Making the Case for Retaining the Millenials
We’ve all been hearing for years that the Millenials, or Gen Y’s, will pick up and leave an employer if their needs are not met, such as time off, a promotion, or engaging work. Well, a new study by Millennial Branding and Beyond,com found that 30% of surveyed companies lost 15% of their Millennial workforce in the past year; that 87% reported that their cost to replace them was between $15,000 to $25,000; that most Millennials who had left did so due to a poor fit with the culture while 30% left due to a better job offer or their career goals out of alignment with that of their employer.
Their views of the workforce will be shaping how business is done and run, so to speak. The findings from the survey confirmed that companies are not heeding or meeting the needs of the workforce, and it’s not just towards the Millennials. When we look at succession planning, this is the generation we need to hone as they are the up-and-coming and are in line to take the realms. Here are areas that Gen Y’s are looking for:
- a clear mission
- the opportunity to build marketable skills
- flexible schedules
- work-from-home options for more work-life balance
- mentoring opportunities
- internal career pathing and advancement opportunities
In looking at the list, I don’t think it’s exclusive to just the Millennial generation as I would say (almost) all employees desire those job criteria. If organizations can address these issues, and really work to provide those opportunities, they will not only save the loss of money and personnel, but it would create a more engaged and productive workforce.