The average tenure of a Millennial is about two years. This short-lived tenure leaves companies faced with a new and never seen before dilemma – how to retain employees. This retention problem is only made more challenging when you have Silicon Valley giants like Google, Apple and Facebook drawing much of the young talent. So, how do you solve this problem? The key is in understanding how Millennials work.
Millennials have received criticism by the Boomer generation surrounding their desire for immediate results and speedy workplace advancement. Regardless of what side of the argument you fall on, Millennials are going to make up a significant portion of the workforce in the coming years. A recent Forbes study shows that in the next 10 years, Millennials will make up 75% of the global workforce, and, as a result, their ways will inevitably become the ways of the entire working world.
It is understood that in order to retain this talent, it’s important to discover, develop and utilize the skills of your workers. Millennials are forcing companies to take a hard look at how they achieve this today. They are creating an atmosphere where companies are forced to align with the needs of the workforce. If the companies fail to achieve this, the Millennials will find employment elsewhere. Taking the time to discover these skills ensures that you are getting the most out of every person hired. Knowing their capabilities will allow you to involve them in projects where their talents will be of the most value to your company – driving both innovation and growth. The Millennials are reassured that you are fully invested in their professional development when they are put on teams where they’re able to develop functional skills in their areas of interest. This is something that is very valuable to the younger generation, and is something that determines their tenure your company.
This shift in the way work is done presents a huge opportunity to companies. If you are able to find and utilize the skills of your Millennials, you and your company will win the battle for talent.