Millennials can play an important role in building and keeping a quality team together to better guide your company's future. However, the rates of Millennials leaving jobs are high, and their dissatisfaction with a job can begin during recruitment. Improving the retention of Millennials can have big effects from improving recruitment efforts alone.
According to the Chicago Tribune, 30 percent of companies lose 15 percent or more of their Millennial employees every year, and replacement costs can range from $15,000 to $25,000 per employee. Additionally, most individuals leave a job because they don't consider it a good cultural fit - some 30 percent receive better offers from other companies, while another 30 percent find their career goals don't match up with an employer.
So how do recruiters stand to lower these too-high rates of Millennials fleeing for what they see as greener pastures? Company image is one, according to CBS News. Millennials are frequently aware of their community's needs just as much as they're driven to do well financially for themselves. As a result, companies that have community service programs or other abilities to improve their overall perception can stand to retain more of their services for longer periods of time. However, only 10 percent of companies have community service programs - this can stand as a point of emphasis for overall company policy, as its benefits can provide a major boost in the long run.
Mentoring and support are key
The 30 percent of Millennials who leave their companies for other offers may see a current job with few opportunities for growth as a dead end - as a result, being honest about growth possibilities in the recruiting process, and improving overall internal growth, can stand to be a big help when it comes to hiring. This has a secondary positive effect, as existing talent can fill important jobs that would otherwise take extensive hiring processes themselves. Millennials also seek mentorship and leadership in their daily work - without a guide to the industry, they won't feel their company cares enough to invest in them further, creating a further divide. Working to install a mentorship program can counteract these negative feelings.
Millennials are also known for their focus on themselves, and as a result increased flexibility can benefit companies well. Many want opportunities to work from home, or have hours outside of the traditional 9-to-5 workday - a more fluid work environment can pay dividends. In addition, giving them a chance to show their stuff through design or brainstorming sessions can make them feel more in tune with the company - working to improve their entrepreneurial skills may also see big advantages in the long run.