Retaining your Millennials

Monday, 03 October 2016

By 2025, Deloitte estimate that 75 percent of the world’s workforce will be made up of Millennials – a generation tasked with growing and driving your organisation towards success.

Unlike their predecessors, Millennials are very particular with their employment options. They have a tendency to view job roles as being incredibly transient for a variety of different reasons. With this in mind, it comes as no surprise that employers in all sectors have experienced difficulties with Millennial retention.

This issue, paired with the long history of retention problems associated with the licensed retail and hospitality sector, seems as though it’s a combination heading for disaster. But perhaps what many employers fail to realise is the big difference between Millennials and previous generations.

According to a report by the PwC, Millennials are not motivated by financial reward. Instead, they are driven by the need to gain professional development within every job role.

A report by Indian technology giant, Infosys, also echoed this desire for professional development. The study, which surveyed 1,000 young people, aged 16-25, across nine separate countries, showed that 80 percent of participants viewed learning and development as a paramount aspect to their future success.

In simple terms, if professional development isn’t on the table, they won’t stay around for much longer. But one great positive about working in licensed retail and hospitality sector is the vast range of new skills individuals can learn. It’s not just a case of working a few shifts behind a bar, and suddenly, you’re an expert. There are so many different aspects to master – from maintaining a cellar to visual merchandising.

By providing regular training and a two-way feedback environment, it gives Millennials the chance to achieve new milestones and voice any underlying concerns. Perhaps you have a long-serving team member who’s ready to become a Personal Licence Holder, or maybe a new starter that wants to undertake a Conflict Management e-Learning course.

If you have the resources, then it’s difficult to ignore an individual’s desire to learn new skills and experiences. Of course, no one expects employees to hang around forever, but a consistent flurry of compliance and soft skills training will help your Millennials realise they are in the right place for professional development.

In a world of Facebook and selfies, older generations can be forgiven for thinking Millennials were born with a smartphone at the ready. Unsurprisingly, they have been shaped by technology. Their strong affinity with the digital world sets them apart from previous generations. As a result, Millennials view software technologies as a key enabler to their future success.

Yoh, a talent and outsourcing company in the United States, reports that Millennials have a desire to use work-based software that is fun and intuitive – almost like a video game, which can be used anywhere and on any device. This is also an aspect that goes hand-in-hand with high levels of staff engagement.

Gamification and animation are strong examples – especially within learning and development software. Whether it’s within mobile apps, e-learning courses or career pathways, it gives them the freedom to work in a way which they can relate to – motivating them to change behaviours, develop skills and solve problems.

A large proportion of Millennials entered employment during the economic downturn, but their willingness and determination to succeed remains strong. By providing the right training and software to engage, it will go a long way in retaining your Millennials and increasing productivity in the process.