Job hopping for millennials has never been new. With a large number of organizations always on the look out for fresh talent, millennials have it easy when it comes to hopping from one job to another. With every change in the job, the individual earns a higher role, a bigger package and convenient working environment. Millennials are expected to change their roles every 2.5 years and they are not only changing jobs, but also changing the industries they work in.
Earlier, employee retention was the hallmark of a company and it reflected the health as well as the working environment for the employees. With the start up age and the growth of various companies, an open people movement policy has blossomed. This gives a chance to learn new skills and quickly adapt to the professional environment by building a stronger and impressive resume. Millennials consider personal development as the most important factor in any job. Here is the truth- if the employees do not have the option to change their roles, they will exit the company. Millennials are expecting new challenges time and again, which is the reason they are willing to make a move. Even with the right pay, flexible working conditions and happy employees, companies have seen individuals jumping ship. To ensure that the employees stay put in the current company, the best thing is to change the roles without having to change the company.
The four ways startups can retain great employees include:
For companies who are looking to retain their employees for the long term, it is important to think from the employee’s shoes and see what works for them and what doesn’t. Keep one thing in mind- monetary compensation is not the ultimate form of reward.