While Millennials bring confidence, creativity, and problem-solving approaches in the workplace, their frequent job hopping often perplexes employers. The high turnover among this generation cost companies billion dollars annually.. Studies galore discussing their traits and the ways of retaining them.
Literature is unanimous that Millennial reflects conflicting characteristics. While they are confident, they do not hesitate to switch jobs. They are tech-savvy and team workers, but they are self-centered and self-absorbed at the same time. Positively, they are open to communication, energy, and prefer an open working culture.
Scholars, referring to their 'chronic' traits, have highlighted certain themes that help in their retention. These include work flexibility, growth opportunities, job security, recognition, and promotions. Younger employees in this generation prefer work-life balance that stems from a positive relationship between the employee and employer. Demerit et al. (2014) has affirmed that this balance provides them the required enrichment in both work and home roles that encourages them to optimize their performance.
This generation is, in general, used to instant communication, courtesy to the impact of the technological revolution on them. Hart (2006) has aptly pinpointed that while traditional methods of annual appraisals might discourage them, employers might look for instance and real-time feedback system to enhance their work interest. Besides these general expectations, marking this generation, scholars have concluded that requirements may vary depending on the personal characteristics of employees. For instance, while women prefer intrinsic rewards, males emphasize on extrinsic awards. Taking stock of these variations can assist employers in making effective retention policies.
The bottom line is that Millennials are unlike their predecessors. They value high flexibility and active participation in the workplace. For them, work does not solely equate income. Rather, income plus personal enrichment is what they require. Employers must incorporate these factors to retain their valuable pool.
References
Demerouti, E., Bakker, A., & Schaufeli, W. (2014). Burnout and Work Engagement: The JD-R Approach. Annual Review of Organizational Psychology and Organizational Behavior , 389-411.
Hart, K. (2006). Generations in the Workplace: Finding Common Ground. Medical Laboratory Observer , 26-27.
Linden, S. J. (2015). Job Expectations of Employees in the Millennial Generation. Walden University.
Myers, K. K., & Sadaghiani, K. (2010). Millennials in the Workplace: A Communication Perspective on Millennials' Organizational Relationships and Pwrformance . J Bus Psychol , 225-238.
Sujansky, J., & Ferri-Reed, J. (2009). Keeping the Millennials: Why Companies Are Losing Billions in Turnover to This Generation and What to do About It. New Jersey: John Wiley & Sons.
