With a sub-four percent unemployment rate and one of the highest quit rates we’ve seen in decades, we are currently experiencing a very tight labor market. Companies across all industries, and of all sizes, are finding it challenging to attract and retain top talent.
To help solve that problem, LaSalle Network recently collected data from more than 5,000 millennials (millennials make up 35 percent of the workforce, making them the largest generation in the workforce) to discover what they want in a career and company, and why they may have one foot out the door.
According to the survey, while 65 percent of respondents are satisfied or very satisfied with their current employer, 76 percent reported being open to new opportunities. It’s important to pay attention to what millennials want in order to retain talent in today’s competitive hiring landscape.
Training and development: Less than half of respondents (49 percent) stated they were satisfied or very satisfied with the current training and development opportunities offered at their current employer, yet training and development was ranked the No. 1 most important factor of a company’s culture. If your training budget is small, consider low-cost, high-impact solutions like mentorship programs and cross-training opportunities that will help employees grow in their career.
Career paths: Only 45 percent of respondents are satisfied or very satisfied with their career path at their current employer. Also, among the top reasons employees are open to new opportunities is due to an unclear career path at their current employer. Employees want to learn, develop and grow, and if your organization doesn’t provide them the resources to do so, they will look elsewhere.
Benefits: According to the survey, benefits are the No. 2 reason millennials are open to new opportunities. Benefits can be a deciding factor for employees choosing where to work. As benefits can be costly, it’s important to understand what benefits your employees want and are currently utilizing in order to use them as an effective retention tool.
Please join @shrmnextchat on January 16 at 3 p.m. ET for #Nextchat with special guest, Tom Gimbel (@TomGimbel), founder and CEO of LaSalle Network, where we’ll expand on the survey findings and discuss strategies for attracting and retaining talent in today’s tight labor market. For further insights, click here for the full report “Hiring Millennial Talent in 2019.”
Q1. What changes is your company making to retain talent in 2019?
Q2. How does your company identify unique motivators for job seekers and current employees?
Q3. What are some #HiringChallenges your company is facing, and how are you working to overcome them?
Q4. Have you recently –or ever– offered an employee a counter offer? Why or why not?
Q5. What sort of training and development programs is your company adding in 2019 to meet talent demand?
Q6. How do you highlight career paths at your organization to engage talent?
Q7. Beyond compensation, how do you attract talent to your organization?
Q8. How do you keep more tenured employees satisfied and engaged?