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Next week, I am going to address how Millennials can demonstrate their loyalty and prove themselves to their company. To lead up to that topic, I wanted to revisit a past blog post from  a couple years ago about how Millennials are perceived in the workplace. Thanks for reading and, as always, thank you for your feedback!

-Margaret
Young businessman in office looking at camera.

Let’s talk about a touchy subject: Millennials and loyalty. At first glance, the Millennial generation seems to be comprised of disloyal job-hoppers. Statistics show (according to Multiple Generations @ Work”) that a staggering 91% of Millennials expect to stay in a job for less than three years. Such high turnover can be tough for companies and cripplingly expensive. In fact, close to 90% of the firms surveyed (according to an article from MainStreet.com) reported that the cost of replacing a Millennial employee was anywhere from $15,000 to $25,000.

These numbers seem overwhelmingly negative, but let’s take a step back and look at Millennials and loyalty from a larger scope.

First of all, consider the context. Millennials have entered the workforce during one of the worst economic periods in history. Companies are downsizing, outsourcing, and slashing salaries in an attempt to stay afloat. And even though cost-of-living and college tuition are increasing dramatically, paychecks are not. Says Rich Milgram, Beyond.com‘s founder and chief executive, “Younger job seekers don’t have it easy in the current economy and they’ve been put in a hole by the generations that have gone before them.” Oftentimes, Millennials practice strategic job-hopping because they know they could be let go at any time. It’s a defensive move and gives them a sense of security if they feel their current position is in danger of being snipped.

Secondly, Millennials’ definition of loyalty is often different from other generations. Consider this statistic for a moment from Philly.com:

More than eight in ten young workers (Millennials, aged 19-26) say they are loyal to their employers. But only one in 100 human resource professionals believe that these young workers are loyal.

Why the huge difference in perspectives? Many believe it has to do with the way Millennials think about loyalty. Many members of this generation do not necessarily pledge themselves to a company, but to a boss or co-workers. Cam Marston, author of “Motivating the ‘What’s In It For Me’ Workforce” says, “Effective bosses are the number one reason why Millennials stay at a job…They have great respect for leaders and loyalty, but they don’t respect authority ‘just because.’ This is why it’s so important to have exceptional leaders at companies to retain these younger workers. They don’t want someone who micromanages and thinks of them as just another worker. They want someone who inspires them to stay at a company.”

Another attribute that keeps Millennials loyal? Workplace atmosphere. A 2012 survey by Net Impact found that 88% of workers considered “positive culture” important or essential to their dream job, and 86% said the same for work they found “interesting.” Additionally, the same Net Impact survey found that 58% of respondents said they would take a 15% pay cut in order to work for an organization “with values like my own,” demonstrating that Millennials are not just content with “any old job,” but seek meaning in the work that they do.

The issue of Millennials and loyalty is a tricky one, but one thing is certain: We cannot just write-off this generation as disloyal and wishy-washy. With the right workplace atmosphere, excellent leadership, and by providing the right set of motivation tools (as covered in a previous post), Millennials will stick around and perform the kind of innovative, creative work they’re known for.

If you (or your company) needs help creating the right conditions for your Millennial workforce, contact me to discuss potential strategies.

MARGARET SMITH IS A CAREER COACH, AUTHOR, INSIGHTS®DISCOVERY LICENSED PRACTITIONER, FOUNDER OF UXL, AND CO-FOUNDER OF THE TAG TEAM. SHE HOSTS WORKSHOPS FOR PEOPLE WHO NEED CAREER OR PERSONAL GUIDANCE. YOU CAN VISIT HER WEBSITE AT WWW.YOUEXCELNOW.COM

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millennial cafe photo

Today’s new batch of workers are not necessarily motivated by old incentives: a decent salary, a benefits package, a few vacation days. In fact, 92% believe that business success should be measured by more than profit. Instead of luring your new hires in and trying to keep them with traditional methods, take the time to understand how Millennials think.

To be brief, Millennials are generally altruistic, enjoy flexibility, crave diverse and challenging tasks, appreciate a healthy work-life balance, and seek fun and camaraderie in the workplace. They also carry quite a bit of college debt and are generally well-educated.

So, how do all those features translate into keeping Millennials motivated and retaining them? What can your workplace do to be better compatible with the way Millennials think and behave? Here are five suggestions:

  1. Consider flexible work hours

According to Cisco Systems, Inc., a whopping 69% of Millennials believe office attendance is unnecessary on a regular basis. Many Millennials are task or goal-oriented and are perplexed by mandatory 9 to 5 office hours. By allowing Millennial workers to have flexible office hours or a couple work-from-home days each week, your company is more likely to mesh with their work styles. Frankly, some Millennials work better at nine o’clock in the evening and, with a flexible work schedule, that’s okay. Just make sure they have clear goals and are accomplishing everything they need to accomplish (which brings us to suggestion #2…).

  1. Give regular feedback

Millennials like specific goals and tasks and they also like to know how they are performing. Keep in mind, Millennials grew up with lots of measuring sticks—video game scores, report cards, standardized tests, social media performance data such as Facebook “Likes” and “retweets.” They need to know if they’re on the right track or performing to standards. On the same token, Millennials like incentives. Consider running inter-office competitions or giving out bonuses (or something as simple as a gift card to Starbucks) so that your Millennial workers have something fun to work toward.

  1. Have a heart

The Millennial generation is known for logging tons of volunteer hours and getting involved in both local and global causes. They care, and your company should too. For example, Dan Epstein, CEO of business consultancy ReSource Pro, allows his staff (which is comprised of 90% Millennials) to form committees and use company resources or time to organize their causes. “Whether it’s weekends with Habitat for Humanity,” Epstein says, “or time off to run in charity marathons, the company’s encouragement helps them feel good about the company.”

  1. Encourage creativity

Inc.com says, “Millennials are the poster children of innovation, and encouraging employees to find and utilize new solutions and outside-the-box thinking can have huge benefits.” The employee gets to learn a new skill or think about a problem in a unique way and the company benefits by tapping into the creative thought that Millennials are known for. One way to keep Millennials interested and encourage innovative thinking is to allow them to present self-defined project ideas to your company’s management. Progressive companies like 3M and Google often give employees time to work on projects of their choosing, which helps the employees feel more independent, engaged, and part of the fabric of the organization.

  1. Offer alternative compensation

Millennials are interested in incentives beyond money. Offerings such as public transit passes (or bicycle commuting credits), shares in the company, or bonus vacation days are all enticing to Millennials (who generally support public transit, like being a part of the larger company picture, and tend to travel far more often than their older counterparts). Another great way to entice Millennials is to offer loan repayment plans (give them a monthly stipend designated toward paying off student debt), or offer them continuing education opportunities (such as encouraging them to pursue an advanced degree or offering office-wide training programs, such as Insights Discovery or DiSC workshops).

Have questions about motivating your new hires? Contact me today and we’ll discuss some personalized strategies that you can start implementing in YOUR company this year.

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