Millennials have a different view on careers.
For the past number of years, there has been a common struggle throughout our industry: finding people.
However, this issue is two-fold. Not only is it becoming such an obstacle finding people, it is also becoming even more important to retain them.
With the lack of interest in our industry from the next generation and our current aging work force, “Millennials” are essential to the future growth of our business.
Four to five times
It is estimated that Millennials will change jobs an average of four to five times in their first decade out of college or university. This does not bode well for a business owner or manager within an industry that emphasizes a continual investment in their employees.
Strategies used to retain employees in the previous generation will not work with the current one. We cannot manage Millennials the same way we managed previous generations, lest we risk losing them to competitors or from the industry completely.
Factors that were seen as valuable to previous generations are not necessarily important to Millennials. Previous generations valued job security, a routine workplace, pension plan, being debt free, etc.
Although we find some correlations with Millennials, factors that hold the most value to them are flexible work hours, continual education, compensation, and constant growth whether it be in the same industry or different.
It has become increasingly evident that Millennials are willing to change jobs and careers if they feel they are not being fulfilled within their work environment. As business owners and managers, we need to devise a “game plan” to keep this future generation engaged in our organizations.
Moving forward, the “Employee Life Cycle” now plays a more critical role than ever before. Millennials need to know where they are going to be in the next five toten years.
If we want to retain these employees, than we need to build career paths for them.
We need to help them understand that there is no ceiling to their growth and every opportunity we present to them in business will help them get closer totheir goals.
We need to make these opportunities for our employees beneficial for all parties, allowing them to continually grow in the careers without resorting to another organization to do this.
I am not suggesting that we need to dismantle our current business model in order to accommodate Millennials, but it is essential that we begin to think “outside the box” and provide opportunity and highlight factors that Millennials value.