Finding the right employees can be tough, but keeping them can be even tougher. In 2022, 46.2 million workers voluntarily quit their jobs, becoming what’s now known as The Great Resignation. And it’s estimated that 46% of the American workforce wants to switch jobs in 2023, making employee retention a key concern. Now more than ever, organizations need to come up with fresh approaches to retain their current workers. This is especially true of Millennial and Gen Z employees.
Let’s take a look at these two groups. Millennials were born between 1981 and 1996 while Gen Z refers to those born between 1997 and 2012. Between the two of them, they make up almost 50% of the workforce today. Gen-Z alone is expected to form 27% of the workforce in the next two years. Both Millennials and Gen Z have a reputation for job hopping and lacking “company loyalty”. However, if organizations make an effort to understand the needs and wants of these two groups and grant them the opportunities to grow and thrive, this reputation isn’t always true.
Your recruitment strategies may have helped you acquire a new crop of employees, but if they are not rewarded appropriately with career opportunities, development and other incentives, there is a larger risk of them leaving. What are some of the top things that Millennials and Gen Z look for in an employer? Here’s a glimpse at 5 of them:
- Offer them flexibility and work-life balance: Some may bristle at the work-from-home or hybrid model, but it’s here to stay. Gen Z and millennial employees value flexible work places and working practices and are interested in jobs that will be adaptable to their lifestyle.
- Place an emphasis on their well-being: Millennials and Gen Z want to work for organizations who take care of them and their health as individuals. And it’s not just about physical well-being, but mental health as well.
- Provide them with strong, transparent managers: Management really matters! Grant these two groups more autonomy and less micromanagement, communicate openly and seek their input and ideas.
- Invest in their growth: Gallup found that 87% of millennials rate development opportunities as important to them in a job and LinkedIn found that 76% of Gen Z say learning is key to their success.
- Provide them with mentors: A study by CNBC found that 90% of employees who have assigned mentors say they are happy in their jobs. And greater employee satisfaction leads to better retention!
In today’s multigenerational workforce, organizations can no longer rely on a one-size-fits-all approach to retaining and motivating employees. The most successful organizations truly understand employees’ expectations in the workplace. Leah M Joppy and Associates can work with your organization to build an effective employee retention strategy and help you create programs, systems and communication styles that they meet different employee needs, whatever generation they are from.
Ready to learn more? Call us at 301-670-0051 or email us at leah@lmja.com.