Tips For Retaining Top Millennial IT Talent

Millennials have a reputation for job hopping. Some say it’s an unfair label, but according to the 5th annual Deloitte Millennial Survey conducted this year, millennials themselves actually validate this stereotype. The survey included nearly 8,000 millennials from 29 countries around the world. According to the results, 44 percent of millennials say they would like to leave their current employer in the next two years. When the timeframe is extended to 2020, that increases to 66 percent. Given the fact over half of all young workers have one foot out the door, is there anything employers can do to keep them satisfied?

Focus On Career Development

The survey concluded that 63 percent of millennials believe their leadership skills are not being developed. Not every young employee is cut out for leadership, of course, but mentoring and talent development is good for business. It’s easy to let development initiatives fall through the cracks in favor of more pressing priorities, but employees want to learn and grow, and if they perceive they cannot learn and grow along with their employer, they will move on.

According to Deloitte’s data, young talent is more likely to stay with their current employer when any or all of these elements were present:

  • Access to leadership training
  • Full utilization of skills
  • Opportunities to learn new skills
  • Peer mentorship programs

Programs and initiatives like these will do more than retain millennial talent. They will drive higher employee satisfaction across the board, improving overall retention rates and sparking greater engagement in the workforce.

Do Your Values Align?

When it comes to the younger generation, corporate values matter. The Deloitte survey indicates that 56 percent of millennials would not consider a job at a company if corporate values did not align with their own. And just what are those values? They vary, but 87 percent indicate that they believe a successful business focuses on more than just its financial performance. Young talent wants to work for companies that focus on more than profits.

This may seem like a bit of an idealistic expectation on its face, but this doesn’t mean millennials are only interested in working at co-ops or nonprofits. Bloomberg recently reported on the results of a 2015 study by Universum, a global research and advisory firm specializing in employer branding. That survey ranked the employers that millennials most wanted to work for upon graduating from business and engineering school. You might be surprised to learn that companies like PricewaterhouseCoopers, GE, and even Goldman Sachs crack the top 10. No one would ever accuse Goldman Sachs of neglecting its profit margins in favor of touchy-feely initiatives, but the firm focuses enough on employee satisfaction that millennials have taken notice.

Companies don’t have to overhaul their entire culture in order to attract and retain millennial talent. By focusing on employee satisfaction and development, businesses inherently create a space where talented team members of all generations will thrive, and where young workers are more likely to stay and grow.

If you are looking for new ways to attract and retain talented young tech professionals, the expert recruiters at Talon can help. Our strategies can ensure that you attract and retain the people who will drive your business into the future. Call us at 609-924-8900 to learn more about our commitment to your success.

 

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