Given that the Millennials form the largest generation of the work force retaining them is that much more difficult especially since multiple reports show that they are switching jobs more often than the previous generations. According to Gallup, 60% of Millennials are open to new job opportunities right now. On an average these individuals will have 4 different jobs before the age of 32 and as many as 20 within a lifetime. Therefore, formulating a retention strategy is essential to any organisations growth.

Where Millennials retention is considered it is important to find out the reasons behind why they are job hopping and what is it they want. Many surveys have cited reasons like lack of engagement at work, the recession or simply that switching jobs is a faster way to climb the ranks and get a pay raise. Other reasons for job hopping is that according to a FlexJobs Survey 84% of Millennials cited work-life balance as the primary factor and 82% of them cited work flexibility as a secondary factor when they consider a job. Additionally, 50% of Millennials say they are willing to take a pay cut to find work that matches their values while 94% want to use their skills for good and seven-in-ten say this is very important to them and 31% percent say it is essential The aspects mentioned above brings us one step closer to finding out what they actually want.

Luckily, we @SourcingAdda have anticipated this development and thus addressed the concern of Talent Acquisitionist. And thanks to Ramya one of our Bangalore group member’s suggestion to discuss on, Best industry practices in the types of rewards (monetary, non – monetary) that an organisation should have to retain Millennial we are able to be of some assistance by providing a more practical approach with the discussion responses below for your review….

Based on the statistical data and the practical solutions mentioned it is safe to say that you are dealing with individuals that value working for a cause or appreciation. Some other alternative or proven rewards are the monitory incentive schemes, or vouchers or gadgets like speakers, mobile accessories, storage devices, etc. while the non monitory rewards like work-life balance or flexible work hours have proven to be very effective and are supported by the stats mentioned earlier. Well there you have at least some ideas as to how you can prevent Millennials from Job Hopping thus having a better chance at retaining them.

Moreover knowing how to formulate Strategies in Recruitment Marketing can help speed up the process of Talent Sourcing as well and if you are interested in contributing to these discussions. Then there are 2 simple things that you can do right now, i.e.

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