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2. They want to see internal promotions over
external hires
It’s simple – if millennials don’t see the opportunity to move up, they move out. Intuitively this makes sense. Generally
people don’t start their careers with the job they want for the rest of their lives. Instead the beginning of their career is about
gaining skills to eventually earn that dream job.
Companies need to set honest expectations for millennial workers so that they know that if they stay longer, they will be
rewarded with a better title, more money and the opportunity to grow. Where a vacancy comes up, companies should offer
the opportunity to existing millennial staff first instead of opting for an external hire.
3. They yearn to e-learn
Millennials crave knowledge. They’re used to having information at their fingertips, and thrive off processing it. In short, if
they’re not learning, they’re not developing. And if they’re not developing, then they’re going to start looking for a way out.
Companies need to prioritise learning and, more importantly, upgrade how it happens. Millennials don’t want formal lectures
or a bunch of data hitting them in the face all at once. KPMG offers three year learning paths to provide technical, business
and soft skill confidence delivered via a blended, flexible approach. It offers snackable learning options that are easy to get in
and out of, continuous but also relaxed. Leveraging modern technology, that millennials know and love, through e-learning
makes a huge difference – why not deliver training via podcast or Facebook Live video instead?
4. They want security
A report written by Infosys and the Future Foundation [9] last year blares the horn loud and clear. Millennials are anxious
about their jobs. Many don't want to work for a start-up, but instead prefer the stability of a corporate job. The study also
found that 40% of millennials think their job will be outsourced or replaced by automation within the next five years. Again,
in our survey, job security was noted as one of the top priorities for employed and job-seeking millennials.
Companies need to focus on providing millennials with the safety blanket they so need. Proactive communication helps,
giving them the opportunity to constantly air their thoughts and concerns. When change is on the horizon, engage them fully.
Help them understand the change, how it will impact them and get their input on how best to make it happen. Growing up in
a period of rapid change makes them born change agents after all.
Nailing employee retention means happier workers and less money wasted on the
everlasting recruitment cycle. Here’s why:
Improved employee attraction: High employee retention
facilitates a sense of belonging and security which not only
boosts that employee satisfaction score tenfold but also
encourages new recruits like bees to honey.
Happier clients: High employee retention
Improved productivity: Higher
means that instead of having to explain to
employee retention means better
the client why yet again one of their key
productivity. Every time a new
team members is being replaced, they
employee is hired, it takes significant
have continuity with staff who understand
time and effort to then get that
their needs and are able to meet their
individual up to speed.
requirements.
Cost savings: Higher employee retention,
Improved quality: Higher employee retention
simply put, means fewer costs. The cost of
ensures a stable and reliable knowledge base.
turning over a single staff position can be
Companies forget that when employees leave,
anywhere between 25-75% of that person’s
they make sure to take that accumulated
annual salary cost. (8)
knowledge with them.
© 2017 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
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