Five Useful Facts to Help You Retain More Millennials
With millennials set to dominate the workforce within the next 10 years, companies are doing all they can to work on well-oiled recruitment and retention strategies that will help them grow. If you’re wondering how to retain millennials in this modern age of fast-paced change, then you might find the following facts very helpful. We found these facts on Glass Door, and wanted to share our thoughts on them – feel free to add your own opinions at the end.
1. Only 13% of Millennials Believe in the Importance of Holding a Job for at Least Five Years.
Unlike the “Baby Boomers”, Millennials place far less importance on holding a job down for at least five years before looking for new work. 41% of Baby Boomers said workers should stay with an employer for at least five years, compared to the mere 13% of Millennials who said the same.
What does this mean?
Well, it means that if you want to retain more Millennials, you’re starting out at a disadvantage straight away – you might have managed to retain plenty of Baby Boomers in previous years, but this might have been because their expectations were that they should keep the job regardless. In other words, you have a fundamental shift in principles to deal with – and you may need to be more pro-active in giving employees a reason to stay with your company.
2. 76% of Millennials Believe that Retirement Benefits are Very Important
So, we know that we need to do something extra to win the hearts and minds of Millennials… but what do they want? Well, 76% of Millennials say that retirement benefits are a major factor in their decision to accept a job offer.
Perhaps this means you should review the pension scheme you have in place, and work to make it as attractive as possible. If you are only offering the bare minimum, and if this is a major decision factor for Millennials, then you’re giving them a free pass to join your competitors.
3. 60% of Millennials Really, REALLY Want to Grow Their Career
They’re an ambitious bunch, are Millennials. In fact, 60% of them say that the most attractive perk in a potential job is the opportunities for growth.
Growth could mean anything from career progression – i.e. a clear path “up the ladder” – to personal development – i.e. training schemes, on-the-job qualifications, etc.
If you are not giving your employees the opportunity to grow and progress, then you are closing the door on a lot of your most talented Millennials.
4. 64% of Millennials Would Sacrifice a HUGE Chunk of Wages for a Job They Love
When asked whether they would prefer to make $40k in a job they love, or $100k in a job they hate, 64% of Millennials chose the former. Those numbers are staggering!
If simply creating a working environment that your employees love is enough for them to sacrifice a $60k salary bump, then imagine what you could achieve by making your company a great place to work, AND offering above average wages?
5. 65% of Millennials are More Sceptical than Ever Before
In a 2014 study, 65% of Millennials said they were more sceptical of employer claims than they were three years previously. Perhaps this is because employers are trying way too hard to attract them, and are making bold statements and empty promises?
The key lesson to take from this point, is to make your claims believable. Chances are, if you’re telling potential employees that they will easily get a triple wage boost within 2 years, complete with their own private en-suite office and swimming pool, they’re going to laugh and move on to the next.
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