3 Tips for Minimizing Millennial and Gen Z Turnover
Probably at least 1 out of every 5 clients that I speak with mention to me that one of their biggest problems is retaining the millennial or generation Z workforce. Employee turnover is costly. What if you could begin to implement low-cost actions that will start making a difference today, would you do it?
While there are perhaps many issues connected with employee turnover at large, when we examine the newest generations in the workforce sometimes things are not always as they appear. Of course we’ve often heard of the need for immediate gratification with the most recent generations and how that might connect to salary or earning potential, and that the newest generations have very little patience when it comes to their career. We’ve also heard that these generations have a great interest in how much time off they receive and the importance of organizational social responsibility in consideration for the climate, environment, or social systems such as welfare and retirement security. All of these things are likely important to most, but sometimes there are more basics needs that can be addressed which don’t directly involve money, paid time off, or costly resources to implement.
Through many presentations, informal interviews, and even social media interactions, I continue to learn a great deal about these workforce generations and here are a few low-cost, high-return strategic suggestions that can make a difference in your organization:
- Connect individuals to the purpose of their work. Most employees regardless of their age are much more motivated when they understand the connection their individual job role has with the organizations mission. Employees who are connected with their job role and see the relevance to organizational success are much more likely to be engaged in their work and feel an on-going sense of responsibility to stay the course.
- Establish role models or mentors of the same generation. So often I speak with organizations that mention they have paired the newest employees with the organizations best representatives as mentors. The idea is that the knowledge, skills, and abilities of the exemplary performer will transition to those newest in the organization. While this is not a bad idea, the missing element is that the power for retaining millennial and gen Z employees comes from mentors who are in their same generation. So not only must the organization establish these leaders, they must also connect them by generation.
- Where possible connect job roles for a work / life blend. Millennials and generation Z employees often view their approach to work much differently as compared to a traditional or baby boomer. This doesn’t make one group wrong and the other right, but it does mean that there are differences. In simple terms the millennials and generation Z employees often prefer more of a blending of work with life which is part of why a connection to purpose is so important. This is not the same as work / life balance; blending implies integrating work with life. What is sometimes challenging in this area is that required job skills or work to be performed is very on-the-job specific and as a result it is more challenging for work / life blending.
Many of the stereotypes often associated with millennial and generation Z are simply not accurate, and the mindset of some is certainly not representative of all. Organizations must look outside of factors such as pay and promotion, sure they are important, but likely not the most important. Does your organization have a specific strategy to address millennial or generation Z employee turnover? Is it working?
– DEG
Dennis E. Gilbert is a business consultant, speaker (CSPTM), and coach that specializes in helping businesses and individuals accelerate their leadership, their team, and their success. He is the author of the newly released book, Forgotten Respect, Navigating A Multigenerational Workforce. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.
