to the 42% of Millennials who won’t stick around that long.
Looks like you’re going to need a bigger popcorn machine.
An Invaluable Resource For Millennials
If you want to keep your Millennial employees for the long run, you’re going to have to give them something worth much more.
Not the kind of investment you were thinking? The good news is that you can put your wallet away because this kind of asset is invaluable.
Their personal appreciation comes in the form of likes, favorites and retweets.
Their direction is an internal narrative; their own voice reading off a screen.
Would it surprise you to know that a personal mentorship is an offer they can’t get anywhere else?
A Different Kind Of Benefit Package
Personal interest needs to be included in your benefit package.
Myth: Millennials are lazy, impatient and uninterested in paying their dues.
Jobvite says: Work/life balance is 41% less important to Millennials.
Myth: Millennials are entitled and greedy.
Jobvite says: Compensation is 52% less important to Millennials.
A recent report by Gallup stated half of Millennials do not see themselves working at their company one year from now due to weak/nonexistent ties.
Your job is arguably the most influential relationships in your life. It is what you pour a huge chunk of your time and energy into, where you meet your friends, and how you make your money. But, like any relationship, without an emotional bond, you have no real reason to stay.
Taking a personal interest in young employees is the missing piece from your company’s benefit package. They know you care enough to hire them, but that’s not enough.
Here, have a hot, buttery snack. It’s on us.
Voila! Now they’re energized and ready to work! Not exactly.
While it may alleviate some stress and introduce a relaxed office culture, they can get that at “Company B”. But you know what Company B doesn’t have? Education, resources, mentorship, empowerment, engagement: the tools that are going to teach them how to be more successful in work and life.
No one wants to switch jobs–it’s a pain–but companies need to provide Millennials with a reason to stay.
Gallup estimates that the Millennial turnover rate costs the U.S. economy $30.5 billion annually, so if you can’t engage with your employees for the sake of your business, do it for your country.
The moment you start seeing your Millennial employees as eager-to-learn adults instead of children with participation trophies, is the moment you set your business apart from the rest.
Of course, it is easier to buy a popcorn machine, but have you ever heard a success story worth telling that started with “easy”?