Hiring and retaining millennial employees is no easy task. Fifty-eight percent of millennials say that they plan to leave their current job within the next three years or less. So how do you keep the brightest stars on board?
At Columbia University's recent Social Enterprise conference, Inc. 5000 alum, Mitchell Gold, co-founder and chairman of Mitchell Gold + Bob Williams sat down with representatives from PricewaterhouseCoopers, Anheuser-Busch InBev and others to discuss how companies can better attract and retain young talent, specifically millennials.
Here are their keys to successful employee retention:
1. Don't yell. Mitchell Gold started his eponymous company with a mere $16,000 in cash, so he knew it would take more than competitive salaries to attract talented workers. "One day I just decided to ask an employee why they were working for us," says Gold. "And her answer was simple: they don't yell here."
2. Involve everyone. PricewaterhouseCoopers conducted an internal survey of their own practices and their effects on employee retention. "Activities in social responsibility attract talent," says Mike Fenlon, head of Global Talent at PwC. "Employees involved in at least one activity have a 5 percent lower rate of turnover." For a company the size of PwC, that's a big deal.
3. Innovation attracts. One of the largest hurdles companies face in retaining young talent is technology. Larger companies tend to be slower to adopt technological trends, and millennials don't want their skills to go to waste.
4. Listen. Above all, employee retention comes down to the employee-company relationship and the ability of the company to cater to employees' needs. When Gold noticed an employee being disconnected from work in the afternoon, again, he knew to reach out. "It turns out she was fined five dollars for every minute she was late picking up her child from school," says Gold. "Now, not only do we have a day care, but her son now works for us."