Millennials have earned a reputation as the job-hopping generation, always in search for the next best career opportunity. In fact, six out of ten millennials are open to new job opportunities and only half expect to remain with their current company over the next year. As they continue to dominate the workforce, HR professionals are making it a top priority to find the most effective ways to retain their best performers.
Many of today’s organizations, however, put all the focus on providing the best benefits, culture, and perks – failing to realize that there is more to millennial retention.
Here are four proactive steps to help lead you in the right direction:
1) Shift your mindset.
Too many conventional retention strategies set unrealistic retention goals as the benchmark for success. Your first step is to accept that some of your top performers will inevitably leave. Rather than labeling millennials as opportunistic job-hoppers, embrace their aspirations for seeking growth and opportunities. Your best millennial workers are on a rapid growth trajectory, driven by ambition and challenges – qualities all successful businesses should want in their employees.
2) Redesign your strategy.
Considering that job-hopping will prevail, the effort put into your retention strategy should reach far beyond trying to prevent employees from wanting to leave your company. Include a plan that takes into consideration how you will manage the employees you know will inevitably leave, despite your retention efforts, and what can be done once they are gone.
3) Create a culture of career development.
Eliminate the taboo around job hopping in the workplace and create a culture that encourages career development – even if it means taking opportunities elsewhere. Keep the communication open for employees to comfortably discuss their career plans and feel supported by the company regardless of the route they choose.
4) Build an alumni network.
In the same way universities connect with their graduates, invest in creating a corporate alumni network to stay in touch with your former employees. Keeping them informed about the company can help spark potential interest in returning. Boomerang employees are valuable for their ability to provide an outsider’s perspective while having the insider’s knowledge of the company’s operations and culture. The idea is to keep the doors open and let it be known that they are welcome to return later in their careers if they wish.