4 research-backed ways to retain millennials

4 research-backed ways to retain millennials – tl;dr

1. Keep the mission in the spotlight — millennials want purpose

2. Emphasize professional growth and self-development over fun perks

3. Ensure managers are connecting with their millennials every day

4. Make well-being the end game (instead of productivity)

Who are millennials?

Born between 1981 and 1996, millennials are tech-native, purpose-seeking individuals. They’re the largest generation in the U.S., estimated at about 72 million. They want meaning, not just a regular paycheck. They seek to grow and excel, influencing the world in a positive way.

Millennials are the most likely generation to leave their job for another opportunity.

They change jobs more often than any previous generation. In fact, 21% of them changed jobs within the last year — more than triple the percentage reported by non-millennials. 60% are currently shopping the market for something different (15 percentage points higher than non-millennials).

Only half of millennials say they’ll still be working at their current company a year from now. What this means for you is that without a concerted effort to retain them, you can expect to see half your millennials gone 12 months from now

– says Mateusz Barczyk, Senior Brand Manager, Hushoffice.

Millennials are also the least engaged group.

Only 29% of the group are engaged. In other words, it’s statistically likely that nearly 75% of the millennials on your team are checked out.

And the bottom line is engagement = retention. This is the critical link to keep in mind.

While only 17% of engaged millennials say they will change jobs if the market improves, a whopping 47% of those who are disengaged say they plan to switch it up when the time is right.

So prioritizing engagement, here are 4 research-backed ways to retain your millennials…

It’s about keeping their eye on the mission. Self-development. Frequent one-on-ones. Strengths, not weaknesses. And making well-being both the means and the end.

1.    Keep the mission in the spotlight — millennials want purpose

71% of millennials who know what their employer stands for say they’ll stick around for at least a year. They’re passion people. They want to progress toward a worthy goal every day. So connect their work to the larger mission; in every message, every task, highlight the wholehearted “why.”

2.    Emphasize professional growth and self-development over fun perks

An informal work environment is actually the least important job factor for millennials. Only 15% say it matters. What really matters to them? Opportunities for advancement. 59% say so.

The notion that millennials demand a super fun work atmosphere is simply false.

They want to succeed, first and foremost. They want a highly productive workplace where peak performance is achievable. The fact is, only 18% of them say it’s important for their job to be a “fun place to work,” while a majority 87% deem professional growth important.

The millennial’s strong desire for self-development is perfectly natural. They’re young, for one, so they have a healthy appetite for life. And many watched their parents be devastated by the 2008 crisis. Security is a concern because they don’t want to suffer a similar blow. Many are paying off substantial college debt, too. So if they sense they aren’t advancing at a steady pace, becoming an invaluable, appropriately rewarded asset to their company, they’ll pack up and take their wares elsewhere

– says Mateusz Barczyk, Senior Brand Manager, Hushoffice.

3.    Ensure managers are connecting with their millennials every day

Give a little to get a little. Maintain your millennial employee’s full attention by giving them yours at least once every day. 44% of millennials who meet with their manager regularly are engaged — more than double the percentage of those who do not.

Attention is what engagement is all about. When you have your employee’s full attention on the job, you have their best capital. They’re committed to the cause. They’re pouring their energy into their work, taking wins and losses to heart, course-correcting ever-so-thoughtfully. All of this translates into better performance

– says Mateusz Barczyk, Senior Brand Manager, Hushoffice.

Check in on work and life.

62% of millennials who talk with their manager about non-work things plan to stay with for at least a year. Routine check-ins are key; trusting relationships are forged by frequency, by familiarity. The more frequently you connect, the better — especially in a hybrid world susceptible to isolation.

Focus on their strengths, not their weaknesses.

70% of millennials who say their manager focuses on their strengths are engaged. Of those whose manager focuses on weaknesses, only 39% are engaged.

4.    Make well-being the end game (instead of productivity)

Because productivity flows from an employee that’s all-around well. By focusing on well-being, you keep the horse in front of the cart.

Gallup breaks well-being down into five elements.

Purpose. Social. Financial. Community. Physical. Millennials thriving in all five are 85% less likely to leave their employer than those thriving in only physical well-being. In other words, they’re 85% more likely to stay.

Unfortunately only 5% (of working millennials) are thriving in all five.

And less than 40% are thriving in even just one of the elements.

But managers have the power to help their millennials thrive in all ways.

A mere heart-to-heart can uncover where your millennial is at. Are they happy with their contribution? Proud of their work? If not, why not? What frustrations are they facing? What walls are they coming up against? Honest discussion can resolve serious hurdles like mental blocks and miscommunications, paving the way for smooth sailing.

Millenials in the workplace – frequently asked questions

What do millennial employees want?

Millennials want purpose. 71% of them who know what their employer stands for say they’ll stick around for at least a year. They also want self-development – 59% say so, compared to a mere 15% who want a “fun work atmosphere.” Note that 44% of them who meet with their manager regularly are engaged, which is more than double the percentage of those who do not. So to keep them around, give them purpose and opportunities for advancement, and all the while ensure their direct manager is giving them plenty of attention.

How do you engage millennial employees?

Gallup’s How Millennials Want to Work and Live report reveals that above all else, millennials want to advance in their careers. To keep them engaged, give them opportunities to climb the ranks.

What kind of workplace do millennials want?

A functional one. Perhaps surprisingly, an informal work environment is the least important job factor for millennials. Only 15% say it matters to them. Their desire to succeed far excels their desire for a good time on the job. So they want an effective office complete with private workspaces like pods for focused work and booths for private meetings.