Every generation gets over researched, and Millennials are no exception. I say over researched because it’s easy to stereotype younger workers based on this data. It’s almost like sewing on their Myers-Briggs type. Generations of workers are shaped by the culture of work, and vice versa, so it can be interesting to look at some of the data.
We cannot start and manage companies in the “gig” economy while simultaneously complaining that millenials don’t want to stay at the same job for a long time. Just like we should not criticize people for job hopping during boom-and-bust cycles in the tech sector. A more stable employment environment leads to more stable workers (see post war America).
So, among the many things employers can do to reduce turnover is create an engaging work culture and one that shows that you care. Think of it like products you purchase that don’t compete on price, but do so based on quality and value.
This article talks about what some small businesses are doing to reduce their turnover among younger workers. Many of you may be thinking that these ideas don’t apply to your bigger company, but they really do. If your managers have an “ownership” mentality, and the company has policies that support it, they can implement many of these programs.
One of the intriguing approaches was looking for workers from non-traditional career paths. When I’m asked to validate tests, I’ll often use biographical history items (asking about experiences). Clients always think that experience in similar fields is important for candidates to have in order for them to successful in the new company, but it is rarely the case. As this example shows, skill, ability, and drive are much more important than traveling the “right” path.
Whatever your approach to lowering turnover, remember the best takeaway from the article is, “For any incentives to work over the long term, employees must be invested in a company and its mission.” And that means a company must be invested in the career plans of the millennial employee.
For more information about creating a more engaging work environment, please contact Warren Bobrow.