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SHOULD I STAY OR SHOULD I GO?THE SECRET TO MILLENNIAL
EMPLOYEE RETENTION
BY AMANDA TOWNSEND
71% OF MILLENNIALS ARE ACTIVELY SEEKING A NEW JOB.
60% OF MILLENNIALS PLAN TO STAY WITH THEIR EMPLOYER FOR LESS THAN 3 YEARS.
Sources: iCIMS, COMPETITION FOR TALENT IN THE U.S .
MILLENNIAL TURNOVER COSTS U.S. BUSINESSES $30.5 BILLION PER YEAR.
Sources: Gallup, Inc.
87% OF U.S. COMPANIES REPORT A COST OF BETWEEN $15,000 AND $25,000 TO REPLACE EACH LOST
MILLENNIAL EMPLOYEE.
Sources: Millennial Branding, Career Network.
ONLY 30% OF EMPLOYERS PAY ATTENTION TO WHAT
MILLENNIALS NEED IN A WORKPLACE.
Source: Oxford Economics
ENGAGED EMPLOYEES = INCREASE IN PROFITS
WITH ENGAGED TEAMS:
- PROFITABILITY INCREASED BY 21 PERCENT- SALES PRODUCTIVITY BY 20 PERCENT
- OUTPUT QUALITY BY 40 PERCENT- ABSENTEEISM DOWN BY 41 PERCENT
Source: Gallup, Inc.
BY 2025, MILLENNIALS WILL BE 75% OF THE GLOBAL
WORKFORCE. Sources: US Bureau of Labor Statistics
6 STRATEGIES TO RETAIN
YOUR MILLENNIAL EMPLOYEES
DOES WORK-LIFE BALANCE REALLY EXIST?
WORK/LIFE INTEGRATION + FLEXIBILITY
61% OF MILLENNIALS THINK THEIR EMPLOYER COULD HELP PREVENT BURNOUT BY PROVIDING A MORE FLEXIBLE SCHEDULE.
38% SAY A FLEXIBLE SCHEDULE CONTRIBUTES TO THEIR LOYALTY TO THEIR ORGANIZATION.
Sources: Fortune Magazine.
45% OF MILLENNIALS WILL CHOOSE WORKPLACE FLEXIBILITY OVER COMPENSATION.
Sources: Millennial Branding Report
44% OF MILLENNIALS HAVE AT LEAST TWO JOBS OR INCOME SOURCES.
Sources: Career Builder, Forbes
ENABLE WORK/LIFE INTEGRATION THROUGH FLEXIBLE WORKING AND
PAID TIME OFF POLICIES.
RECOGNITION: FINANCIAL &
PERFORMANCE
ANNUAL PERFORMANCE
REVIEWS ARE DEAD.
65% OF MILLENNIALS SAID THEY DID NOT
MAKE ENOUGH MONEY TO COVER EXPENSES OR ARE
LIVING PAYCHECK TO PAYCHECK.
Sources: Ernst & Young study
52% OF MILLENNIALS WHO HAVE CHANGED JOBS IN THE LAST 12 MONTHS HAVE DONE SO FOR A
SALARY INCREASE.
Sources: Staples Business Advantage
PROFESSIONAL DEVELOPMENT
AVERAGE ANNUAL TRAINING & DEVELOPMENT BUDGETS:10,000 EMPLOYEES: $13M
1,000-9,999 EMPLOYEES: $3.7MUP TO 1,000 EMPLOYEES: $290K
Sources: Brandon Hall Group
THE NO. 1 REASON WORKERS LEFT THEIR JOBS WAS BECAUSE THEY WANTED
GREATER OPPORTUNITIES FOR ADVANCEMENT.
Sources: LinkedIn
CONNECTION & TRUST WITH MANAGERS
62% OF MILLENNIALS WHO FEEL THEY CAN TALK WITH THEIR MANAGER ABOUT
NON-WORK-RELATED TOPICS PLAN TO BE WITH THEIR CURRENT
ORGANIZATION ONE YEAR FROM NOW.
Source: Gallup, Inc.
44% PERCENT OF MILLENNIALS WHO HAVE REGULAR MEETINGS WITH THEIR
MANAGER ARE ENGAGED.
ONLY 21% OF MILLENNIALS MEET WITH THEIR MANAGER ON A WEEKLY BASIS.
Source: Gallup, Inc.
50% OF EMPLOYEES LEAVE THEIR JOB BECAUSE OF THEIR
MANAGER.
Source: Gallup, Inc.
SOCIAL IMPACT
76 PERCENT OF MILLENNIALS CONSIDER A COMPANY’S SOCIAL AND ENVIRONMENTAL COMMITMENTS WHEN
DECIDING WHERE TO WORK.
64 PERCENT WON’T TAKE A JOB IF A POTENTIAL EMPLOYER DOESN’T HAVE STRONG CORPORATE
SOCIAL RESPONSIBILITY (CSR) PRACTICES.Source: 2016 Cone Communications Millennial Employee Engagement Study.
75 PERCENT SAY THEY WOULD TAKE A PAY CUT TO WORK FOR A RESPONSIBLE COMPANY
83 PERCENT WOULD BE MORE LOYAL TO A COMPANY THAT HELPS THEM CONTRIBUTE TO SOCIAL AND ENVIRONMENTAL ISSUES
Source: 2016 Cone Communications Millennial Employee Engagement Study.
88 PERCENT SAY THEIR JOB IS MORE FULFILLING WHEN THEY CAN MAKE A POSITIVE IMPACT ON SOCIAL AND ENVIRONMENTAL ISSUES.
76 PERCENT CONSIDER A COMPANY’S SOCIAL AND ENVIRONMENTAL COMMITMENTS WHEN DECIDING WHERE TO WORK .
64 PERCENT WON’T TAKE A JOB FROM A COMPANY THAT DOESN’T HAVE STRONG CSR PRACTICES
Source: 2016 Cone Communications Millennial Employee Engagement Study.
DIVERSITY & INCLUSION
DIVERSITY: DIFFERENCES AMONG GROUPS OF PEOPLE
AND INDIVIDUALS BASED ON ETHNICITY, RACE, SOCIOECONOMIC STATUS, GENDER, EXCEPTIONALITIES, LANGUAGE, RELIGION, SEXUAL ORIENTATION, AND GEOGRAPHICAL AREA.
INCLUSION: PUTS THE CONCEPT AND PRACTICE OF
DIVERSITY INTO ACTION BY CREATING AN ENVIRONMENT OF INVOLVEMENT, RESPECT, AND CONNECTION—WHERE THE RICHNESS OF IDEAS, BACKGROUNDS, AND PERSPECTIVES ARE HARNESSED TO CREATE BUSINESS VALUE.
MILLENNIALS ARE THE MOST TRADITIONALLY DIVERSE GENERATION IN HISTORY -- ONLY 59% CAUCASIAN.
47 PERCENT OF MILLENNIALS BELIEVE THAT DIVERSITY AND INCLUSION IS
IMPORTANT CRITERIA THEY ACTIVELY LOOK FOR IN POTENTIAL EMPLOYERS.
Source: Weber Shandwick and KRC Research partnered with the Institute for Public Relations (IPR)
BUSINESSES IN THE TOP QUARTILE FOR RACIAL AND ETHNIC DIVERSITY ARE 35% MORE LIKELY TO HAVE FINANCIAL RETURNS ABOVE NATIONAL INDUSTRY
MEDIANS.Source: McKinsey & Company
RETENTION STRATEGIES SHOULD START BEFORE DAY ONE OF
EMPLOYMENT.
HOW WILL YOU MAKE YOUR EMPLOYEES INVESTED IN YOUR
COMPANY STARTING ON DAY ONE?
HOW ARE YOU COMMUNICATING
RETENTION STRATEGIES TO
YOUR EMPLOYEES?
ATTRACTING MILLENNIALS
WITH EMPLOYER BRANDING
48.9 PERCENT OF ORGANIZATIONS REPORT THEY WILL INCREASE
SPENDING ON EMPLOYER BRANDING NEXT YEAR.
Source: Entelo
Companies with positive brands get 2X as many applications as companies with unknown or negative brands.
62% of candidates research companies on social media before applying.
76% of applicants researched companies on LinkedIn by looking at current employee profiles.
70% say they trust what employees say about a company over brand ads.
70% of HR managers plan to use social media to build their brand, but only 1/3 have someone dedicated to social media. Sources: Career Arc, ERE
Media, SHRM, Harvard Business Review, LinkedIn.
MEASURING RETENTION PROGRESS
WORK/LIFE INTEGRATION & FLEXIBILITYFINANCIAL AND PERFORMANCE RECOGNITION
PROFESSIONAL DEVELOPMENT & TRAININGCONNECTION & TRUST WITH MANAGERS
SOCIAL AND COMMUNITY IMPACTDIVERSITY & INCLUSION
ONBOARDING
SHOULD I STAY OR SHOULD I GO?
PAY ATTENTION TO THE GENERATIONAL DIFFERENCES AND EXPECTATIONS OF YOUR
EMPLOYEES.
PUT YOUR PEOPLE FIRST,
AND ASK THEM WHAT THEY NEED TO FEEL VALUED.
