Millennials are all set to become the majority of the workforce soon. So, it makes sense to understand the relationship between talent management and the millennial employee lifecycle.
Businesses are in a race to attract, hire and retain the best talent around. It has become a necessity to form a thoughtful strategy early on to help extend each employee’s lifecycle with your company.
Gallup data study classifies millennials as the biggest job-hopping generation by far. They cost a whopping $30.5 billion to the economy annually. Around 60% of millennials also say they are open to a new job opportunity as cited by the same survey.
Determining what the millennial employee lifecycle will look like before hiring might just be the best strategy to reduce short-term turnover rates. There are a few ways to avoid an increase in hiring costs, maintain longer employee retention, and improve your brand image. All these together make a great talent management strategy for the millennial employee lifecycle.
Millennial employee lifecycle revolves around purpose, not paycheck
For millennials to see a long-term future with your company, empower them with a purpose at work. It becomes hard for younger people to stay when they don't see advancement opportunities. The age of social media has bred a culture of seeking constant gratification. They want to be able to relate to the positive change they are working towards.
It has become the organisation’s responsibility to plan out growth opportunities for younger employees. Millennials need a good blend of direction, meaning and vision of the greater good to stay motivated and innovative.
Google, for example, provides its employees with continuous challenges and growth. This keeps the employees on their toes and helps build an environment where many employees look forward to continually collaborate and grow with the company. The work itself is their motivation.
Engagement is a result of strong motivation
Millennials feel motivated when their value is constantly recognised by their employer. When an employer fails to recognise the employee’s value, they tend to flake away. Attracting, hiring, and successfully integrating a new employee into a team can be very time-consuming and costly too. Employers need to plan for this early on by outlining and understanding the employee lifecycle.
Providing enough room in the beginning salary to accommodate regular raises and bonuses keeps the millennial employee motivated. Similarly, investing in training, office perks, and bonus incentives will help maintain employee engagement.
Millennial employee lifecycle and the gig economy
The gig economy is thriving. More millennials are partial towards having a side gig. This is partly due to the flexibility that comes attached to the gig economy. The fact that they are not tied down utilising only to one skill-set encourages many millennial employees to crave flexibility and growth that the gig economy offers.
Part-time positions, temporary gigs and side hustles offer so much flexibility that planning and achieving millennial job satisfaction are harder than ever. Freelancing, hence, is growing as a trend among the youth.
By 2027, the majority of U.S. workforce is going to be a freelancing says Upwork, in a study published by Forbes. Which only reinforces the younger workforce opting for an improved work-life balance, independence and wider choice.
Companies can retain top talent and stay relevant by -
- Embedding the need for creativity within a role.
- Working with flexible hours.
- Encouraging employee’s desire to develop new skill sets so that they can be more productive.
When the right people work for you, your business will surely grow. If you want to attract and retain the top talent, compensate fairly form the beginning. Build a challenging but supportive culture and fix a strong promotion and raise timeline.
Managing the millennial employee lifecycle is as important as creating an employee development plan for the senior members. To help make sure maximum tenure for each employee, establish a thoughtful talent management strategy from the very first day.