43% of millennials plan to leave their current work within 2 years.
1. Increase diversity.
People tend to hire employees like them. Carry out anti-bias training for managers, and encourage them to hire people with different backgrounds, education, experiences, cultures, etc.
Promote gender equality among leadership positions (executives, vice presidents and directors) by hiring an equal number of men as women.
2. Offer flexible work arrangements.
- Payment is one of the keys to recruitment, but it is not enough to retain these workers.
- Develop flexible work arrangements in which employees can work from any location several days a week (if business needs allow for this).
- Create a «flexible Friday» option, which encourages employees to spend Friday afternoon focusing on anything creative they are passionate about in the workplace.
3. Develop inclusion policies.
Instead of assigning tasks or projects to key employees, ask: Who is interested in taking on this initiative? Give everyone the opportunity to express their interests and to volunteer.
Implement a monthly focus group and invite all employees to participate. Approach an aspect that needs improvement, solve the problem and communicate the results to the organization.
4. Offer benefits adjusted to the needs of people.
In general, benefit plans are not adapted to the specific needs of employees: HR must look for creative and flexible ways for offering compensations.