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How To Retain Millennial Workforce

Updated: Jan 6, 2023

by Akiff Islam | 20 November 2022

Millennials are those that are born between the early 1980s to the 2000s, and due to the advancement of technologies and modernization, they are instilling the work-life balance more than ever. Millennials’ older generation deems work as a location. But in today’s generation, work life has shifted from a location to a space. Though every generation believes in the positive impact of work-life balance, it's Millennials who demand it from their employers.

The wide age gap among millennials is an ever-adapting environment to accept technology in their personal and professional lives due to their traditional work habits. And nowadays, everybody is keen on hiring a millennial workforce.

Millennials are the leaders of tomorrow, so it makes sense for them to be involved in your company. Besides, millennials nowadays look for more in a company because it’s not just a company anymore. They weigh the workload, career advancement, and lifestyle all at once. Boomers that are too closely knitted struggle to accept the changes made in their new working lifestyle.

But millennials are constantly achieving excellent results in their company, and the older generation can’t ignore that despite their work-life differences. Millennials believe that they can achieve their dream job and are not afraid to leave within a few months to hop to a better company that promotes better career advancement and work-life balance. According to BLS (U.S. Bureau of Labor Statistics), millennials ranging from 25 to 34 years old spend an average of 2.8 years in a position, while 18 to 24 years old spend an average between 8 months to 1.3 years in the same position.

Why Do Millennials Leave?

There's a reason for everything, and this includes why millennials want to leave your incredible company.

  1. Millennials are more assistive with technologies.

  2. They will not settle for less; they want one that fits their criteria.

  3. They're not getting the flexibility that they hoped for.

  4. Their skills are not being used well enough.

Failure to engage between colleagues leads to the downfall of retaining their best employees. Millennials are the majority of the workforce, but they are adapting to changes and modern society. So companies should look back at their hiring methods, recruiting and find ways to retain.

If you have the chance to turn it around, would you like to take a different approach and do better? Then these tips laid out are meant for you:

Recognition Praise Over Reward System

Many bosses acknowledge their employees' accomplishments and achievements, and to some, that can be very rewarding. However, praise recognition is one of the vital keys to retain millennials and improve their work performance. There are still "knit-minded" leaders who are reluctant to feed positive reinforcement in the real world. Little do they know, millennials want to be recognized for exceeding their performance levels. They are interested in meaningful and genuine recognition that allows them to feel empowered.

While the reward system is equally important, the work journey of millennials in a company is also supported by recognition by their higher-ups. In the end, the purpose of recognizing millennials' hard work is to encourage greater productivity.

Fun Time Means Bond Time

The Boomers, a.k.a older generations are workaholics! They grew up excluding fun in their brain the moment they started their longtime career. But millennials know and want to have fun - they look deeper into a company that instills a good working environment, thinking space, after-work activities, etc.

The new age of work means getting to know one another outside of their same old monotonous job helps build a solid foundation for the company and bridges the gap between the employers and the employees. For instance, company getaways break the ice between extroverts and introverts usually portrayed in the office.

Foster Flexible Working Hours

These days, employees have multiple commitments to take up. Whether juggling between taking care of children or simply wanting to squeeze in their busy schedule with the gym, flexible working is the standard for many.

Bear in mind that their need for flexibility isn't because of laziness or slacking off, but a healthier lifestyle approach to work. In the millennial mindset, if they can produce more effective output with an excellent work-life balance, why shouldn't they be allowed to work from their bedroom?

Better Career Advancement Opportunities

These competitive strivers are ready to take on challenging tasks and are willing to put in extra hours to get the job done. Millennials are constant risk-takers; they're not afraid to work abroad or switch between companies if it means climbing up the career ladder.

Companies need to introduce career development and mentorship programs to introduce the culture of continuous learning and professional development for further growth. Mentorship opportunities are initiated by companies to demonstrate the investment towards employees' careers. Employees can get a chance to feel connected with their peers, be engaged in their work and more likely to stay in the company for a longer period of time.

The beauty of mentorship is to maximize the development of employees without looking at the level of seniority, transferring meaningful knowledge, and retaining employees in your company longer.

Millennials = New Era

Though it may be difficult for some companies to adapt, retaining millennials is one of the key contributions to your company's success because they can provide so much. Since millennials are running the world right now, they are always on a hunt for something new.

So, companies need to improvise with time and understand the mindset of all generations. This way, employees will feel morally and mentally obligated to stay in the company they're working for, reducing the turnover rate.


Get connected with FutureLab

FutureLab is an online mentorship platform that connects students, working professionals, jobseekers and entrepreneurs with expert industry mentors across the region to help them gain new skills and insights to enhance their employability and career growth. We also provide our mentoring software for corporations, organizations and learning institutions to upskill and engage their workforce and graduates that increases their efficiency and productivity. Sign up as a mentee or join us as mentors today!

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