Want to attract and keep more millennial talent?
Offering only financial stability won’t work.
Wait a sec—the millennial workforce has the highest rate of unemployment and underemployment in the U.S. What does this mean? We’re missing out on a huge resource of talent. The real shocker? Of the millennials that are employed, only 29% are emotionally engaged at work and love their jobs. Whoa!
Why is this so crucial? Because the sheer number of millennials recently surpassed any other generational group. Both the economy and the workforce are highly dependent on this group. If millennials continue to be emotionally disengaged in their jobs the companies they work for will suffer.
How to Attract Millennials
According to a recent report from Gallup, “Millennials want what previous generations wanted: a life well-lived, good jobs with 30-plus hours of work a week, regular paychecks from employers BUT they also want to be engaged (emotionally and behaviorally), they want high levels of well-being, a purposeful life, active community and social ties. They want to spend money not just on what they need, but also on what they want. Only 29% of employed millennials are engaged at work and half of them say they don’t feel good about the amount of money they have to spend and less than 40% are what Gallup defines as ‘thriving’ in any one aspect of well-being.”
Let’s take a closer look at these engagement numbers.
How To Retain Millennials
How do we create a culture that engages and compels millennials?
According to Gallup: performance management requires a constant focus on feedback. 44% of those polled are more likely to be engaged when their manager holds regular meetings with them. This means meeting on a regular basis, and offering consistent feedback. Weekly meetings are key, even if short. Clear and actionable feedback is too. They want to matter, and they must experience safety, belonging, mattering and be connected to a purpose. The purpose is what will compel them to perform well and consistently. It’ll also keep them with your company.
Gallup says there are six functional changes (The Big Six) that need to happen in the organizational culture to attract and keep millennial talent.
Jim Clifton, Chairman and CEO of Gallup made the following statements. I am adding a few tools that will help you achieve the Big Six in your organization.
Take the time to implement the strategies listed above and let’s make work a whole lot more meaningful for this untapped talent pool.