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Millennial employees, generally defined as those born between the mid-1970s and early 2000s, will soon comprise half of the workforce. While both positive and negative stereotypes are assumed of young workers, innovative organizations need to have a retention plan in place to accommodate the booming workforce. This white paper projects the high cost of employee turnover on businesses and reviews sources of dissatisfaction amongst Millennial employees. It then proposes a general retention strategy that organizations can use as a starting point for discussion.
EXECUTIVE SUMMARY
Whether an organization likes it or not, ready or not, Millennial employees are roaring.
Millennials, generally defined as those born between the mid-1970s and early 2000s, will soon comprise half of the workforce. While both positive and negative stereotypes of these young workers are circulating, innovative organizations need to have a plan in place to employ and retain their booming entry into the workforce.
Why? The cost of employee turnover is high, and given the entrepreneurial spirit and talent of top performers, businesses will need to remain competitive in their HR strategy to remain relevant. While it is easy to simply ignore the growing needs and requirements of this generation, pioneering companies understand that if they do not customize their benefits packages, someone else will.
The purpose of this white paper is to project the high cost of employee turnover on businesses and review sources of dissatisfaction amongst Millennial employees. It then proposes a general retention strategy that organizations can use as a starting point for discussion. This retention strategy incorporates work-life balance, internal branding and meaningfulness in duties, benefits and perks to include development and advancement, and management training for both the Millennial employee and superiors.
INTRODUCTION
Jessica is a highly motivated, 29-year-old Marketing Manager at a well-known nonprofit organization. In contrast with her older co-workers, taught by autocratic leaders, Jessica's childhood and education were centered on forming friendships and close relationships with superiors. Her familiar, casual personality is occasionally viewed as disrespectful by her older colleagues, who get irritated when she communicates via text and email, instead of picking up the phone or stopping by their offices. Despite conflicting communication preferences, Jessica gets along relatively well with the older staff.
It did not take long for Jessica's...