Why Your Business is Losing Millennial Talent - And How To Retain Them

The millennial generation is known for its progressive views, creativity, and long-term thinking. As a hard-working generation that’s grown up with technology, much of the active workforce currently belongs to this generation.

Yet, with some of the worst future outlooks, a society that seems to be falling apart, and the worst cost of living crisis in over 100 years, this age group has definitely got the short end of the stick. Alongside the dire external circumstances, the mounting pressure at work due to always being plugged in is leading to unparalleled levels of burnout.

At present, only 29% of millennials are actively engaged in their jobs, with the vast majority looking for new opportunities wherever they can. If your business is losing millennial talent, you’ve come to the right place.

We’ll move through some of the very best ways that you can make your workplace a better place to be. With better engagement, your business will have millennial talent stay on for longer, be more productive at work, and contribute to the success of your business.

Let’s get right into it.

Why Is Millennial Talent Participating in the Great Resignation?

Over the past few years, the great resignation has begun, with millennials across all sectors quitting their job in search of something more. Millennials are some of the most valuable assets in the workplace, with their balance of experience in a field yet a high number of remaining years before retirement making them incredibly valuable.

Companies that don’t treat this group like a commodity are often seeing hoards of workers leave. And, with a rescission on the horizon, now is not a good time to have to spend thousands on interviewing, hiring, and onboarding new talent.

There are a range of reasons that millennials are leaving the workforce:
  • Burnt Out from Stressful Work
  • Poor Workplace Culture
  • No Career Movement
  • Rigid Work Schedule
  • Poor Management
If you believe your company has any of the above factors, then that could be a major reason why you’re experiencing high levels of workplace quitting. Always look inward, discuss with your employees, and make sure you ask questions during your exit interviews.

Understanding why people are leaving is the first step toward actually fixing the problem and steering your business toward better working conditions. Often, treating the root cause is also the cheapest and most effective way of keeping talent on. Especially as we head into a recession, we recommend you look inward sooner rather than later.

How to Stop Losing Talent? Create a Workplace That People Want to Work In

One of the very best methods of retaining millennial talent is making sure your work environment is one where people actually want to work. If your job adverts describe a work hard, play hard style of working, you might want to reassess. People don’t want to sell their whole lives to the corporate world. They want to do the work they’re paid for, and not a second more.

Creating a workplace that allows millennials to do their best work possible is vital. There are a few strategies you should employ here:

Keep Hours - Try to make sure that no one goes over their working limit. Keeping overtime as a paid commodity will help make sure people stop when it’s time to stop.

Create a Diverse Atmosphere - If you take a look into the diversity metrics within your company and see that inclusion is lacking, you should try and reshuffle. Making an effort to create a diverse and inclusive atmosphere where everyone feels welcome is a great way of increasing workplace morale and creating a nicer place to work.

Remote Working - Offering your employees the ability to work from home is one of the very best methods of retaining top talent. Long gone are the days of an hour commute being acceptable. Unless you’re paying your employees for commuting time, you shouldn’t force them to come into a physical office. Remote work is equally as productive, means you don’t have to rent office space, and improves employee happiness. This is one of the best things you can implement.

Across these three methods, you’ll be able to create a workplace that more people are happy to be in. Work shouldn’t be something that people dread coming into. As managers, we’re able to construct better environments that keep people engaged and happy while at work.

Understand What Millennial Talent Wants

The millennial category is actually incredibly vast. Everyone born in the period of 1981 to 1996 is technically a millennial, with younger members of the workforce belonging to Generation Z. Having a 15-year age span, there’s a big difference between a millennial born at the start and end of this period.

In 2022, the youngest millennial will be 26, while the oldest will have just begun their 41st year. The difference between a 26-year-old and a 41-year-old is immense, meaning it’s hard to pin down what this group could be doing with their lives. A younger millennial could just be figuring out their life, while an older one could be settling down and starting a family.

Despite the age difference, what connects all of these people? A need for money. No matter where your millennial staff are in their life, money is something that they will value. Especially with global inflation increasing, the US entering a recession, and the cost of living crisis in full swing, keeping your top talent could come down to money.

Gone are the days of workplace loyalty because, realistically, it didn’t really get anyone anywhere. Instead, millennials are actively looking for jobs that pay better salaries. In fact, around 37% of employees are currently searching for a new job. This figure reflects the fact that people need money to live. If a different company is going to pay better, then you’re not going to win them over with a few pizza parties each month.

If you really want to keep millennial talent in your business, you need to invest in them. Do market research, find out what your competitors are offering, and beat it. If you’re wondering where the money is going to come from, look upward. Companies are reporting the highest profit margins in decades, yet worker pay has hardly shifted.

If you’re willing to pay your staff what they deserve, they’ll stay.

Wrap Up

By creating a better work environment, your employees are more likely to enjoy their time at work. Fixing central issues and streamlining communication can go a long way.

That said, the hard truth is that the best way to keep talent is to pay them to be there. If you don’t want to pay your top talent what they deserve, that’s your prerogative. But, don’t be surprised when your millennial team members start walking over to competitors that will.
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