Surveys indicate that 91% of Millennials expect to remain in jobs for only three years or less. These are the benefits that will keep them around longer.
While this generation will inject new lifeblood and energy into struggling industries, they are known to engage in considerable “job hopping.” The costs of this practice can quickly become substantial – it requires an estimated $15,000 to $25,000 to replace just one Millennial, according to the Chicago Tribune.
For this reason, it is imperative that companies understand the mindset of a Gen Y worker and offer incentives that invoke long-term appeal with the company. These include:
- Demonstrating how past employees have followed a similar career track into senior leadership positions. Managers should be trained in communicating these opportunities and explaining how a new hire’s role fits into a larger professional development structure.
- Walk employees through an exercise that demonstrates what their retirement contributions today mean for their standard of living down the line.
- Establish a mentorship program, since this generation grew up surrounded by supportive role models such as parents, coaches, and teachers.
- Align the Millennial’s strengths to job positions, such as pairing someone who enjoys fast-paced work with a deadline-driven role.
- Encourage employees to develop expertise and become a source of knowledge for colleagues and supervisors. Tie this with performance appraisals so employees understand how assessments can lead to further growth and development opportunities.