So you want to retain the best and the brightest millennial talent? How can you do that? Pamper them, duh! Throw things like stacks of money, bring your pet to work, unlimited snacks, nap rooms, and tequila shots at them. They will want to work for you and stay there forever!!!
Now that I have your attention lets address some misconceptions. You don’t have to do a bunch of flashy things to get your millennials to like you. It can be much simpler than that.
I was recently in a planning meeting for an upcoming event in our area and the committee was making a list of key young professionals to invite. This is an event where top employers will have access to who we invite and plenty of networking time to take advantage of. Someone made the comment “how do we make sure that other companies don’t recruit our good millennials” Without skipping a beat I said “we don’t have anything to worry about if we are taking care of them.” The response to that comment was “throw a bunch of money at them,” accompanied by an unsettling wink.
Here’s my millennial + HR perspective on this solution. No. Millennials don’t need more money, well most of us could use more money, but that’s not solving our problems. For example, say you have a millennial that has a very specific career path carved out for herself and wants to sit down with you and talk about how to execute the appropriate steps for said career path. Throwing money at her will not solve that problem. What if you have a millennial who wants to have an opportunity to attend training that will help him in his field, but he’s not sure you will pay for it. What happens when a recruiter calls the young lady and happens to hit her pain point by promising to sit down and negotiate the desired career path and steps to support it? What happens when you have a recruiter call the young man and guarantee that he is going to get a set training budget to use every year for conferences like the one he wants to attend. They are going to add some cash to their current salaries, but they are fixing current pain points for your young professionals. This can be true of anyone at your company, not just the young folks.
Those millennials aren’t taking those phone calls because they are ungrateful, they are taking those phone calls because you’ve ignored their requests to solve these issues internally. Money won’t guarantee a young professional will stay at your organization anymore than any other one thing will. I’m sorry there isn’t a one size fits all answer like you may have been led to believe. Get to know your workforce, not pamper them. Find out what they need, find out what motivates them, listen, give them honest feedback. Don’t treat them any different than you treat the other generations. At the end of the day every generation needs to get their work done-no excuses! Are you treating your millennials different than your other generations?
Conversations about Millennials are around every corner, even after all these years that we’ve been in the workforce. Want to continue the conversation? Check out a couple of upcoming events in the Huntsville area: