According to The Deloitte Millennial Survey 2016, 66 percent of millennials are expected to leave their organizations by 2020. Businesses must adjust how they nurture loyalty among millennials or risk losing a large percentage of their workforce. This will drastically affect the manufacturing industry which is already facing the skills gap. Millennials are the largest segment of the workforce, and for this reason it is all the more important for manufacturing companies to think of ways to curb this trend.
Before we get to the ways to overcome this challenge, let’s first understand the reason millennials leave an organization. Millennials are perceived to be a generation without a solid sense of loyalty, and employers are having a hard time retaining these workers. But this is not true. In fact, millennials feel concerned with what an organization does, and give importance to how it treats its employees more than anything else. Millennials may more easily feel neglected and be more keenly aware of the lack of leadership development opportunities offered by their present employer. This feeling is further enhanced by issues related to work/life balance, the desire for flexibility, and a conflict of values.
It’s not too late to earn millennials’ loyalty
Companies can grow millennial loyalty by mentoring young workers and offering development opportunities for workers to broaden their skill sets. Additionally, Deloitte found that giving employees ownership over their assignments correlated with higher levels of job satisfaction.
Baby boomers are excellent resources for guidance and training. Their years of experience and knowledge will help millennials understand the unique challenges and opportunities of their field. Millennials with a mentor will get good advice and feel that the company is invested in their professional development.
Have purpose beyond profit
Organizations should invest in something beyond simply increasing profits. Create products, provide services, or serve causes that clearly add value to the world—making it possible for employees to derive a sense of meaning from their work, and to feel good about the companies they work for.
Provide development opportunities
Incorporate training programs that help a workforce develop their long-term career goals and promote job satisfaction. A more satisfied employee is likely to stay longer and be more productive.
Create the “perfect” job environment
For millennials, salary and financial benefits play an important role in selecting the organization they want to work for, followed by work/life balance and leadership opportunities. In addition, they look for flexible working arrangements, and for training programs that promote career growth and professional development. A company which offers these perks is more likely to be successful hiring the right talent.
Millennials want to feel in control of their careers
The report further suggests that millennials feel more in control of their career if an organization helps them with their ambitions and fosters a culture based on trust. An organization must have a clear sense of purpose other than just making profit. Instead of hastening their exit, empowering millennials will help retain talent.
Hence, for a manufacturing organization to be successful in the long run, it needs to provide good financial benefits along with ample chances for career path improvement. Additionally, it should provide products and services that have a positive impact on employees’ lives. In summary, provide millennials with jobs which are meaningful and give them a sense of accomplishment.