• Grace Team Accounting

HOW TO KEEP MILLENNIALS ENGAGED



Millennials make up an increasing percentage of today’s workforce. As the first digital natives, millennials are the most social and connected generation and have different priorities when it comes to workplace satisfaction. Subsequently, there is a tendency among this group of workers to stay in jobs for much shorter periods than their predecessors.

(Note: Click the link at the bottom of the article to view the infographic)

This trend in high staff turnover can cost companies significant time and energy unless they find new ways to engage this key demographic.

High turnover rates can be costly to businesses for a variety of reasons. Chief among these is the time and expense of finding, hiring, and training new talent. There is also the cost that comes from losing knowledge and experience. A high employee turnover can result in workflow disruption and productivity decline.

We’ve identified seven steps to keeping millennials more engaged at work, potentially reducing turnover:

1. Establish a foundation of fair work practices Promoting fairness and equal opportunity can help generate a culture in which engaged employees want to work on challenging projects, growing their careers while helping to advance the company.

2. Recognise everybody’s achievements It’s important to recognise the achievements of staff members whose accomplishments may be less visible than frontline employees. Team lunches, thank-you cards or post-it notes, and verbally thanking employees are effective ways to recognise and appreciate positive employee contributions.

3. Ensure employees know the value of their contribution Employees who clearly understand the importance of their individual contributions are more likely to feel more appreciated by, and engaged with, their employer. Providing ongoing feedback can help employees understand the value of their contribution.

According to PwC research, 60% of female New Zealand millennials want feedback given frequently or continually on the job. Only 6% are very satisfied with the feedback they currently receive at work.

4. Reward and incentivise excellence Effective work incentives are not always monetary, as there are many alternatives to reward staff for great work. It’s important to avoid a one-size-fits all approach when it comes to incentive strategies. For example, creating a quarterly awards event that showcases the achievements of employees who regularly excel can be a fun and motivating way to reward staff and boost morale.

5. Make sure employees understand the business and the brand The more time and energy employers invest in making sure their workers really understand the company and the brand, the greater the alignment between workers and employers. Regular training and communication emphasising the goals and objectives of the business, can help achieve this.

6. Walk the talk when it comes to leadership If company leaders want engaged, positive, passionate, and energetic employees, it’s important that they demonstrate these qualities themselves.

7. Genuinely seek opinions and ideas Asking employees for their ideas and feedback contributes to great engagement. It’s important to follow these up with actions to leverage employees’ ideas and ensure they feel heard and understood. Businesses that take steps to keep millennial workers engaged can have a significant impact on the bottom-line by reducing expensive staff turnover and boosting employee productivity.


To find out more about Millennials check out this informative US infographic which gives a snapshot of behaviours. Figures are US based but it does give some valuable insight into this emerging generation.

http://www.goldmansachs.com/our-thinking/pages/millennials/


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