While this generation will inject new lifeblood and energy into struggling industries, they are known to engage in considerable “job hopping.” The costs of this practice can quickly become substantial – it requires an estimated $15,000 to $25,000 to replace just one Millennial, according to the Chicago Tribune
For this reason, it is imperative that companies understand the mindset of a Gen Y worker and offer incentives that invoke long-term appeal with the company. These include:
- Demonstrating how past employees have followed a similar career track into senior leadership positions. Managers should be trained in communicating these opportunities and explaining how a new hire’s role fits into a larger professional development structure.
- Walk employees through an exercise that demonstrates what their retirement contributions today mean for their standard of living down the line.
- Establish a mentorship program, since this generation grew up surrounded by supportive role models such as parents, coaches, and teachers.
- Align the Millennial’s strengths to job positions, such as pairing someone who enjoys fast-paced work with a deadline-driven role.
- Encourage employees to develop expertise and become a source of knowledge for colleagues and supervisors. Tie this with performance appraisals so employees understand how assessments can lead to further growth and development opportunities.
“If we are serious about being responsible businesses and looking after our greatest asset, we need to come up with ways to give people that instant gratification when the actual pay-off might not happen until the future,” said Amanda Schaake, senior communications leader. “Any education or engagement campaign will need to be well thought out and take time.”
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In just ten years, Millennials will comprise a full 75% of the modern workforce, replacing many of the Baby Boomers now set to retire in the wake of global economic recovery.