Hindsight is 20/20, right? How would you react if you received a crucial tip that could change the possible turnover in your company two or three years down the road? This may be your wake-up call. According to the Pew Research Center, millennials are the largest generation in the labor force and losing 43% of these employees in the next two years could severely impact every aspect of an organization. This article lays out several ways to build loyalty with employees, and it’s a good idea to take note:
- Younger workers want to understand what loyalty means from their employer's perspective.
- They want to understand what financial benefits they will receive for providing longer-term loyalty to their employers.
- They want to know if they will develop professionally more by staying at their current job or leaving for a new one.
- They want to work for companies not fixated on profits.
- They want companies to share their financial rewards with their employees.
- They want to be part of a positive workplace culture.
- They want opportunities for continuous learning and workplace flexibility (which includes being trusted by their employers not to have strict hours or working locations).
Over the next five years, millennial employees will look at every career move that they make as pivotal (whether that’s within their role, department or company). They could either be projected into the next realm of their career or feel as though they’ve inadvertently allowed their careers to grow stagnant. Investing in your employees’ career development within your organization could help build loyalty and increase retention rates. In other words, you will see an encouraging ROI when investing in your employees.
According to the survey, 43% of Millennials plan to quit their current job within two years. Only 28% plan to stay in their current role for more than five years.