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How to Attract and Retain Millennials
How to Retain Quality Employees
Acquiring quality employees is just the beginning of building an elite workforce for your company. Strengthening your workforce requires a focus on employee retention.
There are a number of ways you can keep great people, such as providing a pleasant working environment, offering benefit packages that your workers need, and providing financial incentives. Additionally, here are some helpful tips on how to retain quality employees.
Offer a Competitive Benefits Package
The first thing to think about when deciding on a benefits package to help with employee retention is whether it’s what they want. If the benefits package doesn’t fit their needs, you’re not only wasting money; you will find it very difficult to hold on to your valued members of staff. A good way to stay ahead of the game is to take a look at what your peers are offering.
Most workers consider three benefits very important:
However, many people who have these benefits at work are dissatisfied because the benefits don’t meet their needs. You can avoid this issue by communicating with your staff and asking them what type of benefits they prefer. Don’t forget to notice the differences in demographics. For example, millennials may prefer help paying off their student debts, while generation Xers may prefer a better retirement plan.
Provide a Range of Employee Perks
You may be surprised to know just how incentives can help keep workers motivated and loyal to the company. Examples of popular benefits include:
Paid parental leave: Many companies provide paid parental leave for mothers and fathers. This is considered to be one of the best employee benefits, and you can rest assured that your workers will return afterward.
Physical Wellness support: Physical wellness support can range from daily meditation sessions to weekly yoga classes, in office massage chairs or healthy snacks in the break room.
Continuing education: Many staff members would jump at the opportunity to earn a higher degree, but unfortunately, most of them cannot afford it. Covering some or all of the cost of your employee’s continuing education offers a retention incentive and also invests in the future of your company for career development.
Sabbaticals: There was a time when sabbaticals were reserved for academics, but these days, more and more companies are offering this incentive to workers who wish to take a period of leave from one month up to a year. Employees take sabbatical time to travel, learn from other companies, or spend time on personal creative projects.
Paid volunteer time: Encouraging social awareness among your employees is a valuable asset. Volunteering in the community is also important to millennials. Offering paid time off to allow your staff to volunteer is a good way to support their charitable goals and their civic duty.
Offer Competitive Incentives
Research shows that companies with the highest employee engagement and morale offer their team a combination of competitive salaries and incentives. While a salary provides workers with compensation for all their duties as part of the work, incentives motivate them to exceed their goals. There are several ways you can offer financial incentives at work.
Setting a monthly goal: Keep the monthly incentive plan simple. The performance actor or goal can be the same every month, or it can vary, but the point is that it exceeds the normal monthly work goals. This gives you an opportunity to foster healthy competition among your staff. Make sure to keep goals realistic and attainable in the amount of time allotted.
Offering non-monetary incentives: It’s not all about money. It’s much easier to offer other incentives, especially if you are a small business, and these can be just as effective. For example, you could offer gift cards to a local restaurant, gas vouchers, or a brief getaway for workers and their families.
Giving some space: Why not offer talented staff members some privacy. If you have an open office, personal space is always appreciated. It’s not only a good way to show employees that they’re appreciated, but it’s also a great way to boost their engagement and productivity strategies.
Promoting flexibility: Flexibility is high on the priority list for millennials. They like to be able not only to flex their hours but also be able to work from home when the opportunity arises. Why not let them, as long as they get their work done on schedule. Employing remote workers can also cut down on your overhead.
Making it personal: For each employee, the recognition of achievement is just as important as the reward. This is why it’s crucial to make sure that your incentives are tailored to match the needs of your staff and the contributions they are making. You can allow some choice. For example, if you are offering a week getaway anywhere in the U.S. for one year of service, you could let them pick where they want to go.
Keeping an eye on your metrics: Don’t just offer incentives, measure their effectiveness. Not only are incentives good for morale, but they can also be a positive return on investment. So, track your incentives program and see which perks are most effective.
Keep in Touch with Your Employees
Communication is key. The employer-employee relationship doesn’t end once a candidate has been chosen and offered the job. Maintaining regular communications with your team members is important if you want them to stay. Research shows that keeping in touch helps new employees feel less overwhelmed and can alleviate new-job anxiety. Use the onboarding process to get to know them and help them settle into your team.
Provide your staff with regular feedback. It will help your staff to feel productive and appreciated. It will also make them develop a strong loyalty to the company. As an employer or HR manager, you should be set to build strong communication links with your team from the start. Take time to have regular one-on-one meetings with members of your team and make performance assessment an instrument of ongoing growth. Today’s employers appreciate feedback on an ongoing basis, so they can continue to grow and increase their potential for promotion.
Why Employees Leave
Workers leave for a variety of reasons: they may not like their employer, they may feel stifled, or they may want a higher salary. These are some of the most common reasons and have been for years. There are several mistakes that companies frequently make that can cost you some of your best workers. They include:
- Paying salaries that are not competitive
- Not providing ongoing opportunities for personal or professional development
- Not providing positive feedback for good work
- Overworking employees
- Limiting creative potential
- Not honoring commitments to staff members
- Failing to offer intellectual challenges
- By avoiding these mistakes, maintaining good communication with your workers, and offering attractive benefits and incentives, you can keep your workforce happy and prevent your best employees from going to work for your competitors.