Millennials, often hailed as the true digital native generation, are breathing new life into the workforce and technology is the enabler at the heart of this workplace revolution. As Millennials are seemingly favouring SMEs over corporates, it is the prerogative of SME owners to embrace new technology.
Capturing the best millennial talent has its own perks but getting and retaining these people on-board is not a smooth sail. Aligning their needs and expectations with those of the existing workforce so that they collaborate seamlessly is also a challenge.
With significant and drastic change in job market over the past few decades, most employees lack ‘job for life’ attitude, they often switch jobs after a short number of years and are on a constant look out for the next best opportunity.
To do employee attraction attention and retention is a major task, the frequently losing employees can be cost intensive for SMEs and can result in loss of productivity and client relationships. To reduce this employee churn, let’s have a look at the benefits that SMEs can offer their millennial employees to keep them driven and motivated.
For Millennials, the biggest motivation driver is lifestyle benefits such as positive work-culture, work-life balance, location of organisation close to home and flexible working hours. In corporate world, these benefits are attracting and retaining talented employees.
Career Development Opportunities
SMEs must provide ample career growth opportunities to their employees. The employee retention techniques such as formal and informal training, professional accreditation, fast job progression and well-defined job responsibilities develop positive attitude in Millennials and boost their morale and performance.
Rewards and Recognition
SMEs should take time to creatively celebrate accomplishments of their employees. High salary, recognition and appreciation awards, bonuses and incentives, team outings and other employee perks encourages Millennials to stick for long to an organisation.
Why employee retention is important? Millennials are a technology-driven generation- a generation that believes in using technologies such as social networks, collaboration and communication applications, instant messaging and online meetings. Equipping Millennials with technological capabilities will help SMEs in retaining them for long.
As attracting and retaining talent becomes increasingly tough, embedding of flexible work hours, work-life balance and virtual communication applications in organisational culture is of utmost importance for instilling confidence in Millennials and sparking a positive change in them.