According to the U.S. Bureau of Labor Statistics, 50% of the U.S. workforce will consist of Millennials by 2020. Millennials have significantly different values, beliefs and lifestyles compared to the Baby Boomer and other generations, which means that employers need to make changes to attract and retain up and coming talent to stay competitive in the labor market. Workplace culture has become a very important component for employees considering their longevity at an organization. Here are a few suggestions every company should consider to create a workplace that will attract, engage and retain talent.
1. Ask for Feedback
It’s no secret that people like to have their opinions heard. This is why websites such as Yelp and Glassdoor have become so popular. Plus, no company culture is perfect – there is always room for improvement. So, who better to identify areas of improvement than your own employees? Consider rolling out quarterly, or bi-annual employee satisfaction surveys to identify areas of opportunity. Ask for specific, tangible feedback that you can use to improve your employee experience. Doing so can help you proactively address problems and help introduce fresh, new ideas to the organization.
2. Embrace Flexibility
The number of people who work remotely has significantly increased over the years. Being flexible with your employees helps build employee trust and commitment for several reasons. First, it allows for better work-life balance. Whether it be working parents who need to pick up their children from daycare, employees looking to enroll in a master’s program after hours or athletes who want to join a club sport, everyone has something going on outside of work. Secondly, it signals that you value diversity in the workplace. Differing cultures, religions and employee needs mean that employers must accommodate diversity. Flexibility can lead to greater job satisfaction, higher levels of engagement and a stronger commitment to the job overall.
3. Value Your Mission
A mission statement is more than just words on paper – it reflects a company’s values and goals. There is nothing more vital to the success of an organization than to hire with the company vision in mind. When you interview prospective employees, you should discuss your mission statement and ask candidates to share how your mission resonates with them. Companies who hire employees whose values align with their mission statement can help bring their mission to life.
4. Perks Matter
Silicon Valley’s start-up culture of beer Fridays, pet-friendly policies and ping pong tables has significantly raised the bar for many companies. So have progressive policies that allow people to work remotely or at times that best fit their lifestyles. Those newer to the workforce not only value compensation and flexibility, but they are also driven by incentives. Incorporating perks into the workplace can help increase employee satisfaction, which in turn, will lead to retention. As a reminder, perks don’t have to be limited to free food and booze, they should also align with your company culture. For instance, Airbnb provides employees with $2,000 a year for spending on properties on their website anywhere in the world. Try incorporating community development days to allow employees to give back. Or, consider implementing wellness programs such as step competitions, and group cleanses to get employees engaged in a healthy way.
There are many things you can do to set your company apart from the competition to attract and retain talent. These are just a few ideas, but get creative! Just remember to be authentic and stay true to your company’s vision and mission.
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