“Back in those days, we used to work from early morning till late night.” Yeah, we have all heard it before; the older generation had it much harder than we do today, right? For the most part, it might be true because the baby boomers born between 1946 and 1964, who are predominantly in their 40s or 50s, have long been known for their strong work ethic. Hence, it was fairly common for them to be well-established in their careers, and to work for the same company for most of their careers.
On the other hand, Generation Y, or millennials, born between 1980 and 1994, often do not stick to one job for a long period of time, and most of them expect to have between two and five employers throughout their working lives. The main reason for them to choose an employer is the rewards and benefits that come with the job, and it is very important for them to have a work-life balance.
Just a step behind millennials are the Generation Z, or “Gen Z,” born between 1995 and 2012. This younger generation has started entering the workplace, making this generation larger than baby boomers and Millennials. Being more tech-savvy, this generation often turns to the internet and social media when researching potential employers, and they tend to prefer a tech-driven, streamlined hiring process that does not keep them waiting for feedback. However, just like their predecessors, they also demand flexible schedules when they join a new organisation.
How to retain Gen Z and millennial employees?
It always hurts to lose a great employee. One moment you are flying high on planning upcoming events, the next you are scrambling to find a replacement for a staff who just left your organisation. The cost of employee turnover is also high and it impacts not only operational costs, but also revenue, productivity, company culture, customer experience and more.
Despite the detrimental impact that a high turnover can have on an organisation, many companies still struggle with retaining their employees. While it is not possible to prevent employees from leaving your organisation, there are also employee retention strategies that you can use to retain valuable employees and build a stronger workforce.
Best Employee Retention Strategies
- Strategic on-boarding process for both in-office and remote hires
Good on-boarding is essential for a positive employee experience, whether it is in-person or remote. It provides a strong first impression to new employees about your organization values, culture, and people.
- Develop professional development plans for employees
Career advancement is essential for every employee’s growth. Highly skilled employees will usually demand career growth and will not be satisfied with staying in the same place for too long if they do not get the chance to be promoted.
- Offer attractive employee benefits
Great work benefits are one of the top employee retention strategies. Traditional perks such as pensions and insurance coverage are still important for employee retention, but younger employees want more, such as the availability of flexible work and one-on-one mentoring to develop their abilities.
- Build competitive compensation packages
Salary is not everything, but it is still important. Everyone has bills to pay, and with the high cost of living these days, most employees need a competitive salary or they will find someplace new. It is also important to compensate employees for their efforts, as fair compensation shows employees that they are valued by their employer, which leads to stronger loyalty to the company and higher satisfaction in their jobs.
- Implement stay and exit interviews
Both stay and exit interviews can provide insight into your organization processes and how they might be improved. This enhances the employee experience and boosts retention.
Stay interviews are when an employer discusses with an employee what they like about a company and what they think can be improved. This shows employees that their opinions are valued and also encourages them to contribute their ideas to improve company processes.
On the other hand, exit interviews are conducted when an employee wants to leave an organization. This helps an employer gain more insight into the reason for their departure.
Takeaway
We live in turbulent times, but by implementing these employee retention tactics, you can recruit and keep the greatest employees now and in the future.
It is essential to encourage open communication among employees and to provide ample possibilities for professional development inside the organization. You will not only keep your current employees happy and satisfied at work, but you will also attract new employees who are eager to contribute to your firm.
