Now that Millennials are the largest generation in the U.S. workforce new retention strategies are needed to match their values and priorities.
A tougher assignment than one might anticipate, as the unemployment rate remains at an all-time low; leaving human resource professionals asking, “How do we differentiate ourselves in a highly competitive talent market?”
The answer lies in value. Organizations today have the unique opportunity to develop a relationship with their employees in which value and purpose are central. This is critical when considering recruiting and retention strategies for millennials who heavily value purpose over paycheck.
In many ways, purpose and value are linked. Demonstrating an employee’s purpose in the larger organization is critical during the recruiting process and one would argue that showing employees they’re valued is just as critical to their retention.
Chances are purpose is well defined in your organization residing somewhere within job descriptions. Value, however, is less tangible. Luckily, it doesn’t require a policy overhaul to demonstrate!
Here are five simple ways to show your employees they’re valued:
- Trust them to get the job done right. Giving employees important assignments demonstrates that you trust their expertise and value their work. Trusting employees to accomplish critical projects and not just repetitive tasks shows your faith in them. Trust largely comes down to management and some managers struggle with this more than others. If you’ve identified a leader that is experiencing trust issues with their team here are seven things managers can do to help employees earn their trust.
- Show, don’t tell employees how they’re an important part of the organization. This drives value and purpose, giving employees unique insight into their role within a larger process. Here are a few tips on creating a purpose-driven culture. “It might sound a like a tall order, but a purpose-driven culture is easier to create than you’d think,” says Brian Scudamore, CEO of 02E Brands.
- Take the time to say, “Thank you.” Amy Morin of Forbes magazine suggests that “Showing a little gratitude in the office could be the simplest, yet most effective way to boost morale and promote a healthy culture.”
- Pay it forward. It’s great for compliments and reassurance of a job well done to come from all areas of a company as well as outside it. Never hesitate to pass on a compliment from a customer or client regarding an employee.
- Show your employees you recognize them as people. Demonstrate that their worth is more than just their productivity by recognizing their personal lives.
Forward-thinking companies are creating employee benefit packages that offer services for personal life management. It’s a big reason BEST’s concierge service is one of the highest utilized employer-paid benefits.
Concierge services demonstrate that you care for employees as a whole person. Helping employees’ complete items on their personal to-do list provides them with more time to focus on work and personal well-being. A concierge service reaches deeply into the lives of those who use the service, as the gift of time extends beyond the employee and into the lives of their family and friends as well.
If your leadership team asked the question “What are five simple ways we show our employees they’re valued?” would the answer be apparent?