About Us Directory Members Only Join Contact Us

How to Retain Millennials

June 15th, 2017 by Amanda Hofland

Many employers are struggling to attract and retain a qualified workforce, which made our June 14th Business Training that much more relevant. Brein Haugen from Rasmussen College presented research into millennials, and Tamara Anderson of Dale Carnegie facilitated a panel discussion comprised of local working millennials to share their perspective.

millennial training panel

According to Forbes, by 2020, 1 in every 3 adult Americans will be a millennial, and by 2025, 75% of the workforce will be millennials. There are many misconceptions out there regarding millennials, but it seems millennials are just misunderstood. In fact, millennials are the most educated generation – 36% more of them have four-year degrees compared to Gen Xers. And seemingly the most vocal critics of millennials are the very generation that raised them: the Baby Boomers.

Millennials aren’t going away anytime soon, so understanding what motivates them is crucial for employers.

Millennials Value a Workplace in Which…

  • They are given help and support when needed
  • There are incentives for higher performance
  • There are flexible hours to allow for work-life blend
  • They can look forward to going to work
  • They are trusted to do their work and more
  • They can work with limited oversight

Millennials Value a Supervisor Who…

  • Communicates openly and honestly
  • Recognizes their contributions
  • Is trustworthy and trusting
  • Treats them with respect
  • Helps them learn a lot
  • Sets a good example
  • Gives them reason to have confidence in their leader’s abilities
  • Demonstrates interest in the personal lives of people on his/her team

Source: DCT/MSW Research

On the panel, Andrew Young, Hatch Realty, shared that flexibility goes a long way, and for him that means allowing work to happen when each individual is at their most efficient (for instance, working late or from home some days rather than a strict 8 to 5 schedule).

Culture is also a big factor for many millennials, and working in an environment where they feel heard, trusted and supported. They want good relationships with their supervisors, they want one-on-one meetings, and they want consistent feedback. They value open communication and mutual respect.

Our panel was slightly divided when it came to annual reviews, but most agreed that they’re not effective. Instead of going over a whole year at a time, they prefer in-the-moment feedback in response to specific scenarios in which they excelled. Likewise, they want constructive criticism too, because they want to continually grow.

Millennials like challenges, and they like room to prove themselves. They want to try new things, and the trust to run with new ideas. Micromanaging does not align with this generation.

Millennials also value the ability to grow outside of the workplace. They’ll appreciate when employers encourage professional training, leadership opportunities or volunteer hours. They also tend to blend their personal and professional life, which goes beyond working late. They want to be social with their co-workers, so building in time for teambuilding or an after-work outing can go a long way.

Thank you to all our panelists for sharing so candidly with our attendees! Also featured was Kristina Hein, United Way of Cass-Clay; Alycia Peter and Mackenzie McFadden, Rasmussen College; Amanda Even, Dress for Success; and Tyler Fischbach, The Chamber.

Other Findings from Brein’s Study

chamber business training crowd

People change, mature, and develop their values, attitudes and preference as a function of age. This remains relatively stable over time.

Six Characteristics

  • A traumatic or formative event
  • A dramatic shift in demography that influences the distribution of resources
  • An interval that connects a generation to success or failure
  • The creation of a “sacred space”
  • Mentors or heroes that give voice to their work
  • The work of people that know and support each other

The 4 “I”s of Transformational Leadership Style

  • Influence
  • Inspirational
  • Intellectual Stimulation
  • Individual Support

Generational Breakdown

  • WWIIers – 1900 to 1933
  • Swingers or Silents – 1934 to 1945
  • Traditionalists – Anyone born before 1940
  • Baby Boomers – 1940-1946 to 1960-1964
  • Generation X – 1960s to 1975 – 1982
  • Millennials – 1982 – 1983 to 2000

 

Thanks to the Forum for this great article on the event! How to hang on to millennial workers, according to millennials

Check out these Tweets from attendees!

Share

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

 
FacebookTwitterLinkedInBlogRSSYouTube
Hosting by Hostgator Coupons