The average tenure of a Millennial is 1.8 years. That should worry employers, given the high costs of attrition and imminent talent shortages forecasted. 55 million job vacancies are projected in the U.S. over the next six years, 31 million of which will come from Baby Boomer retirements.
As the Class of 2014 enters the workforce, employers must adopt these five strategies to engage and retain Millennials. Their bottom lines will depend on it.
1. Revamp Onboarding Practices with Millennials in Mind – Most corporate orientation and onboarding programs miss the mark with Millennials, contributing to high attrition rates in the first year. Critically assess and retool onboarding practices with Millennials in mind.
2. Train Supervisors to Effectively Manage & Coach Millennials – Managers play a critical role in retaining this generation. Invest in corporate training to teach supervisors how to provide appropriate feedback and career development to Millennials.
3. Provide Millennials Opportunities to Solve "Real" Problems – Millennials want meaningful work from the start of their employment. Challenge managers to provide new hires with projects that can make an immediate difference to the company.
4. Establish a Sense of Community – 28% of Millennials report quitting a job because they didn't feel connected to the organization. Build (and participate in!) social activities that foster the sense of community Millennials expect in the workplace.
5. Offer Debt Reduction – The median total indebtedness of college graduates with student loans is $137,010. Offer corporate programs for debt reduction to win big loyalty points from Millennials.
By 2018, the Department of Labor reports that Millennials will make up 50% of the U.S. workforce. The size and influence of this generation means that Millennials will continue to set the tone for employee engagement and the evolving employer-employee contract. Companies that implement these strategies will have a significant competitive advantage in their industries and in the labor market.
For more information and resources on this topic, log onto www.interchange-group.com.
• Succession Planning for the 21st Century: Future Trends & Practical Guidelines for Building the Talent Pipeline, June 22, 2014, SHRM Annual Conference, Orlando
• High Potential Engagement: Key Strategies for Assessing, Engaging and Developing Top Talent, June 23, 2014, SHRM Annual Conference, Orlando
Amy Hirsh Robinson, Principal, Interchange Group
Workforce Strategies for the New Economy