Millennials have a reputation for job hopping. They may choose
to leave their current position because they don’t believe they are being paid
what they’re worth, they don’t see any opportunities to grow in the company, or
they’re unable to have the work-life balance they desire. No matter why they
choose to leave, it can cost your small business a lot of money to find and train
a replacement. Check out these four tips for encouraging your millennial staff
members to stay with your company.
1. Offer performance-based pay
Millennials tend to have more access to salary information than previous generations. They can review pay data on websites like PayScale, and they’re not embarrassed to talk about compensation with their peers. Because of this, they know what their skills are worth and expect to be paid fairly for them.
A great way to retain millennials is to move away from
offering bonuses and raises based on seniority. Instead, consider moving toward
an individualized compensation model and pay your workers based on their
performance. Your millennial staff members will recognize that their salary is
not based on nepotism or tenure but on their efforts.
Anytime you give someone a raise, give them feedback so they
understand what actions, achievements, and added responsibilities contributed
to the raise.
2. Empower them
Give your staff members projects that they’ll excel at and
be proud to claim as their own. This will empower them to make decisions that
can directly impact the company. Many of your workers will want to stick around
to see their project through to the end and see how it helps the business
achieve its goals. These projects also give your team a chance to make full use
of all the skills they bring to the table.
Millennials often want their jobs to play an active role in
their lives. That means they might check their email and take phone calls when
they’re out of the office, which can lead to burnout. Burnout can ultimately
cause your workers to leave your company in search of a healthier work-life