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The survey is in, and apparently, it’s not looking good for employers of Millennials. According to Deloitte, two out of three Millennials will be gone from their current company by 2020–just over two and a half years from now. Since Millennials make up the largest share of the U.S. workforce, that is not good news for the majority of companies.
So what are you to do with that information? Try and beat those scrappy Millennials to the punch and just fire them? Is there nothing we can do about Millennials’ perennially itchy feet? What can we do to keep them around longer? It turns out, there are reasons behind the madness, and it’s not just an inability for these young workers to decide on a career. Here are three common reasons that Millennials in your office may be staring at the exit. Pay attention, and see how you can make a change in these areas as soon as this week.
It’s a classic buzzword these days: employee engagement. It’s even something we write about a good deal on this blog. One assessment on Business Insider explains it this way: “The biggest driver of disengagement is people feeling like they’re stuck in a job, and there’s nothing for them there,” one expert told The Post. “It’s easier to quit your company and find a new job than find a new job within your own company.'”
So what’s the solution? The article goes on: “Restoring some semblance of a corporate ladder may require a good deal of structural reorganization. In the meantime, managers can take small steps to help their employees develop into leadership positions.” Translation: People need to feel like there’s an opportunity to go places and have upward mobility within their jobs, where they can grow and advance their career with your company.
In that light, it’s important that your employees have tangible goals at work. Fast Company’s Dan Feliciano outlined the importance of goals like this: “When employees understand what needs to be done to succeed, it’s much easier for them to contribute. It’s also tremendously easier for managers to do their jobs, to improve productivity, and to manage proactively, rather than waste their time stamping out small fires after the fact. Clear purpose helps everyone succeed and, bottom line, that’s what we all want.”
Take time with your employees to set goals and vision-cast this week. Give them the power to set their own goals, listen to their aspirations, and let them own projects. You’ll be surprised to see how quickly it can tick up their productivity, and overall satisfaction on a day to day basis.
As we’ve said on the blog before, when employees don’t believe in where their company is going or that they don’t share the same values, it creates a disconnect.
Their motivation is going to be lacking at best. It’s important for millennials to believe their company is creating something to help the world. They need to feel the value of the company is for the betterment of the community. One way to do this is to be transparent with your team. Help them see that the company’s vision is tied to something greater than a just-for-profit business. Share the metrics that drive your business, your company’s values, and be genuine.
Millennials aren’t quitting “just ‘cause.” These reasons apply to employees beyond millennials as well. What’s a team without engagement, transparency, and passion? When you take a moment to reflect and re-strategize your goals, your whole team benefits from it.
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