If you don’t want to get left in the dust of your competitors; if you want to maintain access to the best and brightest recruits in your field, you need to follow suit.
Up your game, think outside the box, don’t forget the basics.
In practical terms, make sure your non-salary compensation and rewards are up to date. Take a look around and see what’s being offered by competitors in your industry-- don’t assume that you can simply rely on the traditions you have in place. Be creative, personal, and go the extra mile. The monetary investment will be more than compensated for by increased retention, employee engagement, and recruitment power. But don’t chuck all the standards out the window! People still appreciate a party, speech, or designated parking space in their honor!
Years of service: early and often
Today’s millennial workforce is far more mobile, and far less loyal by default than their predecessors. Their loyalty must be earned by their employees. They want to feel part of something significant, and they want to know that their contribution means something to their company, and the larger world. In order to be effective, your Years of Service program needs to adapt to this energetic and fast-moving group of people. Begin early, and repeat often-- regular affirmation that their presence in your organization is noticed and valued may make a bigger impact on retention of a millennial workforce than salary!
Define your values, recognize intentionally
Millennial employees want to feel like a valuable part of something bigger than themselves-- something purposeful, something that “gives back” They want to be included and consulted and heard. Be sure that your workforce has a clear understanding of what your organization stands for, what they represent and value. Take the opportunity to establish an intentional employee recognition program that emphasizes and rewards the expression of these values, and you’ll create a culture and environment that encourages long-term commitment-- even from job-hopping millennials!
In our nearly a century of service to the world of Human Resources, we’ve seen a lot of changes come and go. We understand that sometimes change is hard and decades-old traditions can be difficult to update. We’re here to help. Chat with one of our Certified Recognition Professionals today about what’s working, and what’s not for your workforce. Our goal is to serve you, and your people, any way we can.