How to keep great talent inside your company
Millennials are known for their often switch between jobs and opportunities. Their generation is nothing like the baby boomers who usually chose a career path inside a company more than a career path no matter their employer. Safety and long term are two constructions that are definitely not on their priorities list and, more often than not, they search for challenges, for new horizons, for brands who share their beliefs and their core values.
In 2016, businesses do not adopt employees and raise them according to their regulations, acting as lifetime mentors. In 2016 it is all about partnership and an association between the employee and the company he works for. This is why the employee retention strategies need to be changed.
A simple progressive increase of the paycheck will not keep him calm and devoted. But a concise, strong and well built vision and an accurate mission statement will. It is very important for young specialized individuals to know that the company they work for is a role model in society and people consider it an important player both inside its market and in the life of the community. Staying true to your values will make him more loyal than any salary increase.
In the same time, pay attention to transparency and flexibility. Usually in all big companies there is a gap between what the top management knows and what the regular employee knows. Of course not everything needs to be listed at the cafeteria, but your employees need to know why you make specific business decisions and what is your long term plan for them, the products they work for and the brand itself.
Flexibility is another critical point in their lives. Youngsters appreciate if you are not reluctant to video conferences, team management software, ease of acces and you allow them to build their own schedule so they can also pursue their hobbies in the same time.
Speaking of hobbies and things they are passionate about, it is also high time you spoke to your HR department and start building benefits packages in which you mention a lot of personal development classes, trainings, workshops, special courses and coaching sessions as they will be more loyal to an employer how is willing to spend money on their education than to one who only asks of them to know everything.
Grow together with your employees.