How to retain millennial employees
October 12, 2017
Millennials are quickly taking over the workforce.
According to the U.S. Census Bureau, 53.5 million adults ages 18 to 34 fill one in three jobs in America, making millennials the largest generation in the workforce. As more millennials graduate from college and find jobs, that number will only continue to grow.
To retain millennial employees, organizations must understand how to meet their career needs and goals. According to a recent Gallup study, what millennials crave are employee training and development opportunities in the workplace. The study revealed that 87 percent of millennials said that "professional or career growth and development opportunities" are a top factor in their decision to stay at a company.
Meeting the Millennial Demand for Talent Development
Millennials may want learning opportunities at work, but unfortunately employers are not providing enough of them. In the same Gallup poll, only 39 percent of millennials strongly agreed that they learned new information in the past 30 days that they could utilize to perform their jobs better.
If you want to attract and retain top millennial workers, your organization is going to need to stress employee training and development.
Here are some ways in which a performance management system will help you and your millennial workers achieve talent development goals:
1) Offer development opportunities
According to a Universum Global study, one of the top three fears for millennial workers is not having enough development opportunities. Additionally, a 2015 EdAssist study revealed that 58 percent of millennials expect their bosses to provide them with learning opportunities that are relevant to their positions.
A performance management system allows employees to participate in company wide development programs and keep track of the skills they are learning on the job. Using the performance management system, they can see what skills they still need to pursue to reach their objectives.
2) Encourage goal setting
Another top millennial fear, according to Universum Global, is not realizing their career goals. About 30 percent of millennials will leave a job if their goals are not in line with their employers', according to Millennial Branding.
A performance management system allows employees to set goals and figure out what they need to do to achieve them using benchmarks. It lets them chat with their managers about these goals and work together on making sure they are met. Employees can also see team goals and determine how they can best spend their time to better contribute to the team and organization as a whole.
3) Provide mentorship and feedback for millennials
Millennials need and want guidance in the workplace. According to a 2015 study by Atenga, 67 percent more millennials than Baby Boomers say that having a great mentor at work is crucial. A performance management system gives employees the chance to be in constant conversation with their managers, asking them questions and learning from them. They can gain feedback right on the platform and ensure that they are on track to achieve personal and company wide objectives.
4) Increase millennial engagement
Feedback, mentorship, goal setting and development opportunities all contribute to employee engagement. At a time when 44 percent of millennials are going to leave their jobs in the next two years, it is critical that engagement is high. It will increase productivity, appeal to the top millennial talent on the market and help retain employees, who are always costly to replace.
If you want to learn more about a system for employee training and development, take a look at Cornerstone's Performance Management Software.