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With more millennials entering the workforce every day, it can be a struggle to keep all of them happy at their jobs. What does it take to make millennial workers stay and grow with the company? Conversely, how do you keep current and longtime employees engaged?
Employee turnover rates are the highest they’ve been in years. Roughly half of working millennials say they would leave their job, according to a survey by Deloitte. A rate this high could be detrimental to the economy and leads to loss of institutional knowledge and increase retirement costs. So, how do employers retain employees? In an article from Employee Benefits News, experts claim that the way to do that is by listening to what employees want, offering benefits customized to employees, and explaining how their benefits package works.
While many companies are concerned with being attractive to millennials, they are also struggling to retain their Gen X employees. This group brings experience and leadership skills that are valuable to the team. When surveyed, most Gen X workers said stress from work has a significant impact on their lives, according to Welltok, and many agree that company leaders should be more concerned about their needs. An article from Benefits Pro claims that GenXers generally have different priorities than millennials and require a different set of benefits.
Finding a happy medium and providing benefits packages will take listening to employees and customizing as much as possible. Leadership teams that have good relationships with their employees are also a plus to keeping morale high.
This topic – and many more related to the challenges of recruitment and retention – will be discussed at Hard Truth Happy Hour: Getting Real About HR. Click here to register for the event.