How to Effectively Engage Millennials in the Workplace

Engaging Millennials in the Workplace
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Job hopping is a recurrent trend among today’s young workforce. The 2019 study by a US-based financial service company, da Vinci Payments, revealed that 43% of employees (born 1981 to 1996) are expected to change jobs within the next two years. While these young professionals shift industries in search of career development, it is an omen of risk for the concerned organizations.

Replacing an employee is a pain point among managers—and also very expensive. Sourcing and onboarding new hires can cost the company up to seven figures depending on the position to fill. Not to mention the other injurious effect of high staff turnover can bring to the company’s profit and branding.

This is the reason why millennials, the dominating new era of the workforce, have a stained image of disloyalty among employers. However, that is the common misconception of most of the traditional firms. In fact, employing a long-term engagement plan would be a challenge still without diving further into the mindset of this particular generation.

Millennials in the Workplace: Are they Satisfied or Engaged?

Retaining millennials in the workplace is a tough task among organizations. Aside from these cohort’s short-term commitment, they are also the hardest one to engage.

Yet, leaders should also learn the difference between job satisfaction and employee engagement. According to the TINYpulse, the easiest way to distinguish a satisfied employee to an engaged employee is simple: the latter goes beyond his job description to help his company achieve its goals.

An employee might be highly satisfied with his current job, but he could also be disengaged. In fact, there is a proven connection with high employee engagement to increased retention among employees according to a study by Gallup.

In his separate research, it showed that Millennials are as highly contented as the older generations when it comes to the quality of their jobs. The only discrepancy is that the younger generation is looking for a deeper value, their jobs can offer.

An empirical data reveals that an average young adult between the ages of 25-34 years old had already 6 roles from the outset of their career. But it is not only the concern about the cost of turnover. Industries find themselves in a stiff tug-o-war competition when it comes to recruiting these skillful young talents, who in the end, will leave them in a few months or so.

A millennial’s lack of loyalty is actually rooted in their ingrained desire for growth. This group thinks differently from other generations. While their predecessors value stability and retirement, they are more drifted towards work-life balance and progression. They thrive in teams, they embrace diversity, and they are eager to lead and leave an imprint of change.

Sure there are lots of ways on how to attract, engage, and retain these young professionals; however, without aligning to their preferences, it will always be hard for you to keep them. So, how are you going to do that exactly?

4 Ways to Effectively Engage Young employees

4 Ways to Effectively Engage Young employees

1. Promote a Culture of Growth. One way of managing young professionals in the workplace is by cultivating a culture of growth. Millennials clamor for development opportunities such as being constantly challenged, adopting new sets of skills, and getting a clearer track of their career progression.

Millennials are not fond of substandard practices, they wanted a 4-dimensional positive learning experience. Show them that you are genuinely investing in their growth. Try enrolling them in a class, inviting them to seminars, providing them on-the-job training, or developing their potential to leadership roles. 

2. Provide regular feedback. Making feedback a norm will not only give your millennial employees a boost in their morale but it can also help them track their career performance. Give them advice on how they can leverage on the areas they excel in; provide constructive criticism on the things they need improvement.

Also, be open in giving them one-on-one mentoring sessions as they would be more than welcoming to learn. In fact, it can significantly bolster their chances of retention in your company as per the 2016 Deloitte study.

After all, it is not only one-way learning. Millennials are born digital natives thus they can teach you the ins and out of the technological advancements.

3. Embrace flexibility in the workplace. Millennials are changing the way we perceive the workplace as they look forward to breaking the traditional 9-5 work schedule. Besides fluid working hours, they also crave for a modernized office setting and work-life balance—especially the latter.

Millennials succumb to the saying “work to live” which means that even though they have high regard for a rewarding job, they also want to attend to their personal needs and responsibilities.

Mainly, they are looking for an option wherein they can work remotely. You can arrange a flexible time schedule such as allowing them to work full-time or part-time as long as they satisfy the number of working hours and submit everything during deadlines.

4. Imbue Social Purpose. Today’s young professionals are not only after how grand financial perks are on their plates. In fact, they are looking for a company that resonates with their chance of being part of a larger cause more than their job responsibilities.

Millennials are purpose-driven individuals thus they expect their organizations as a channel to breed positive environmental and societal impact.

Try to introduce them to your company’s corporate social responsibility, or expose them to some volunteering events and charitable activities. This will not only encourage retention but will also instill a sense of pride in them.

We shall expect the surge of younger employees in the coming years as the older cohorts are gradually retiring in their respective industries. Millennials may seem a complicated generation to date—with a bad reputation of being overly entitled individuals.

Truth is, if you are able to close the gap between their expectations and your organizational culture, they can stay loyal and dedicated; if you are able to satisfy their demands, you can fully benefit from the maximum potential they can bring to your business.

Meanwhile, did you know that a company that values the financial well-being of its employees could reverse the cost of turnover? Financial stress in the workplace is a growing concern among employers. In fact, poor financial well-being is linked towards negative job performance such as low productivity, reduced quality of work, and decreased engagement and retention among workers.

A study reveals that 40% of the employees are likely to quit their jobs to look for a company that will provide them with stable financial support. This is why investing in your employees’ financial wellness is crucial as it will not only improve their financial health but also encourage motivation and loyalty in them in the long run.

You can also try to provide them financial options which Uploan can help you with. We offer financial solutions such as salary loans, salary advance, and insurance that fit each of your employee’s financial needs.

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