By the age of 30, most millennials may have already worked with 3 employers and on the lookout for the 4th job. The trend of job-hopping is becoming common and most Gen Y people believe that staying at one job for longer periods can stagnate their growth.
While millennials are overriding the long-term belief of staying at one job, businesses are still using old-school methods of retaining employees. Let’s see why millennials are job-hopping and what can businesses do to retain employees.
Why Are Millennials Job-Hopping?
There are various reasons for job-hopping:
- No motivation to stay
- Repetitive work
- Lack of work engagement
- Lack of proper work-life balance
- Lesser perks
- Less compensation
Millennials are trained to work in an innovative, creative environment. They want to regularly get involved in ideation of new projects, brainstorm for new aspects, and work hard to make it a reality. Lack of this environment becomes the biggest reason that motivates employees to leave.
They get bored doing the same type of job and never trying anything new. When a new opportunity shows up that also offers a change of working, millennials run for it.
How Much Do Employers Have To Pay For High Turnover?
Usually, a low-salaried employee can cost up to 20% in turnover and high-salaried employee with more responsibilities can cost 100-200%.
Clearly, high employee turnover is a costly affair. It is not easy to replace employees, find a good person for the position, and also retain this person for longer years.
How Can You Retain Millennials?
Businesses that have fewer millennials in their workforce need to incline towards the creative side to retain younger employees. It is essential to keep attracting new employees to keep the workflow steady.
1. Access to Technology
According to a Gallup poll, 85% of millennials use their phones to access the internet – pay bills, manage finances, shop online, and read content online.
Millennials like using technology for everything. These people will not run around completing tasks that can be easily completed online from their phone. Giving these people an option to accomplish that would increase your retention.
For instance, you can create an employees’ portal wherein they can check-in, see salary slips, and check salary status.
Further, many businesses have a separate portal for work from home, which enables their employees to work remotely and still coordinate with the team in a secure manner.
2. A Reason to Return
A better culture promises an enhanced retention rate. This culture has to be in accordance with millennials. There are few things that millennials want, an innovative working environment, flexibility to work from home, freedom to leave early when they stay back sometimes, and an option to get involved in projects.
One amazing way is to make great connections with old employees. When employees leave, most recruiters are likely to sour their relationship for life. If you can avoid that, you can reach this former employee later. Wouldn’t it be nice?
After a few years, when you have opportunities and a higher pay scale, you can invite these employees to re-join.
3. Look After Well being
Regardless of the work culture and pattern, most employees are stressed. Whether it is an urgent project or a missed deadline, everything increases stress. In this fast-paced world, your employees should be able to enjoy their work. They should be able to feel healthy and productive.
Many people are stressed simply because they don’t have work-life balance. They can’t give enough time to their family and friends. Making it a point to better manage employee workload can enhance your relationship with your employees.
The workforce is changing and so are the ways of retaining them. Using old methods may not work in your favor always. Millennials now need more flexibility, freedom, and better personal growth opportunities. Make it a point to provide them all this before your employees leave.