The topic of millennials in the workforce has been a popular one lately, especially regarding the length of time spent working for an employer. Is this new generation of workers so different from those before them? While it may be easy to dismiss the issue as catering to a "me generation," the fact is that what is now desired in an employer has changed. Businesses that choose to embrace some new strategies in their interaction with employees stand to gain a staff that will stay on-board for the long haul.
Here are 10 simple tips for retaining millennials at your financial institution.
1. Offer Benefits
This may seem contrary to some popular concerns voiced in the media, but millennials actually do care a great deal about benefits packages. Businesses that can offer a package that not only contains the typical medical insurance and a standard 401(k), but offer additional options and the ability for their employees to choose and tailor their own specific benefits, are more likely to have workers who want to stay.
Millennials hold a lot of power in the economy right now. This generation has different spending habits and financial priorities than generations before them, and companies that offer them financial opportunities can bring something extra to the table. This can be as simple as investing options, to offering money management classes and financial counseling.
3. Office Hours
The days of Monday-Friday 9 a.m. to 5 p.m. work weeks has evolved over the past few decades. Previous generations found themselves working well over 40 hours and five days out of every week. However, having grown up witnessing their parents working such long hours and missing out on so much has given this millennial generation a new perspective on what the work-life balance should look like. Not to mention, with the abundance of new technology, 'the office' has taken on a much different meaning. Offering your employees alternate work schedules or the ability to tele-work is highly desirable among the newest members of today's workforce.
4. No Dead Ends
With millennials expecting to stay at their current jobs for less than three years, ensuring there is potential for growth and upward mobility is crucial to retaining your employees. With the baby-boomer generation retiring, there is a natural shift among higher level workers to fill these positions. This creates opportunities for companies to take advantage of internal promotion options before conducting external hiring. Promoting from within is not only beneficial for business, it generates a sense of stability among employees and demonstrates that their talent will be rewarded.
5. Utilize New Technology
It is no secret that our world today has become centered around technology. As a result, many businesses are finding that they must alter the ways they have operated for decades in order to compete. Consumers are now able to order and pay for products without ever having to speak to a human being. They can voice complaints or make recommendations all via the internet. Embracing these new avenues by creating online websites and social media pages may seem like it would decrease the need for increasing your employee numbers, but in fact the opposite effect can take place. Millennials have grown up in a technologically-driven world, so who better to manage internet-based applications? Filling cyber security positions is also imperative for the security of companies that deal with everything from online sales transactions to employee databases.
6. Buddy System
There can be an evident divide among 'the new guys' and the seasoned employees. Allowing new employees to work directly with more senior coworkers can create mutually beneficial relationships among your staffers, each bringing different perspectives and experiences to the table.
7. Recognize a Job Well Done
It may seem like the most basic of ideas, but employees who feel that they are doing a good job and their work is appreciated are more likely to stick around. Recognize when a project is done well, or when extra effort has clearly been put forth, and you will have a staff that is willing to go the extra mile.
It has been said that there is nothing you cannot learn on the internet, but there is something to be said about good old fashioned face-to-face interactions. Giving employees the opportunity to learn directly from others in the financial field will open avenues for new ideas and business relationships. Attending conferences and meeting veterans of the industry gives millennials the chance to learn skills and appreciate the work that has been done before them.
Education has been one topic that is repeatedly brought up among millennials. While some businesses provide money for college courses, offering other educational opportunities is another reason for employees to stay at their current jobs. Classes on new technology and opportunities for new certifications will give your staff the confidence of knowing that their employer is investing in them, as well as the desire to continue working there.
Perhaps the most basic advice of all is to listen. Don't just declare an open-door policy. Instead, actually create opportunities for dialogue between you and your employees. Give them the ability to voice concerns or suggest new ideas, and take steps to work together towards a solution. Fostering stronger relationships between employee and employer is crucial to retaining workers at your company for years to come.
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