<i>What do millennials want?</i> is a big question facing organization these days. HR managers are looking for recruitment strategies that can help achieve the optimal person–organization fit. Several organizations have already started implementing innovative practices to attract and retain millennials. They are unique in their characteristics and consumption pattern. Millennials are known to have forced several organization to adapt the workplace and work environment. Their varied ways of life are also reflected in their work settings. Millennials enter the workforce with unique needs, characteristics, expectations and personalities. These differences pave the way for new challenges that contemporary organizations encounter on a regular basis. This book demystifies the problems faced by HR managers and recruiters when hiring and working with millennials. It offers descriptive and prescriptive insights on leveraging the millennial talent.
Chapter 8: Strategies for Retaining Millennials
Strategies for Retaining Millennials
[Page 176]As millennials form the majority of the workforce today, it is time to address the problem next in line, the problem of retention. Millennials are job-hoppers and are not found to stick to a job for more than a few years. For the average American millennial, the median tenure that he/she stays at one job is 1.7 years (1). The high turnover rates are extremely problematic for the management as the functioning of the organization is hindered if a portion of the workforce keeps changing very often. The task of retaining the millennials, therefore, becomes vital in light of the growing millennial workforce.
Retention is important since loss of valuable knowledge workers stalls the growth and productivity ...