The Crucial Relationship: Retaining Millennial Talent
One of the hallmarks of the millennial generation is that they’re more willing to switch jobs than previous generations were. Because of that comfort with job-hopping, you may worry about investing time and resources in training a new employee, only to see them bolt for a competitor after just a few months.
Create a Fulfilling Workplace
Psychologist Gustavo Grodnitzky, PhD advises that the best way to retain your millennial staffers is to create a workplace they find fulfilling.
“They come and stay if a company focuses on relationships, a cause, and a culture that allows them to blend their lives while maintaining growth and performance,” he says.
Consider offering them non-traditional bonuses. Tickets to a cool event or popular restaurant might incentivize them even more than cash.
Be a Good Supervisor
If you’re supervising millennials, you hold the key to their longevity in the insurance business.
“They need to have a good supervisor who is willing to engage them on a personal level,” says Grodnitzky. “They need a sense that the supervisor is interested in their growth globally, not just at that place of employment.”
The more interest you show in their ideas and in developing them as a person and a professional, the more likely they are to stay with you for the long haul. “Listen to what millennials have to say,” advises Nick Argol. “Find areas of commonality rather than discrepancies.”
Form Strong Relationships with Millennial Employees
And if you form strong relationships with your millennial employees, you can actually fix both your retention and recruiting issues simultaneously.
“They become your best recruiters,” says Grodnitzky. “If you build a good relationship, then all you have to do is go to them and say, ‘We’d like to hire more people just like you. Do you have any friends who might want to work here?’ If you have a good culture with good leaders and supervisors, you’ll be flooded with resumes.”
The Bottom Line
Crafting a culture of support and encouragement makes your current staff—including millennials—more likely to stay, and in turn helps you to bring in great future staff.