Feeling like the prank-ee in an employee game of Ding Dong Ditch these days?
You’re not alone if you’ve been one of the last ones to open the door.
Most employers apparently consider a 10 percent turnover rate OK, but last year 22 percent of the workforce — 30.5 million U.S. employees — quit their jobs, the Bureau of Labor Services reports. That percentage has been increasing for four years, and the Hay Group predicts it will hit 23.5 percent globally by 2018.
What’s going on? Researchers blame our shuffling pace in meeting the priorities of millennial workers 18 to 34, now the biggest segment of the workforce. As baby boomers bounce off to be beach bums, qualified workers will be much more in demand. And employers need to step up to the threshold to keep younger workers from ditching them.
Some advice I found from researchers:
*Show some respect. Millennials want to have confidence in their employer and its leadership; room to grow; a fair reward for contributions; processes that let them get their work done; and the authority and influence to match their responsibilities, according to a Hay Group survey. Further, it’s important to be transparent when it comes to company plans and goals, as millennials especially value that, advises a Biz Journals study.
*Get creative with benefits, and think outside the box. Recent Studies by MetLife found that if workers like their benefits, they’re more than twice as likely to be satisfied with their work. The perks don’t necessarily have to cost you money — ask your workers what they value. Options might include telecommuting, flexible schedules, on-site childcare, access to a gym and/or comfortable recreational areas at work, according to Inc.com.
*Keep up with technology, since Biz Journals reports millennials especially like their real-time, streamlined services and solutions. “Millennials are accustomed to getting what they need now, not waiting,” it says. “When it comes to something they find inconvenient, such as filling out timesheets, the solutions need to be simple, easy to use and available on mobile devices.”
Paying attention to what attracts your youngest workers should keep you from being the ditch-ee as younger workers make their rounds in the workplace of the future.