Hiring quality employees are just a portion of what it takes to build a sustainable organization. Once you get them you have to be able to keep them. Retaining the next generation of the workforce is key to the longevity of your company. And, contrary to popular belief, millennial workers are not solely concerned about the amount of money they bring home at the end of the year. Is it a factor? Of course, but it's not THE factor. Millennials are willing, and want, to be loyal to companies they feel are loyal to them. Here are the top 5 ways to attain and retain a quality workforce in today's ever-evolving employment marketplace:
1. Invest in their professional development: No one wants to be treated like a number that makes numbers for your company. They want to be a valued part of a company that takes interest in their professional goals. Do you offer on-going training or opportunities to send your employees to training that will further their knowledge in their career field? If not, find creative ways to do this in a cost effective way. Truscott Enterprises would be happy to help you find some low-cost solutions to maximize your employer and employee potential.
2. Be an organization that supports grassroots efforts, especially in your community: The new generation of workers, and most of the previous ones, want to know that their work makes a difference...not just a profit. While you have a bottom line in mind, so does your workforce, They want to know if you are an integral part of the communities you do business in. The days are gone where staff are comfortable working for an organization that just takes from the communities they are in without giving something back. Do you donate a portion of your profits your organization makes to the local communities? Are you active in relief efforts with natural disasters happen? Give your staff an opportunity to volunteer their time and resources into local community service projects right in your backyard.
3. Compensate them fairly: Remember, it's not THE factor but it is A factor. Making a wage that satisfies all of their needs and some of their wants is what most people say is enough for them to feel satisfied at work. The key word is fairly. Every organization does not have the ability to be on the top of the pay scale for every position, however ensure that you are doing the research to see if you are in the range of what the positions pay outside of your organization. Conduct annual salary and wage comparisons across your region, and nationally. Take the information that is provided by the Department of Labor (which is free of charge) and compare your pay scale to those. Then, let your employees know the results of what you find. Inform them that you are taking these things into consideration, even if you can't afford to increase their wage at that time. Who knows, you might just find other inventive ways to reward them such as incentive pay, shift differential, PTO, bonuses, etc.
4. Make their health and wellness a priority: Today's generation is living much longer than generations in the past. We don't just want to live longer, but we want to live better lives. Employees spend a large amount of their lifetime with you, at work, so why not take the initiative to improve their time with you. A healthy work-life balance is part of that equation as well. Set the example that you expect all of your staff to work 60 hours per week when they are only scheduled to work 40. Enroll your organization at the local fitness club so that your staff can take advantage of low-cost membership rates. Implement a wellness plan that helps them track a healthy BMI, send out meal plan options, bring in a fitness expert that can assist them with weight loss goals, start a smoking cessation program. These are all excellent ways to show your employees that you don't just care about what they can do for you, but you care about them.
5. Go Green: If generations are living longer, they will need a place to live out that life. This generation of workers are concerned about the state of the world they live in. And they are equally concerned that their employers are trying to make an impact. Does your organization recycle, use recycled materials, and conserve energy? When was the last time you had an energy audit done on the equipment you use? What about making use of nontraditional business hours to take advantage of solar power instead of electric currents? WOW! Look at some ways that you can easily become a more green organization.
There is no perfect formula to hiring and retaining the cream of the crop but these are some great ways to head in the right direction.