Millennials are the workforce’s largest generational segment—and the largest group planning to leave the workforce. Why? Many say they need a break to recover from work-induced burnout. Their plan? Rely on their savings, then look for a new job that will give them better work-life balance (and maybe a new career path altogether).
Many young professionals, burned out from remote work and equipped with some savings, are quitting their jobs with no firm Plan B https://t.co/vnuCvjLZ2B
— The Wall Street Journal (@WSJ) August 30, 2021
It’s The Great Reshuffling, and it’s happening in droves. An estimated one third of millennials are expected to leave their jobs (and temporarily leave the workforce) in the next year. That’s compared with about a quarter of workers overall, according to a Prudential Financial survey.
So, HR professionals have two options: sit back and watch their attrition numbers steadily climb, or take action now to create a workplace culture where people want to work; that is, keep the great people you have and attract new (millennial) talent that’s on the move.
Since we know you’re the kind of HR team (even if you’re a team of one!) to take action, we’re here to help with tactical ways to get started. Let’s dig in.
1. Foster a Culture That Supports Employee Well-being
Well-being is a critical component of the overall employee experience. Supporting employee well-being includes providing mental health and physical health resources, creating a culture of psychological safety, as well as promoting financial well-being.
Fostering a workplace culture that supports these facets will not only boost overall well-being, but also productivity, engagement, and the feeling of belonging at work. These are all key drivers of a great workplace culture—one that talent will be attracted to and will motivate them to stay.
Also, remember that financial well-being starts with paying employees a fair, equitable, living wage. You can also provide services that help employees manage their finances, which can include retirement planning but also managing their debt, budgeting, and so on.
Supplemental reading: 3 Ways to Attract New Employees During a Labor Shortage
2. Cultivate Strong Leaders
Leaders, especially managers, play a major role in employee engagement, productivity, and retention.
Strong leaders are also a magnet for talent. Top talent wants to work for people who will help them grow in their career, and when your best employees tell their friends, family, and even strangers on the internet about how great their managers are, like-minded (and motivated!) people will want to come work for that manager, too.
3. Offer a Flexible Work Environment
More than ever, millennial employees are performing a balancing act between work and home, having children and child care costs, self-care and re-emerging into their social circles. Being stretched in so many new directions can make employees feel like something has to give. (Hint: That something is work.)
Giving (all) employees flexibility with where and when they work will empower them to get their work done in a way that works best for them. A flexible work environment will also demonstrate that you value them as employees, wherever they are working.
4. Demonstrate Career Progression
Many millennials are taking a break to reassess what they want from their careers. And the ones who see their current jobs as dead ends will look elsewhere.
Read more: The Great Reshuffling: Why Your Top Talent is on the Move and How You Can Win Them Back
To retain the great people you have, ensure that the roles they’re in have clear paths for career progression—and that managers talk to their employees about development and growth opportunities.
This also goes back to cultivating strong leaders like we talked about above. Encourage two-way communication between employees and leaders so that everyone is clear on what comes next—motivating employees to stay engaged and fostering trust in the employee-manager relationship.
5. Provide Meaning
There’s also a faction of millennials that place less emphasis on career progression and more importance on finding meaningful work.
So how do you reach those people? You ask them what’s important to them, whether it’s in an interview or while they’re working for you. Find out what matters most to your employees—and then deliver on those insights.
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At Eddy, we know staying on top of today’s ever-changing workplace can be a lot for a small HR team, especially if you’re a team of one. That’s why we created a software to help take the administrative tasks off your plate, and let you focus on taking care of your employees.
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