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.
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 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%.
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:
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.
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.