4 Tips for Reducing the Turnover Rate of Your Millennial Employees | CareerMetis.com

When you’re running a business, you have more elements to work on each month than can easily be listed. Yet, in your packed-full schedule, it’s necessary to create time to consider the engagement and productivity of your workforce and to take action to boost this.

In particular, you must find ways to reduce the turnover rate of your employees. When someone leaves your organization, they take their knowledge and experience with them.

Plus, you also have to spend time, money, and energy to find a replacement and train them up.

Furthermore, if your turnover rate is high, general team morale is likely low, too.

When it comes to keeping employees committed, loyal, and onboard, many business owners struggle to get the results they want, especially with younger staff members.

However, there are things you can do today and into the future that will help to reduce the turnover rate of your Millennials and other young workers.

1) Ask Employees What They Want

The first step is to ask employees what they want. You don’t have to guess and stress about making the right choice. Instead, have conversations with younger workers to find out what they value most. They might surprise you with what they say, as these days Millennials tend to be more focused on other factors than how much they get paid.

These chats can be done when you first hire people, in annual performance reviews, or in other one-on-one conversations throughout the year.


2) Help Workers Feel a Part of the Business

Something many Millennials mention is the importance of feeling like they have a purpose in their work, and are truly part of the business. People look for meaning and want to be more than a cog in the wheel; they want to know that what they do and say makes a difference.

As such, look for ways to include young workers in the direction of your venture. Ask them for their ideas on new products or services, or ways to solve problems or otherwise innovate and drive the business forward. Implement as many of their ideas as possible, too.

Plus, give people accountability. That is, be wary of micromanaging your team. Hire the best people for each job and then leave them to go about their tasks as they see fit. As long as employees are achieving what you need them to in the desired timeframe, it shouldn’t matter how they get to that point.


3) Thank Staff Members

It’s also wise to thank your staff members, especially the younger ones who have grown up being acknowledged frequently.

Don’t just thank employees for their successes, either. While results are nice, it’s as necessary to take note of people’s efforts. Thank workers for filling in for sick or vacationing colleagues, for staying back late regularly to help complete projects, or for being proactive and coming up with suggestions for how to streamline processes or otherwise improve the business.

Thank people in person wherever possible, too, or else opt for a meaningful handwritten letter, phone call, video chat, or email as required. You might also like to thank people in a more public way, through company intranet boards, newsletters, social media sites, or in group settings, like meetings or at conferences.


4) Hand Out Awards

Awards also go down well with Millennials and other young workers (not to mention your entire team). Set up a regular awards program, such as an Employee of the Month system, or do things more freely, as you feel it’s needed.

To get the best results from awards, make a big fuss of employees receiving them, and always be on hand yourself to give them out. If you’re not available, at least have another top manager there to do the honors. In addition, check out employee recognition awards ideas for options of quality mementos you can provide to staff members.

For instance, you could choose glass or brass awards, framed certificates, or even go down a more light-hearted path and set up trophies in fun shapes that relate in some way to what the business sells or some in-joke all the team is aware of. Either way, ensure the award is seen as something special and meaningful, not cringe-worthy or boring.

These are just a few of the steps you can take to build a positive workplace with engaged Millennial employees who stay working for you longer.

Other ideas include:
  • Providing perks and rewards
  • Giving people the chance to move around the company
  • Offering training, access to events, and other opportunities for employees to grow
  • Providing flexible work hours and locations
  • Coaching and mentoring young workers and giving regular feedback
  • Enabling employees to give back through volunteering or fundraising in-office time

Implement at least some of the ideas mentioned above and you should soon have a more committed and loyal team of employees.

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