Considering millennial’s as the largest generation in the workforce, it’s necessary to find ways to nail the corporate culture since today’s corporate teams are mostly made up of millennial’s.
The millenary wants a strong culture where a company’s values and visions are clearly demonstrated and the work environment is fun.
But to keep these youngest workers from moving on before they fulfil their professional potential, here are following ways to entice the newest, biggest generation of workers to stick with your organization for the rewarding challenges it offers.
Make them engage in purposeful work that hit a larger goal:
Engaging in meaningful work is the foremost priority of millennials. JD is what entices the workforce so it’s important to take a hard look at the job description; process-oriented work is most likely to gain attention for a long time. Money isn’t the only thing driving force rather the work has to be meaningful. It is imperative for organizations to make sure to tie their job into the big picture and help the company fulfill its goals.
Offer transparent & performance-based pay:
These Millennial’s, like other generations are money-motivated, They expect to be fairly compensated, and they grew up with much more access to salary information – on the Internet and through their peers — than earlier generations had.
To retain these Millennial’s, companies need to move away from seniority-based, work-with-the-middle-of-pack approach, and individualize compensation,
and if you want Millennials to stay with your company, never stop offering them, performance based pay and opportunities to add more value and receive greater compensation in return.
Set a pace for rewards.
Millennia’s need to feel that they’re progressing in their field of work; they expect re-enforcement and spot bonuses. They expect to progress through titles and quickly to begin accommodating these preferences with blowing payroll.
Considering bonus strategy — Instead of giving a 3 percent annual raise — Provide a 1 percent increase every four months.
Proving the right Benefits and flexibility in job:
Office culture that promotes work-life balance (the norm these days) as the young generation respond positively to work flexibility. Due to the gig economy, the conventional 9-5 work is no longer the norm. It also encourages creativity and innovation.
To sum up, have an open door policy (sounds cliche but hardly practiced) which gives employees a sense of inclusiveness. Also, companies need to look beyond the ‘millennial’ reputation as job hoppers and focus more on their potential.
Providing guidance and creating opportunities for career development:
Millennial’s prefer bosses or managers who can coach them, guide them and at the same time give them trust and freedom to work on their own manner. And this requires clear disciplined communication, a mix of educational and motivational steps and apt mentor ship. Their skills set system allowing employees to get certified and attain a pay hike accordingly.