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:
- Recognition: For every employee, recognition is very important. When you lay out incentives to reward the employees, the recognition behind the same will be motivating for them. Recognize their contribution to the success of the company and appreciate it in the form of rewards or incentives.
- Challenges: Every employee is looking for a new challenge, nobody likes to work in the same role for years. With every new challenge, the employee grows and tries to seek different solutions to the problems. An opportunity to learn and move towards a new role will be inspiring for an employee.
- Incentives: Without doubt, incentives motivate employees to continue in their present job. If the incentive is not enough, the employee will immediately make the move. Create an incentive structure around transparent goals and give the employees an opportunity to work around the same. Ensure that the goals are not too difficult to achieve and also not too easy for everyone to achieve. Let the employees appreciate the incentives they receive.
- Culture: Keep the company culture in mind. Do not compromise on the culture for the incentives or achievement of goals. Allow employees to take time off, help in the development of interpersonal communication and ensure effective leadership. The culture is what represents the company in the outside world.
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.