Keeping Young Talent: Millennial Retention Strategies
Sales Team Retention Strategies for Millennials
Did you know that people in their twenties are advised to change jobs often to increase the likelihood that they will have something closer to their dream job in their thirties and forties? While most employers think that money is the main factor, research has shown that employees are more likely to remain with companies that invest in their career development through training, coaching, mentorship, and great leadership. But there are many, many more things that appeal to a younger generation. In this post, we’re going to look at what investments are required for your company to retain the valuable millennials on your sales team.
Invest in Career Development
No one, and most especially millennials, wants to feel stuck. They want to feel like they are moving forward in all areas of their life, including their career. If your company wants to keep the millennials on your sales team, start with investing in each employee’s career development. Career development can take many forms. It can be a weekly or monthly in-house training on the latest strategies in sales or the latest news about your company’s products and services. All you have to do is invest the time that your employees spend in the training and the time that the training leader takes to put together their presentation. It can also be in the form of offering each employee a specific budget per month or quarter to use for approved outside training and education. You can define the sources of the training and education, such as specific conferences, training partners, educational institutions, and colleges. Or you can allow employees to submit their request for training to have it approved for use with their training and education budget. To really motivate your employees to take advantage of training and education, gamify it. Recognize the employee that accomplishes the best achievement every quarter in training and education. You could easily reward someone who created a great in-house training for other employees, someone who passed a vigorous certification, or someone who earned their master’s degree.
Invest in Community Service
Millennials want to know that they are doing good for not only themselves, but for their community as well. Show employees that you care about this too by investing in community service. You can do this by matching donations for local drives and charities, or by partnering with a local non-profit to connect employees to volunteer opportunities. Start by surveying your employees to find the causes that are closest to their hearts. You might find that you have enough to turn each month into a specific community service focus. In January, you can coordinate a volunteer event where employees help out at a local pet shelter. In February, they can help build a house for Habitat for Humanity. In March, they can help collect food for a shelter. Or, simply offer your employees one day each month to dedicate to the community service work of their choice. This is another investment that you can also gamify. Each month or each quarter, celebrate the employee that offered up the most hours of community service. Or recognize the employee that raised the most money for a specific charity.
Invest in Health
Have you noticed the trends in employee perks offered by major companies? Gym memberships (or in-house gyms), on-site healthcare, extended maternity and paternity leave, and similar perks show that employees care more now about their health than ever. As an employer, you need to find a way to invest in employee health as well. If your company can’t afford an in-house gym or pay for each employee’s gym membership, start small by partnering with a local gym to get a discount. Kick the junk food and soda vending machines to the curb and keep a fridge full of healthy drinks and snacks. Create an opportunity for employees to get together once a month or once a quarter to do something healthy, like a sport or hiking day. Like the other investments, you can find a way to celebrate employees that are investing in their health. Create a health-conscious environment by encouraging employees to set health and fitness goals and recognize the ones that achieve them each month. Acknowledge the employee that stops eating candy and starts eating fruits for their midday snack. Celebrate the employee that participates in their first marathon or wins a local tennis tournament.
Celebrate the Wins
At the end of the day everyone wants to feel like they are making an impact. Millennials, more than any generation before, are seeking out positions where they can truly contribute. Whether they are working in a team of 5 or 50, it’s important for them to feel like they are a part of the action and are making a difference. This is why so many millennials flock to startups where they can be one of 20 people building something from the ground up. In order to fulfill this need, it is important to keep employees engaged and create an environment that recognizes individual success, which further motivates the team to perform.
Why These Tactics Work
We all know that recognizing your top sales performer each quarter motivates members of your sales team to go above and beyond just “doing their job”. By investing in education, community service, and health, you show your employees that you care about their job performance and you care about them. When you actively celebrate their wins and recognize those that make significant strides in each of these areas, you show your employees that you really do want them to get involved and improve professionally and personally. Those are the things that will keep all of your employees engaged with their jobs and your company. That engagement will ultimately help you retain more employees. At Hoopla we specialize in creating a sales culture that celebrates the wins and helps teams visualize their progress and successes on a daily basis. Want to start recognizing and motivating the stars in your company? Find out how Hoopla can help.