Employees don't have the same loyalty to companies as in previous generations so how do you encourage your talent to stay?
Very few people stay in the same job for their entire career. Unlike previous generations, Millennial candidates don't feel as though they have a 'job for life' anymore and often move from one role to another within a matter of years or even months.
These workers now dominate most industries, meaning companies could stand to lose a lot if they are unable to persuade these professionals to stay. Having a high number of 'job hoppers' can damage a company's employee retention levels and cost a significant amount of money in recruitment.
Although there has been a massive cultural shift in the working landscape, there are still measures employers can take to increase the likelihood of talent staying for the long term.
Live your mission statement
Younger professionals are more socially conscious than previous generations, meaning that the mission statement you outline for your company can have a massive impact. You need to ensure it clearly reflects the priorities you have as a business and what kind of company culture you want to create. This can be enough to sway candidates in the recruitment process, as well as help employees decide whether yours is the type of company they want to build a career in.
However, it's important that you don't just write a good mission statement, but that your employees can see these principles in action. Anyone can create objectives that sound good but only a company that is actually committed to their goals will work consistently to make them a reality.
If professionals are engaged in their role, they need to have the opportunities and support required to develop their skills. One of the best ways to do this is to ascertain what elements of their role they want to build on, allowing them to have autonomy over how they expand their skillset.
Regular one-to-one meetings between employees and their manager is an effective way to make sure professional development stays on the agenda, and that employees are constantly looking at where they want to go next. This prevents them from becoming stagnant in their role, which is sure to drive them out the door.
Invest in understanding your employees
Businesses often assume they know what workers want from an employer but it's common for them to get it wrong. Instead of trying to guess what matters to people, why not just ask them? Finding ways to accurately understand what employees need in their role to allow them to flourish and stay in the long term. Regular meetings can be a constructive way to get a clear picture of what individuals are looking for from their employer.
Having a system in place to register complaints or suggestions can be also be a good way of understanding what employees are concerned about. These processes, as well as one-to-one meetings, need proper investment to ensure they are executed appropriately and that your intentions are seen as sincere.
Focus on your hiring strategy
What you can offer to a candidate should be a top consideration when you are holding interviews. Your hiring strategy will have a big impact on the culture you create as a business and how loyal employees are. Often companies are focused on the qualifications and experience of the individual but you also need to see whether you can give them what they want to make them a long-term hire.
This can be done by aligning your mission statement to each candidate but also by using your own company data. What traits have loyal employees shared in the past? How did they perform in interview? Managers should be able to give you these answers, which can help guide your decisions and hopefully see your business hire candidates that are committed to your company from day one.
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