Why Millennials are so important to staff turnover – and how to hang onto them

‘Millennials’, as they have come to be known, are the largest generation in history, at a whopping 75 million and still growing. By 2020 they will make up a huge 50% of the global workforce! They are consequently a significant group, and rather turbulently for companies, they have the highest level of job movement, with most changing jobs every 3 years.

Aha – you suddenly realise why you have a staff turnover issue!

So, when it comes to resolving staff turnover issues – understanding and pandering to the needs of Millennials could make a lot of sense.

Who exactly is a Millennial? Well it’s anyone born between 1980 and 1992 apparently. This does in fact mean that I ‘almost’ qualify to talk on their behalf – but not quite! Being a late 70s arrival, I do find I share some of their goals and desires however. More of that later.

And what do this significantly sized group of employees want? I mean really, really want? According to Cause Cast (full report here), they are motivated by;

1.      Purpose filled work.

They seek a higher purpose through their work and will not be satisfied with a sporadic and tenuously linked volunteer day. They are mostly inspired when causes they care about in their personal life can be supported through their professional life. This is where I feel real empathy. Having a disabled daughter, I am thrilled, passionate, creative and fully engaged when my working life can support children and families affected by disability.

2.      A culture of transparency and trust

Open communication channels, no such thing as a wrong idea – ideas will always lead somewhere, and be true to your words. Oh – and remember to also engage via social media, where many Millennials live.

3.      Social, mobile and interactive experience

They want to ‘do good’ and they want it to be a seamless integration into their life. Use social media to link your social cause work with their social media world, which will see it flourish in their hands.

Social media shouldn’t be feared as a distraction – more as a fantastic opportunity to have your Millennials fully and pro-activity engaged with your brand.

4.      Learning and Development ranked over pay

According to a PWC Study, training and development were ranked more valuable than financial reward, with particular focus on soft skills such as teamwork and problem solving.

5.      Pride

Millennials want to be proud of how they spend their time. They want to be able to share their life via social media, and if they are proud of their work, they’ll share this too. Helping to cement their relationship with you.

At first glance, you may think your organisation ticks all the boxes, and if you do, then that is fantastic. But.

Dig a little deeper.

Check your authenticity – words must be back up by tangible actions.

Check your delivery.

Check that your ‘causes’ resonate with your employees.

Because, even if you’re not checking, you can bet your Millennials are, and could soon be checking out.

Unfortunately it’s easy to lose our way and become just words and half fulfilled objectives.

So, how do you pull it back and truly engage your employees including those ever present Millennials?

More and more companies are wising up to the benefits of a Socially Focussed team building activity, to launch and embed their CSR and business objectives, whilst providing purpose, building trust, providing a social cause experience, providing soft learning and development opportunities and installing pride – the key 5 items a Millennial seeks through their employment. Check out this HP case study.

But what’s in it for you? Well, aside from the opportunity to engage and motivate your staff, reduce your staff turnover, create amazing PR for your company and to do something truly beneficial for your community?

How about the fact, that the soft learning and development opportunity you create through your event, costs a fraction of more conventional training. According the the HR think tank Berson and Associates, the average training cost per employee is $1200 or £976, with most of that going towards soft skills development. A CSR inspired team building event, comes in at a starting cost of a mere £60 per head!

A significantly cheaper alternative to acquiring those important soft skills, whilst also meeting all 5 of the key motivational points above, that Millennials’ crave.

So, as you can see;

It pays to do good.