Even with demanding employees, retaining Millennial and Gen Z talent isn’t nearly as complicated as you might think. These are the top four reasons why companies struggle to retain employees, with insight into how each issue can be improved.
Learning and development is a top priority for both Millennials and Gen Z, outranking earning a high salary by 21%, according to a global survey. These two generations are eager to grow and develop and place a high value on learning. There are many ways to address this need, and it can be done on any budget. The most common options are formal training sessions, online or app-based learning, and mentoring and peer to peer knowledge exchanges.
The key is to not only tell them about opportunities, but to set clear expectations on what’s needed for advancement as well as a timeframe estimate. When they know that an opportunity takes an average of ten months to achieve, they’ll be less frustrated when their request to get promoted after three months is denied.
Why do Millennials and Gen Z crave more feedback than older generations of employees? It has a lot to do with their schooling. They were raised in a world where praise was handed out freely and straight up critiques were seldom heard. In school, feedback came in the form of positive reinforcement from both parents and teachers. Often students were told that their best effort was enough and would be given opportunities to gain points through extra credit to balance out a poor initial grade.
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