How to Hold On To Millennial Employees
Millennial employees appear to be extremely ambitious, as a recent Gallup poll have indicated that these employees are more likely to leave companies in search of better opportunities; this has led to a cost of $30 billion each year for major companies.
Trust Pays Off
According to a study by Great Place to Work, millennials seem to prefer working environments with a high-trust culture. Of course, this is not limited to superficial changes such as getting rid of cubicles and the overall dress code, it means managers making genuine connections with their employees.
20 Times More Likely to Stay
Studies have also shown that millennial employees are 20 times more likely to stay at their place of employment when it is nice working environment. Millennials prefer the high-trust culture over getting a higher paid career.
What About Less Social Companies?
Certain companies will find it easier to create an engaging working environment than others. For example, companies with a social mission find it easier to give “special meaning” to the work they do. Companies that lack this purpose have problems establishing a high-trust culture.
So, is it possible for companies without a clear social mission to give meaning to the jobs their employees perform? It certainly is, because the study Best Workplaces for Millennials indicated that some of the best employers use the “meaning archetypes” method.
The “meaning archetypes” are specifically created to add meaning to work, because it helps employees to connect to their job. It shows them that they are a key part of the organisation, and not just someone who can easily be replaced. This is one of the reason why millennial employees are less likely to leave such a position.
Archetypes Must Meet Certain Requirements
Naturally, the use of the “archetypes” needs to be done right, otherwise the trust between employees and management is broken. For example, if there are inconsistencies where the values of the company are concerned, then the trust is broken immediately.
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The good and successful use of archetypes relies on good communication and consistency. Managers must make the effort to connect with their employees on a personal level. Managers can’t just bark orders all day long. Management needs to create a lasting bond with workers. Millennial employees will be less likely to jump ship to a different company.
The Success of Ultimate Software Explained
According to the Best Workplaces for Millennials List, Ultimate Software is the number 1 company for millennials; and this certainly shows in the amount of effort the company puts into each employee.
New employee fly to Florida headquarters for an orientation. They receive a custom social network for news and co-worker groups. Albeit digital, Ultimate Software has found the perfect way for employees to interact and love their workplace.
A nice working environment should be a must for every company, but this is far from reality. The problems some millennial employees have with trusting the company they work for often leads them to find other opportunities. So, by creating a high-trust environment, companies can hold onto their employees much longer!
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