Attracting, Engaging and Retaining Millennials
Millennials (also called Gen Y), are entitled, show no loyalty, are extremely difficult to manage and are more likely to resign than the rest of my workforce.
We hear this rhetoric on a daily basis. Whilst these traits have become indicative of those who are aged 22 – 37, it is imperative that organisations not only develop coping strategies to engage this generation, but that they actively embrace this group of employees.
The stakes have never been higher
According to Millennial Branding by 2020, 50% of the global workforce will be Millennials, and by 2025, this will jump to 75%. They also state that 60% of Gen Y’s will leave their company in less than 3 years, which is reflected in Gallup’s research that this group is the least engaged generation in the workforce. If you don’t focus on providing employee experiences that align with your Millennials needs, then over time your attrition rates are going to skyrocket as these people are promoted into more senior roles within your business. The potential for this attrition to erode your organisational value has never been higher.
Those organisations who do the work to engage their Millennials by understanding how they are different from the rest of their workforce and embrace this diversity will become talent magnets who can attract and retain the best people. Being able to engage your Gen Y population needs to be a strategic imperative that when well executed, will become a source of competitive advantage. Unfortunately getting the ping pong table out, serving free Kombucha in the cafe and creating a social media page won’t do the trick. You need to start putting plans in place now that actually address some of the nuances that exist in this group.
A New View on Understanding Generational Differences
At EXpotential we believe in taking a bottom up view of our clients organisations that measures the experiences you provide your employees (EX).
It is in this vein that we believe that organisations may be misinterpreting the signals that Gen Y are sending us. If you stop and think about it, they are sending us a very clear message on what we need to do engage them within our workforces. When we don’t get the recipe right, they vote with their feet. We see this as an opportunity to get on their wavelength and provide a range of employee experiences that actually meet their needs!
If you are interested in reading more about an EX approach to attracting, engaging and retaining your Millennials then download our free eBook here.
"Managers and HR leaders often grumble, or rant, about the trouble with Millennials. But much of the frustration is based on partial truths and Millennial mythology, rather than fact,"
– Centre for Creative Leadership