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5 Actionable Employee Retention Strategies for Gen Z, Millennial Talent

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5 Actionable Employee Retention Strategies for Gen Z, Millennial Talent

Policy & Procedure

Gen Z and millennials make up approximately 42% of the American population, according to Statista. If their presence in your workforce is anywhere near that, it’s imperative for HR to have an employee retention strategy in place for these younger workers.

The unique values and priorities of these generations demand a fresh approach to employee retention and engagement strategies. For instance, millennial/Gen Z individuals tend to view work life and personal life as intertwined, rather than separate compartments. A study by Gartner revealed that a return to work mandate would make millennials 10% less likely to stay at an employer.

The key to employee retention in these populations could be work-life integration. Deloitte’s global “Women @ Work 2024” report found that:

  • poor work-life balance (cited by 15%) and lack of flexible working hours (also cited by 15%) are top reasons why women changed jobs over the past year
  • fewer than half of women feel supported by their employer to balance their work responsibilities with commitments outside work, such as childcare, and
  • Only 37% of women say they’re able to “switch off” and disconnect from their work.

Meanwhile, experience management company Qualtrics concluded that having time for a meaningful life outside of work is motivating Gen Z and millennial workers to earn and put away enough money to retire before age 67. Employers need to be aware that these workers might leave if they feel they’re not advancing fast enough or aren’t compensated to the degree they expect.

Employee Retention Through Work-Life Integration

Organizations can create an environment that drives employee retention among millennial/Gen Z workers by offering:

Support for the parents in your organization. The Deloitte survey shed light on the perspectives of working mothers. If your budget allows for it, consider providing generous parental leave policies (because work-family considerations don’t just affect women), on-site childcare or childcare subsidies.

Flexible work arrangements. Options include remote work, flexible schedules and compressed workweeks. This allows employees to better manage their personal and professional commitments, reducing stress and increasing job satisfaction. For the sake of productivity, your managers will need to commit to setting clear and measurable goals and expectations for team members.

Professional development opportunities. Consider investing in continuous learning and professional development programs that align with employees’ career aspirations. This not only enhances their skills but also demonstrates your commitment to their long-term growth.

Wellness programs. By demonstrating an authentic commitment to millennial/Gen Z employees’ holistic well-being, you can create a competitive advantage for your organization. Consider implementing comprehensive wellness programs that promote physical, mental and emotional well-being. This can include access to fitness facilities, mental health resources and stress management workshops.

Encouragement of participation in volunteer opportunities. Making a positive social impact is something younger workers tend to desire. Consider providing time off for community/charitable cause volunteerism. Another option is undertaking initiatives to support a cause that aligns with your company values and the hearts of your millennial/Gen Z employees.

The Drivers of Employee Retention

By implementing strategies that promote work-life integration, organizations can reap numerous benefits, including:

  • Enhanced employer brand among Gen Z and millennial individuals
  • Increased productivity and innovation from employees who are more focused, energized and creative, and
  • A positive organizational culture that promotes trust and a sense of belonging.

When employees feel supported and valued in all aspects of their lives, they’re more likely to be engaged, productive and loyal to your company.

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