FileUnemployment

Key Measures Employers Should Use to Keep Young Talent

Updated : June 12th, 2019

Since the past 8 years, employers have been struggling to retain young employees for a period longer than 2 years. A 2015 College Graduate Employment Study at Accenture Strategy found that 49% (nearly half) of the 2015 graduates consider themselves to be underemployed or working in a job that does not require a college degree. There has been a steady increase in this number, from 46% in 2014 and 41% of the graduates surveyed in 2013.

With the increasing trend in the number of young employees quitting their jobs and seeking employment elsewhere, employers have been struggling to retain young talent in their organizations. Some of the proven ways to retain young talent involve adapting the work environment to suit the likings of new graduates. Here are five proven tips from companies that have found ways to keep up with the evolving workplace landscape.

attracting millennials to the workplace

5 Key Measures for Employers to Retain Young Talent

1. Training, opportunities & growth

The newest graduates in the workforce expect to learn more and develop their skills constantly. In a survey, 77% of the graduates stated that they expect their employer to provide training in their first job, whereas only half of them said they got it. According to another survey, by Deloitte in 2016, two-thirds of millennials are expected to leave their job by 2020. From the workers who wanted to leave their jobs within the next two years, a population of more than 70% stated the reason to be lack of leadership development. The youngest employees should not be blamed entirely for jumping jobs after working for a short tenure.

This also implies that, for companies, offering long-term development opportunities can give you an edge over the competition and helps you retain fresh young talent. It is highly essential to provide training to young graduates who join the company. The culture of development needs to be imbibed at every level in the company’s hierarchy.

2. Constant feedback

The age-old annual and semi-annual review meetings don’t appeal to the Millennials. They need feedback constantly. If they’ve done well, they like to be appreciated when they complete their task. If there’s scope to improve, they like quick feedback so that they can take corrective measures at the earliest.

A survey conducted on 1,000 Millennials showed that over 60% of them want to hear from their managers at least once a day. With a greater amount of communication, employees feel more cared for, learn more and are encouraged to engage in their work better. Unlike the older generations who preferred a hands-off approach, millennials like constant feedback.

3. Get rid of the 9-5 timings

abort

Among the many millennial-minded initiatives, Donovan from PwC says that the most important initiative at the company was to create flexibility within the workplace. In a firmwide analysis of millennials at the company, 95% of the respondents said that they considered work-life balance to be extremely important to them. Over 25% of the young workers also said that they were disappointed by the amount of balance they were able to maintain. The younger generation values a good balance in their work and personal life.

In response to the survey, the higher management began to ask the managers how they would like to help their team members work the hours that suit them. This top-down decision paired with a firmwide contest to submit flexibility plans reformed the company’s culture. Employees at PwC now have the flexibility to work from home when they don’t have client meetings and are allowed to slip out of office for an hour to attend a class during a workday.

4. Purpose beyond the assigned task

Young employees love to serve a ‘sense of purpose’. Deloitte surveys have found that, for six in every 10 millennials, this sense of purpose played a role in them accepting their current job offer. Nearly half the people have declined to work on assignments that go against their values. Millennials and Gen Z employees perform well in environments where their work has a clear purpose that contributes to the organization and the society as well. The Federal Government pegs young workers with their purpose. 80% of the young employees in the federal government say that they can see their contributions to the agencies’ goals and 86% say that the work they do is important. The companies that don’t serve an innately motivating mission have the freedom to give young employees a sense of control coupled with purpose by demystifying bureaucracy and increasing transparency. By providing their employees with an ‘insider’, they can give their workers a higher sense of responsibility.

5. Fun work environment

The newest college graduates in the workforce prioritize work culture over their compensation. If the work environment has a positive social atmosphere and factors growth, young employees don’t mind getting a lower salary. New college graduates prefer drawing a lower salary when compared to working in a place that is less fun. Employers who delegate challenging work to their entry-level employees and additionally create an enjoyable environment at work have a competitive advantage.

Companies tend to regard new graduates’ desires at the workplace as impractical based on their limited work experience. By doing that, they miss out on some of the most talented young workers of the class of recent graduates. While college students show an immense amount of enthusiasm to enter and adapt to a competitive labor market, it’s time for employers to level up and show that they are just as capable of adapting by adopting a flexible work environment.

Silicon Valley’s wealth of perks like free food, nap rooms, pet-friendly policies, etc, has raised the bar for many companies. However, these luxuries are often taken as the obvious benefits of a general culture of care that appeals to millennials. The latest graduates are driven by how well their team works together, how supported and appreciated they feel. A family like work culture that is supportive and encourages growth is what attracts young employees the most.

Adopting these 5 strategies has changed the dynamics in many companies and has increased the employee retention rate of young talent. Make sure your company’s policies evolve with time.

    1. Jose,

      We’re not a scam or a fraud website:) fileunemployment.org has been around for more than 10 years and we’re one of the leading forums for unemployment insurance and unemployment in general. Our daily visitor and patron base is of considerable size and we truly believe in being a center for jobless workers to access resources and share their queries.

  1. I’m attemptiing to file my first weekly claim since my layoff, however, my PIN# is not correct. what do I do to get my correct PIN# , please?

  2. I have exhausted my unemployment benefits in Texas but my calendar year does not end until September. Do I have to wait until the calendar year is over in Texas, to apply for unemployment benefits in New York in which I have available quarters?

    1. Mattie,

      As much as I am aware, UI benefits are only a one-time cycle. Please call the Claims Center for clarification.

  3. Help ran out of unemployment benefits for the pass 8 years i have worked at Hexion speciality chemical plant in Brady Texas how can i get my benefits extended

    1. Roderick,

      The E.U.C(Emergency Unemployment Compensation) remains expired. There is no extension available. Please inquire further with the labor authorities in your state by calling them.

    1. Annette,

      You can visit the official website of the Unemployment Office and ‘login’ to check the claim status. Alternatively, you can also call the Claims Center.

      PS: It should not take 6 weeks to process the initial claim. Please chase at regular intervals.

    1. Jocelyn,

      Unemployment is offered to claimants who’re able and available for work. Please call the Unemployment Office to ascertain if you can apply.

  4. I have been working for the same company for the past 11 years. I started out cleaning apartments, then landscaping and finally Asst. Manager for the past seven years. However, the owner/ manager had us all sign papers claiming we were “Independent Contractors.” I worked Monday thru Friday from 8am – 5pm the entire 11 years. Obviously, in reality, we had Never been “Independent Contractors.”
    Finally, October 2018 we became employee’s. On May 10, 2019 he sold the business which puts us all out of work. I tried filing for unemployment, but, I don’t have enough quarters in. Assuming I’m still out of work, can I wait for the next quarter to end, thus giving me the 2 quarters I need or will it not make a difference.

    1. Lea,

      Why don’t you look at alternate based period? Please use the link below to access the Base Period calculator.

  5. I have been working as an hourly employee for the last 4 months. Currently the board of the nonprofit agency came to me and told me that I had to file a 1099 or go to part time or find a new job. I have a scheduled time that I report to work. What are the laws here in Florida about who can receive a 1099

  6. I am unemployed and currently going to a community college. How can I apply for federal assistance?

    1. Carol,

      If you’re able and available for full-time employment, you can directly go to the website of the Unemployment Office and apply.

  7. I have worked in AZ since March 2016. However, I moved lived and worked for my employer in CA since 08/02/1982. Can I apply for Cali unemployment benefits?

    1. Robert,

      You should be applying from the state where your employment was based. Employers generally remit unemployment taxes to the state where the employee is based.

      1. How long does it take Washington state unemployment to deposit your back pay after they receive the determination letter from OAH stating I won my appeal?

  8. I have been trying for over a month to file and I still do not seem to be able to do it, but I finally got to the correct place, I think.

  9. Cumberland NJ Unemployment Center kept me on hold for 2 hours; I finally had someone answer my call, after providing my information and question regarding the status of my NJ Unemployment Claim the representative disconnected my call.

  10. Excellent list of things to help execute better. Even taking 3 or 4 of these that one does not currently utilize could help immensely.

    1. How did you calculate the total weekly Illinois benefit of $1495? Also, why isn’t Washington and Minnesota listed in your top 5 states with the highest paid unemployment insurance compensation?

Leave a Reply

Your email address will not be published. Required fields are marked *

Please answer a simple Math question: *

https://fileunemployment.org