3 Strategies for Retaining Millennial Employees
As Baby Boomers move toward reduced work hours and retirement, it's crucial to attract younger employees to take their places. But to keep them on the job, hiring managers need a few strategic tips.
Lazy. Entitled. Self-absorbed. Obsessed with taking selfies and posting them on social networking sites. These are the stereotypes frequently applied to the millennial generation (currently between the ages of 18 – 33).
But many are actually very conscientious and hard workers—if you can engage them on their terms.
It's no secret that healthcare is aging. One in three physicians is over the age of 50, and one in four is over 60. The average nurse is 47. Ten-thousand baby boomers (those born between 1946 and 1965) retire daily.
It is estimated that millennials will outnumber baby boomers in the workplace by next year. And while younger employees have traditionally developed the skills to fill the gaps as each elder generation moved on, the generation X talent pool just isn't large enough to backfill all the positions that belong to departing boomers. This means that some millennials will leapfrog into senior positions too soon.
These statistics don't have to be scary. "Each [generation] has its unique traits, assets, and needs," says Michelle K. Lee, a consultant with talent search firm Witt/Kieffer, which specializes in placing leadership candidates with both healthcare organizations and startups.