Promoting Well-Being & Work-Life Balance Is Essential to Retaining Millennials

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When it comes to millennials in the workplace, many employers are at a loss for how to retain their talents. More than any other segment of workers, millennials are more likely to walk away from an occupation. But, this doesn’t have to be the case. A recent survey by Gallup illustrates the positive impact a company can have on retaining millennials when they help promote well-being and work-life balance in the workplace.

About The Survey

For their survey, Gallup interviewed around 35,000 working millennials. Work-life balance data comes from a random sampling of millennials across 50 states and DC. The reported margin of sampling error is less than ½ a percent.

When defining well-being, the study looks at five key elements – purpose, social, financial, community, and physical. Respondents were ranked in each element as either thriving, struggling or suffering, based on their responses to related questions.

The Results

The results were quite shocking. Although nearly 60% of respondents said that work-life balance and well-being are “very important” to them, only 5% report to be thriving across all five elements. Even worse, less than 40% of millennials report that they are thriving in even one element. When it comes to discussing life outside of work with their manager, less than 30% of millennials are comfortable doing so.

Luckily, it’s not all bad news. Of those surveyed who are comfortable discussing non-work related issues with employers, 60% are actively engaged at work and 62% plan on being with the company for at least another year. This means that creating a Culture of Engagement improves the odds of retaining millennial workers by greater than 50%.

What Can You Do

Wondering what you can do to help ensure you retain your millennial workforce? The following tips come courtesy of Gallup contributors Brandon Rigoni and Bailey Nelson:

  • Managers should be open to conversations with millennials about life outside of work.
  • Individual employee development plans should include goals for each element of well-being.
  • Companies should consistently provide well-being opportunities and activities for each element of well-being, such as periodic financial classes, access to a fitness center and volunteer programs within the community.
  • In their recruiting and retention strategies, companies should emphasize work-life balance and how they promote a culture of well-being.
  • Higher well-being is not the outcome of a one-time initiative but of a culture that encourages careers that matter and lives that are well-lived.

The above tips are a great start, but in order to retain millennial employees, you must create a meaningful Culture of Engagement. For more information on how to achieve this, you can download our complimentary “7 New Rules of Employee Engagement” Wall Chart below.

7 New Rules of Employee Engagement Wallchart

 

C.A. Short Company partners with companies to manage, drive and facilitate increased employee engagement to increase financial performance, productivity, quality, and core performance outcomes. Our process and research-based platform enables executives and managers to engage their teams to increase the bottom line, motivate staff, and incentivize positive behavior. To request a Complimentary Consultation, please click here. 

 

Topics: Total Recognition, Employee Engagement, Millennial, Employee Well-being

Bill Harris

About the Author
Bill Harris

VP of Corporate Development

Bill joined C. A. Short Company in June 2016 as its Vice President of Corporate Development. Bill has served in a number of executive roles over his 25+ year career in professional services and technology, most recently serving as Chief of Staff of CodeScience and Chief Strategy Officer of EnablePath. Bill’s organization at C.A. Short Company includes the Sales Consulting, Professional Services, and Client Services teams. Additionally, Bill oversees numerous programs and initiatives aimed at process improvements, the introduction of new service and product offerings, and technology advancements – all designed to give our clients the very best experience. Bill attended Southwest Texas State University, and holds numerous technology and professional certifications. He lives in Austin, Texas.

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