[This is an excerpt from my forthcoming book, “The Retention Formula: Stop The Turnover Crisis, Lock-In Stability And Skyrocket Profits”]
Ever wonder why Millennial and Gen Z employees can vanish quicker than a Snapchat? Let’s investigate.
Here are the top six reasons companies get ghosted by Millennial and Gen Z employees:
In the quest for work-life balance, Millennials and Gen Zs are looking for more than just a paycheck; their Holy Grail is “quality time”.
Millennials and Gen Zs aren’t demanding unicorns and fairy dust; they’d just like to clock out before archaeologists excavate them. They’re not exactly holding their breath for that magical thing called “retirement.” Seriously, their vision of the American Dream has been downsized to making affordable guac while bingeing “ONE PIECE.”
Picture Sarah, a talented graphic designer, who’s as passionate about her pet projects as she is about her 9-5 gig. If her job doesn’t allow her to cultivate both, you’ll find her name missing from your Zoom meeting faster than you can say, “Your Wi-Fi is unstable.”
Climbing the corporate ladder? Please, they’re looking for something faster.
What’s the hurry? They’ve got places to be, people to see, and green oily fruit farms to invest in! These digital natives expect career ladders with jetpacks, and don’t forget the Wi-Fi on the way up. If your career “path” resembles a hamster wheel, don’t be surprised when they go AWOL. At least upgrade that “Best Employee” mug to include a gift card for emotional damage.
They want a career that’s like a Marvel movie – full of action, adventure, and, most importantly, progression. Show them that the sky’s not the limit; there’s the whole galaxy to explore.
Job stability is no longer a nice-to-have; it’s a must-have, like Wi-Fi or oxygen.
Imagine Mark, a young marketing analyst, who’s eyeing that “job security” box on his life checklist. If you’re offering sandcastles in an earthquake zone, expect him to ghost you- quick.
Gen Z and Millennials don’t do suspense outside of Netflix. If their job security is shakier than a caffeinated squirrel on a tightrope, expect to find a spinning chair and an empty desk. To keep ’em around, maybe offer a safety net that’s more than just a vague “Let’s play it by ear.” How about “We pinky swear you’re safe”?
Lack of Engagement
Engagement isn’t just an HR buzzword; it’s the secret sauce to employee retention.
If your company culture is as thrilling as watching paint dry, don’t expect a right swipe. They want meaning, purpose, and maybe a splash of kombucha. A motivational poster of an eagle with the word “Success” is about as inspiring as a plate of soggy nachos.
Millennials and Gen Z want:
- A mission they can buy into,
- Work that challenges and excites them,
- And an environment that encourages innovation.
Mental Health and Well-being
Your employees don’t want Band-Aids; they want preventive care.
A couple of stress balls and a bean bag don’t constitute a “wellness program.” These kids won’t be placated with fake versions of self-care. Your first-aid kit should contain a qualified therapist.
Fuzzy blankets and hot chocolate are adorable, but they won’t help when burnout strikes.
Are you listening? Really listening to what they need for holistic well-being?
Rumor has it, people once bought homes and sent kids to college on one retail salesperson’s salary. Now, younger gens are aiming for enough scratch to splurge on something luxurious—like a name-brand cereal.
Meet Lisa, a Millennial who has more student loans longer than life achievements. She’s not just working for the weekend; she’s working for enough money to survive.
Younger folks view job-hopping like a game of Monopoly—hop around the board, collect skills, and pass ‘Go’ for a more substantial paycheck.
Compensation isn’t just about the numbers on a paycheck. Millennials and Gen Z are looking for:
- Competitive Salaries: Money may not buy happiness, but it can buy security.
- Equity Options: A share in the company isn’t just a piece of paper; it’s a piece of the dream.
- Bonuses and Incentives: Sometimes a well-timed bonus is the professional equivalent of hitting a jackpot.
- Employee Benefits: Think healthcare, retirement plans, and yes, even gym memberships or public transport allowances.
- Work-From-Home Stipends: In a remote world, a home office is the new corner office. Some would say, even further, it’s an entry-level expectation. And you’re going backward if you’re forcing people to return to the office.
If you consider your employees assets, then it’s like stock market trading…
Invest wisely to see returns.
Underpay them, and you’re racing F1 with a flat tire.