Organizations are increasingly recognizing the importance of attracting new talent while retaining existing employees. However, as the older workforce begins to retire and leave their jobs, employers are progressively focusing efforts on the younger generation. These generational differences are changing how businesses manage and sustain their workforce, because of the specific needs and expectations associated with both.
With the labor shortage and war for talent in full effect, here are four ways to attract and retain younger employees:
1. Foster a positive corporate culture
A healthy workplace environment is a necessity for improving employee morale and retention while maintaining a positive company reputation. According to a report from TeamStage, this is especially true for Millennials who prioritize "people and culture fit" above everything else. More than this, the report found 86% of job seekers avoid companies with a bad culture and reputation as well. Employers who focus on building a strong and supportive culture in the workplace will see a host of invaluable benefits as a result.
2. Offer learning and development opportunities
This is an extremely significant factor in appealing to and maintaining younger workers. Older generations were generally more inclined to stay at their jobs for longer periods of time, while simultaneously being more loyal to their company. However, this has changed over the years as the younger workforce is more likely to leave a company if their needs and expectations are no longer met. A hugely important factor to Gen Z and Millennials is the opportunity to learn and grow in their careers. Statistics from Lorman highlight 59% of Millennials claim development opportunities are extremely important when deciding whether or not to apply for a job.
3. Promote a healthy work-life balance
In order to attract and retain talent in younger generations, it's vital that employers and managers promote a healthy work-life balance in their employees. This is extremely important to Gen Z and Millennials who value support for their health and wellness. Promoting wellness in employees is favorable for the company as well, as a 2021 report from Toner Buzz found 85% of companies that offer work-life balance programs saw an increase in productivity, and 33% of employees who have found a proper balance are likely to stay at their current jobs long term.
4. Provide flexibility
Employers are increasingly discovering the high value millennials and the younger workforce put on flexibility. This involves having greater control over their schedules, as well as having remote or work-from-home opportunities. Remote work is an effective way to boost employee satisfaction and morale while saving the company money and increasing overall operational efficiency. A report from Apollo Technical even found that those working remotely are 47% more productive than in an office setting.
In the coming years, it will be crucial for employers and managers to focus efforts on appealing to the younger workforce while implementing strategies to keep that talent around for years to come. It's meaningful to remember that younger generations always value companies and managers who are willing to invest in their long-term happiness and success.