The generation born between 1980 and 2000 are known as millennials, and they are rapidly becoming the leading generation in the workforce. These talented young workers are known for their comfort and skill with technology and can be a great benefit to SMBs. However, they have different expectations than their more senior counterparts. With a few changes to your business, you can attract and maintain these valuable employees.
Millennials know that not everyone works best in a cubicle from 9-5 and appreciate jobs that give them the flexibility to do their best work. Open work environments, telecommuting and flexible work hours are all ways to make your small business more attractive to these workers. In the end, the final product that you produce is what matters, not how and when your employees work. Allowing a healthy work/life balance is a benefit to all your employees, not just millennials.
Millennial workers thrive on frequent constructive feedback. While many companies have annual reviews, this model doesn’t work for younger workers. Feedback helps these workers to grow and obtain challenging and exciting work at a more rapid pace. You may want to consider a mentorship model, which allows employees to provide input into their own work and allow for a nurturing relationship to develop. More frequent feedback and mentorship has been shown to increase employee retention by over 20%.
Development and Advancement
If an employee feels valued, they are more likely to stay. Millennials appreciate a company investing in their training and personal career growth. Training allows employees to reach their own goals faster, and allows your company to reap the benefits of skilled and loyal workers.
Advancement within the company is another way to show your appreciation. Setting goals and promoting employees who reach them allow them to advance at a more rapid clip. You may want to add additional levels or grades to your hierarchy to prevent millennials from feeling stagnant in their career.
As millennials have come of age, companies have had to adapt to this unique generation. Making changes such as these will help you attract these workers, who will bring with them their creativity, energy, and technological knowledge.