Millennials make up the largest share of the US labor market at 30%. This portion will continue to grow as employers hire Millennials in waves. This wave-like hiring strategy of Millennials is presenting new obstacles in the workplace, the loyalty challenge. The loyalty challenge, which can be applied to the Millennial group, is the process of constantly searching for the next best opportunity, with little regard to your current company.
One Foot In, One Foot Out
The absence of loyalty in Millennials creates new challenges for the US workforce. As a matter of fact, 64% of Millennials (entry-level through senior leadership) anticipate leaving their current employer by 2020.
Why Are Millennials Lacking Loyalty?
Six in ten say their leadership skills are not being fully developed.
70% choose to work for employers whose values overlap with their own.
The need to place more emphasis on employee wellbeing and growth.
Foster Millennial Allegiance
After acknowledging the absence of loyalty in Millennials, it is important to learn how to navigate this obstacle. Below are some ideas on how to tackle the loyalty challenge head on. Whatever path you choose, It will be worth the time to foster and guide the talent that resonates in Millennials to further the success of your company.
Give the Millennials the attention and guidance they are asking for! Mentors increase the level of job satisfaction by providing an outlet for employees to get advice as well as help develop leadership skills. This removes the feeling of isolation and enhances the likelihood Millennials will stay with their current employer for many years to come.
Purpose over Profit
For Millennials, the level of job satisfaction is dependent on values. Both the values of the employee and the employer. The 2016 Deloitte Millennial Survey reported Millennials are likely to stay an extra 5 years with an organization based on shared values.
Encourage Professional Development
Professional development means something different to everyone, but it’s critical for employers to provide and encourage development opportunities. Whether it’s assigning a new lead to a project or cross-team collaboration, the essence of professional development gives the employee confidence and control over their career.
Financial benefits are the number one driving factor that leads a Millennial to accept a job. Yes, it’s highly unlikely for a company to enter a bidding war for Millennials. However, it’s an important factor to take into consideration in order to recruit and retain top talent.
A work-life balance is the 2nd biggest driver in retaining employees. Most Millennials don’t like being a part of a highly structured organization. Flexibility drives high levels of job satisfaction by giving the employee an extra level of trust, responsibility, and the opportunity to take their career by the reigns.
I hereby encourage you to reverse the loyalty challenge. Give your employees what they need as it’s about the collective efforts that make a business successful. Your employees are your future and as long as Millennials continue to overpower the US labor market, you have to know what it takes to recruit and retain the best.