Retention - PerkSpot

Offering Sustainable Advancement Opportunities

Max Goldenberg December 1, 2022

A recent study by the Society for Human Resources Management found that providing opportunities for career advancement was a key consideration for employees – ranking right behind compensation as a driver of turnover. So, if modern employees are concerned about career development, what can you do to help ensure that workers in your organization have access to the career advancing tools they’re looking for?

Consider Professional Development, Not Just Advancement

Believe it or not, development is just as important as actual promotions! If someone isn’t ready for a promotion immediately, but you want to maintain them as talent – ensure that you’re helping them further their skills and development to prepare them for eventual advancement. The most common form of professional development is offering credits for further education and upskilling. This can take the form of an employee interested in the management track getting their MBA, an engineer looking to learn a new programming language, or many other avenues. Putting some money aside for development credits of these kinds is a reliable way to reduce turnover and encourage long-term loyalty of highly skilled employees. Strong development programs send a message that you’re not just interested in extracting value from individual employees, but instead in being a partner on their complete career journey.

Offer Clear Paths to Success in One on Ones or Development Meetings

Communication is critical at all levels of business, and nowhere is this more apparent than employee retention. If you want to retain promising employees within your organization, managers, executives, or HR professionals should be having open conversations about where they see their career going. More importantly, you should discuss how the organization can help them to get where they want to be. These development meetings not only give you an essential pulse-check on employee ambitions, they can also give you a heads-up if someone feels they don’t have the upwards trajectory they’re looking for. By helping address their developmental needs, you’re more than likely to save your organization from some costly turnover.

Everyone’s Path is Different

Some employees may be interested in the ‘traditional’ route of eventually managing a team. Others may wish to cultivate other specialized skill sets, or branch out into something new entirely. Allowing these diverse paths of development through personal plans and conversations is important – as is continuing to mentor and develop veteran workers, even after they become managers or specialists. Learning is a lifelong experience, and you should strive to build a forward-pushing culture that encourages it!

Think About Advancement Before Your Employees Are Perfectly “Ready”

It can be easy to fall into the trap of waiting for “that perfect moment” to advance an employee, or until they’re absolutely, 100% confident in their abilities to tackle a higher position. But the truth is that people are rarely, if ever totally confident in their abilities to handle something new before they’ve actually got hands-on experience doing it, whether it’s working with a new piece of software or managing a team. If you’re confident in an employee’s experiences, and more importantly their ability to learn and grow, you should consider advancing their position before they’re perfectly ‘ready’, since they’ll be able to grow into the role and discover hands-on if it’s really right for them. These moves are also a sign of trust in an employee’s competence and long-term prospects with the company. Those are essential qualities for long-term retention!

Cultivating sustainable advancement can often be boiled down to providing the opportunities in both time and credit for professional and skill development, combined with the trust to let employees realize those skills in a hands-on setting. As always, it comes down to some of the fundamentals of good business practice; Open, active communication, and trust within teams. Applying these principles to any aspect of your business will bring back positive results – in this case, in the form of a more qualified, high-skill, and loyal employee base that has your organization to thank for not only cultivating its professional development, but also in providing the opportunity to put it to good use.

Check out PerkSpot’s Blog for more advice on building workplaces that are great to work at, or schedule a demo if you’d like to hear more about how PerkSpot can help reduce costs and drive positive culture in your organization!

4 Reasons Behind High Turnover Rates (And How to Solve Them)

Contributing Author September 21, 2022

What does a business need to be successful? Some would say producing best in class, appealing products; others would say top quality customer service. Both factors are undeniably necessary, but for bigger businesses, there’s one metric of success that’s even more important: your employees. And just anyone’s butt in the chair won’t cut it. At the top levels, you need hard-working, committed staff that will help you advance your goals. Feel like you’ve got a fantastic team? Great – but there is another challenge that you’ll need to overcome. If you’ve got the best staff, you want to ensure they stick around, which means keeping turnover down.

If your voluntary turnover is high, it shows that staff aren’t happy with their working situation. There are lots of reasons why you’d want to keep voluntary turnover on the decline – for one, the cost of replacing an employee ranges from one-half to two times the employee’s salary. But how can you keep turnover levels low? The following four steps will help you keep your workers happy and content.

Image sourced from Quantumworkplace.com

1. Poor Management

Looking for one of the top causes of workers leaving their jobs? You’d be hard pushed to beat poor management. The best team leaders can inspire their teams to work harder while utilizing the unique skills of different members. The worst leaders do the opposite.

You might want to consider new leadership if you’re encountering the following issues:

Unmotivated employees
Lack of cohesion between teams
Burnt out employees.
Leaders setting poor standards

These are just a few examples of bad management. These practices will only cause you harm and do little to help you retain employees. Don’t underestimate the importance of leadership in the workplace. If your current leaders aren’t up to scratch, find new ones.

2. Not Enough Opportunities for Progression

Most people don’t take on a job to stay in the same position forever. Employees want to advance and grow in their careers. If workers feel they aren’t getting enough opportunities to progress, they’ll turn over to go elsewhere. Instead, you’ll want staff to feel they have a clear path to climbing the career ladder. You could consider a talent management strategy.

It means creating a culture of development. In other words, the idea of development and progression should be an intrinsic part of your organization. Try to offer continuous education throughout every layer of your business. Even those at the top still have room to learn more. Those at the bottom will be keen to grow their skill sets and advance. So for their sakes, it’s best to make learning materials easy to access, mobile or otherwise!

3. Hiring Externally

Image sourced from Unsplash

One pitfall a lot of businesses fall into is only offering high-level roles externally. There’s a clear logic to hiring externally; you can choose from a larger pool of candidates. But reliance on external recruitment can have a major impact on employee morale, especially for critical mid-level managerial and executive positions; morale impacts that translate directly into higher turnover.

Put yourselves in the shoes of an employee for a moment. You’ve devoted long hours and shown commitment to your organization. But when the opportunity for a promotion crops up, you’re overlooked in favor of an external hire. In this instance, you probably won’t want to stick around much longer.

Ultimately, if employees are putting in the effort, they should have the opportunity for a promotion.

4. Recognize Your Employees

A little recognition goes a long way. A contributing factor to high turnover rates is a failure to show appreciation for the efforts of your workers. Obviously, you don’t want to be gushing praise constantly. But when teams or individual workers do well, you should let them know.

Recognition can take many forms. It could mean setting up an employee of the month scheme. Using a conference calling system, you can announce each month’s winner in front of the team. This is a great way of showing recognition while building a healthy sense of rivalry between teams.

If you want to go the extra step, you could set up a discount program for the highest performers. The more recognition and feedback you offer to your employees, the more valued they will feel.

Employee Satisfaction Is Key

Image sourced from Unsplash

There are some areas in business that are just common sense – like retaining good employees.

Some employee turnover is natural. People don’t stay in the same position forever; they eventually move on to new opportunities. But if voluntary turnover levels are high, you should be more worried. If your organization isn’t providing a positive environment for your workers, it reflects badly on you.

Start by asking yourself, ‘why are people leaving?’. Is there a problem with management, or perhaps you’re failing to provide a route for your employees to progress? You can’t just click your fingers and make your workers happy. As shown here, retaining workers takes commitment.

But if you look to the roots of the problem and work to find a solution, you’ll foster a much happier workforce. So, make sure you’ve on top of your turnover rate!

This contributor post was written by Jenna Bunnell – Senior Content Marketing Manager at Dialpad.

Dialpad is an AI-incorporated cloud-hosted call center platforms that provides valuable call details for business owners and sales representatives. Jenna is driven and passionate about communicating a brand’s design sensibility and visualizing how content can be presented in creative and comprehensive ways. Jenna Bunnell also published articles for domains such as SME News and Together Platform.

Flexible Benefits – What to Know

Max Goldenberg July 14, 2022

Watch out, traditional options plans, because flexible benefits are making big strides. While traditional benefit models provide specific, flat advantage is extended to the employee by their organization, ‘flexible’ or ‘personalized’ benefits challenge this entire hierarchical structure. These flexible benefits employees with stipends, allowing them to actively pick and choose the benefits they want to engage with.

Building Custom Benefits for Your Workplace

But before we get to asking if flexible benefits might be right for your workplace, we should first figure out just what exactly these ‘personalized’ benefits look like. The most common type of flexible benefit is a benefits spending account. Instead of a direct benefit, employees receive specific stipends in their spending accounts that can be spent across a range of lifestyle benefits. A great example of this is a Lifestyle Spending Account. As opposed to hosting regular mandatory training sessions, employees with an LSA might receive a stipend to attend trainings and seminars that they find interesting or useful from a broader list. Employees might even receive stipends to build their own home office, fitness supplies, or maybe even just groceries!

What makes flexible benefits so special – and so often highly well-received by employees – is right in the name; the tremendous level of flexibility they offer. Increasingly diverse workforces have similarly diverse needs, so a ‘flat’ benefit that might be a great boon for one employee – for instance, paternity leave for a new parent – isn’t going to help an employee with no plans of having a kid. By offering flexibility and personalization in benefits through stipends, your new parent might be able to spend his benefits on childcare supplies, while the child-free employee instead books a vacation!

Flexibility and Discount Programs

Although stipends are the most common, discount programs also fall into the category of highly customizable flexible benefits. Much like how a lifestyle stipend gives employees complete flexibility to purchase new gym equipment, bird-watching binoculars, or anything in between, having access to thousands of discounts means that employees have the freedom to pick out just the savings that matter to them – no matter their hobbies, situation, or identity.

Diversity and flexibility go hand in hand; diverse workplace situations require flexible mindsets, whether it’s in accounting for the needs of both in-person and remote employees or offering benefits attractive to individuals at entirely different life stages. By their very nature, no matter how unique your industry or employees, flexible benefits can fit right in.

That’s why you might want to consider PerkSpot for your company’s benefits suite. Not only does PerkSpot offer the adaptability of flexible benefits so that every employee can find something they’ll love – it’s also a no-cost solution, being completely free to add to your organization. Whether you’re looking for a cost-effective way to beef up your benefits or just a perk that everyone can enjoy, let’s talk about how PerkSpot’s discount program could be just the thing you need.

Providing Benefits to a Multigenerational Workforce

Max Goldenberg June 3, 2022

Having a wide diversity of ages in your organization comes with a lot of benefits. As with many other kinds of diversity, a wide range of generational representation is a driver of innovation, offering varied perspectives on issues by combining older generation’s specialist knowledge with younger professional’s innate understanding of modern technologies and changes. Benefits aside, a multigenerational workforce multiple generations represented in the workforce is a near unavoidable reality as baby boomers begin to step back from top-level positions.

But multi-generational workforces also come with their own challenges, including:

A wide range of values and beliefs can cause differences in priorities
Significantly disparate communication styles and preferences
Wide gaps in desired perks and benefits

Diverse Generations with Diverse Values

Differing perspectives and values means different needs, and what a young professional is looking for from their benefits package is vastly different from what more senior employees need; knowing the difference and being able to account for the diverse needs of multiple generations of employees is key to crafting an employee-centric benefits experience.

The benefits valued by older generations tend towards traditional cornerstones such as 401k matching and supplemental health insurance. Younger generations, such as Millennials and Gen-Z, tend to value wellness initiatives and benefits that give them time back in the day. But there’s a surprising degree of overlap between emerging benefits that workers of every age are pining for, such as flexible work options, training and development opportunities, and smaller, personalized perks, from shuttle services to discounts on dry-cleaning.

The generation gap isn’t as steep as it might appear. When you get right down to it, it’s about people. Your employees are distinct individuals with individual needs that simply can’t be standardized.

The Employee-Centric Benefits Experience

Fortunately, you don’t have to standardize at all. Instead, account for differences by focusing on benefits personalization. Employees of all ages agree that flexible work options that allow them to work on their own schedules are critical; and you can take your multigenerational benefits a step further by partnering with PerkSpot. Our breadth of potential savings is uniquely positioned to cater to diverse workforces, with thousands of discounts available across dozens of industries! We offer meaningful benefits targeted at and personalized to the unique needs of every individual employee.

And that’s the core of an employee-centric benefits experience; offering the perks that each individual really cares about, no matter how unique! By focusing on perk personalization, you can provide an employee-centric experience. Personalized offerings will help celebrate the rich diversity of your workforce – generational or otherwise. From flexible work options to regular wellness initiatives, you’ll want to target your benefits around your workforce’s distinct concerns. As you do, PerkSpot can help get started with a benefits experience centered that’s unique to your equally unique employees; Request a Demo to learn more today!

Infographic: What Your Employees Need For Success

Courtney Shipshock May 27, 2022

In the past few years, employees’ needs to achieve success have shifted with financial wellness making its way to the top. In addition, employees are seeking improved appreciation, emphasis on diversity and inclusion, hybrid or remote work environments, and a company culture that aligns with their values. With high turnover rates, what can you do to attract and retain top-notch talent?

Employees are looking for more out of their employer. What options do you have to improve morale, retention, and success? Listen to employees needs, have direct conversations, and consider additional benefits. PerkSpot could be the perfect solution.

Interested in learning more about the value of an employee discount program? Sign up for a demo today. Your employees will thank you later!

Mayo Clinic Centralizes Their Discount Program

Courtney Shipshock April 21, 2022

Mayo Clinic is home to 73,000 employees with major campuses located in Rochester, Phoenix, and Jacksonville, with smaller satellite locations across the country. As one of the top healthcare providers in the nation, patients from around the world travel to Mayo Clinic seeking top-notch care. With employees located in different regions, Mayo Clinic was in need of a discount provider that could bridge the gap in their discount offerings.

Prior To PerkSpot

Mayo Clinic previously had their own discount portal but it was a heavy lift to manage and had strict requirements. To be listed, vendors needed 3+ years as a business, 20% discounts or higher, and needed to commit to a year of service. This criteria made it difficult to secure offers and the management of the program was difficult.

Conversely, PerkSpot manages the program for you with a team of client success managers ready to help. We devise engagement strategies, create marketing materials, and more. Additionally, Mayo Clinic’s previous discounts were based on their Rochester location making it difficult for employees elsewhere to benefit.

“We wanted to not only have our employees at Rochester have discounts, but everybody at Mayo Clinic to have discounts”, shared Betty Smith, Employee Purchase Program Coordinator. In 2015, Mayo Clinic made the decision to partner with PerkSpot. Since then, on average 11,500 employees have saved on a monthly basis. With a direct link from their employee intranet, the mobile app, and email communications, saving is easy.

Decreased Turnover Rates

The healthcare industry has seen staggering turnover rates with 19.5% in 2021, a 1.7% increase from the previous year. HR Professionals are being challenged to improve employee morale and decrease employees leaving. In addition, rising inflation and wage pressures are only adding to the challenge. “By having PerkSpot, it gives us a competitive advantage over our competitors that don’t offer comparable discounts to their employees.”

Supporting Local

One feature Mayo clinic has utilized is PerkSpot’s “Suggest a Business” tab to recommend local vendors. “The suggest a business functionality is great for adding additional discount opportunities for our staff. The more the merrier.” One example Mayo Clinic suggested was a local nail salon in Rochester. Following the suggestion, our team secured an exclusive offer for employees to start utilizing in their discount portal.

In addition to local discounts, employees are saving on hotels, groceries, events, and more. In 2022, Mayo Clinic’s most popular savings have included travel discounts along with savings on Apple products.

With the current environment and challenges over the past year, PerkSpot can be the solution you need to reduce turnover and set yourself apart.

The Key to Increasing Your Employee Retention Rate

Courtney Shipshock May 22, 2019

According to a study done by SHRM last year, the largest challenge cited by workforce management was dealing with low employee retention rates. Unfortunately, the stats don’t lie on this one. Approximately 3 million Americans have quit their job each month since January 2019. Plus, replacing a highly-trained employee who leaves his or her position can cost up to 200% of their salary. Were some of them your employees? If so, your employee retention rate is probably top of mind.

But what can you do about this? Perhaps you’ve tried some of the common methods, like a new and improved onboarding process, a program that invests in your employees and their professional development, or an overhaul of your company culture. What happens when these don’t work?

How can you increase your employee retention rate? A rewards and recognition program is the key.

A rewards and recognition program allows you to formally recognize an employee for anything from a good deed around the office to a fantastic work ethic they exude to a project that goes above and beyond what you expect from them. What is really great about a rewards and recognition program is that it benefits both employer and employee. For employees, concrete appreciation in the workplace is a motivator and a reminder that the work they do is valued by their employer. For the employer, recognition can lead to increased engagement, productivity, and of course, retention rate.

What sets a rewards and recognition program apart from other recognition methods?

Visibility
Inclusivity
Timeliness

Visibility

Typically, recognition used to be a private thing. Managers would bring employees into their office, or send them an email, letting them know they did a great job. As a result, the recognition goes widely unseen by the rest of the office or workplace, including other managers, executives, and coworkers. Consider the effect public and specific praise has, not only for the employee being praised but for his or her peers. We know that employees want recognition. So, when they see their fellow coworkers receiving it, and more importantly, they understand exactly what they did to receive it, they’re more likely to duplicate that exemplary work ethic. Or, perhaps, they’ll apply that drive and find a new and exciting way to succeed on their own! Either way, employers are guaranteed a more productive employee, and workers feel more motivated and incentivized to work harder.

Inclusivity

When you consider your employee retention rate, and the employees you want to retain, who comes to mind first? The executives, who will be the most costly to replace? The high performers, which will leave a gaping hole in your workplace? The under-engaged, who are at the most risk to quit their jobs? Instead of focusing on a specific target in your workforce, why not target everyone? A rewards and recognition program that puts everyone on the same playing field, and rewards everyone with the same kind of praise and monetary compensation means you don’t have to choose which employees you should focus your efforts on. Not to mention, employees will notice this change in the hierarchy. No one wants to feel as though their employer values another coworker over themselves, so remove that problem entirely with a rewards and recognition program that emphasizes inclusivity.

Timeliness

Imagine you just nailed a presentation or finally hit your lofty goal for your team. You know you’ll be recognized for your achievements, yet you find yourself waiting until the end of the quarter for the company to meet and hand out recognition, or even the end of the year, for that bonus to drop. Soon enough, you’ve forgotten about the achievement and the recognition that comes with it. Worse, you feel no drive to repeat those actions because you saw no praise or appreciation for them. Employee recognition should be given in real time, as soon as a manager (or peer!) hears of it. In doing so, an employee understands the connection between the output of good work and the reward that comes with it. Better yet, they will continue to strive for more rewards, meaning a continued stream of high-quality work.

A decreasing retention rate is something several HR managers are currently dealing with and unfortunately, many of their strategies to fix it aren’t working out well. That’s why a rewards and recognition program is the answer. It allows you to give public, on-the-spot recognition that all your employees can use. Click here to find out more about PerkSpot’s Rewards and Recognition program!

5 Tips for Creating the Best Employee Surveys

Courtney Shipshock November 15, 2018

There are endless benefits to creating an employee survey to understand satisfaction levels throughout your workplace.

A survey allows you to discuss employee benefit plans, improve satisfaction and productivity, and increase employee retention rates. An employee survey can make an employee feel as though they are being given the opportunity to voice their opinion, and that you, as an HR professional, care about what they have to say. Here are five tips for getting the best results from your employee surveys!

Communicate and Encourage

An employee survey won’t be successful if it’s just an email sent to employees’ inboxes, without an introduction or explanation. Use your company’s communication channel to inform employees about the upcoming survey. Furthermore, impress upon employees that their responses will be valuable in helping to effect change within the company. Pre-survey communication will guarantee much higher numbers of participation, according to numerous studies.

Emphasize Anonymity

In conducting your employee survey, you want the most honest responses from employees. The only way to receive them is through an anonymous survey. Your employees may not feel comfortable openly sharing their opinions for fear of backlash. Not to mention, an anonymous survey puts all employees on a level playing field. With anonymity, no employee feels uncomfortable because of their age or position in the company. This means they will be more likely to offer opinions and suggestions for improvement. In reviewing responses, there is no bias coming from your end, so the results are more reliable. It’s a win-win!

Make it Easy

Your employees have a lot on their plates, so motivating them to complete a survey can be difficult. Keep this in mind when writing your survey. Don’t make it unnecessarily long – the whole point isn’t to distract employees or keep them from completing other work. The National Business Research Institute says 60 questions is the perfect length for your survey. Not so long that employees feel tired or bored, but long enough to give you the answers you’re looking for!

Ask the Right Questions

Make your questions simple. According to Inc., it’s a lot easier for an employee to answer a close-ended question versus long-form, written responses. Providing close-ended or multiple choice options makes quantifying results easier for you as well! Make your questions clear and understandable. Have a fellow colleague take a look at your survey and review it for readability. Another set of eyes is always a good idea, and it will ensure you have created the best survey for your employees.

Use the Results

A Forbes article reported a 30-40% average response rate for employee surveys. One of the main causes of this disappointing statistic? Employees believe that their responses won’t be considered or utilized to execute changes in their workplace. Reverse that belief by using employees’ feedback to make actual changes where you can. Share the results of the survey and any plans you may have developed for the future. This is a great way of showing employees that you’re taking their thoughts into account, and it will increase the response rate for later surveys.

An employee survey can give you insight into employee engagement, office culture, and job satisfaction among employees. Use these 5 tips to create an employee survey that is sure to deliver the best results!

Are Your Employees Actually Engaged?

Courtney Shipshock October 24, 2018

Increased productivity, better retention, happier employees … do we have your attention yet? These are all things managers and HR officials should strive for, and they can all be achieved with one simple word – engagement.

What is employee engagement?

Employee engagement is vital to any company, large or small. It creates a network of employees that are more than just happy or satisfied, but who are genuinely committed to their company. Not only do engaged employees have a deep understanding of their company’s values, but their own personal values align with them. When you can achieve a strong compatibility between company and employee, you have reached peak engagement in your employees!

Why is it important?

Companies that report having engaged employees outperform those that report low engagement numbers by 147% in earnings per share. Employee engagement doesn’t just benefit your workers, but your company as a whole! If you’re hoping to get your numbers up as you finish the quarter, consider improving your engagement numbers first, and revenue will follow.

Studies show highly engaged employees are 87% less likely to leave their company than those feeling less engaged with their work. Yes, you read that right! An increase in employee engagement is just the thing to fix those retention numbers that keep dipping.

70% of workers don’t feel engaged at work, according to career experts at the Muse. Yikes! Reflecting on all the benefits of an engaged workforce, that’s a concerningly high statistic. Perhaps you’re thinking about your employees, and maybe even worrying about their engagement levels. Keep reading, because we break down how to measure and improve your employee engagement.

How do you know if your employees are engaged?

Here are some tell-tale signs that you can look for:

Proactivity
Engaged employees are proactive. Instead of sleepwalking through the first few hours of their morning, they jump into a new work day. These kinds of employees don’t wait for managers to give them tasks; they are self-motivated, seeking out ways to be productive and helpful throughout the office.

Communication
Engaged employees love to talk, and we don’t just mean water cooler chatter. (Although, that’s important too!) They keep managers and employees updated and informed with progress reports. They are open to both giving and receiving feedback. Eventually, an engaged employee can even become a great mentor for other employees, helping them step into their roles and improve their own levels of engagement.

Career Advancement
Career and company advancement is important to an engaged employee. Remaining stagnant at one level isn’t enough for them, and they will continue to look for ways to improve their output, as well as general company success. This is because they’re invested in the company, which is the most important sign of an engaged employee.

Engaged employees are essential to the wellbeing of a company. They help to create an environment that inspires other employees. If you’re concerned about the engagement levels of your employees, check out our recent post about everyday employee engagement tips that can have a big impact on your business.

Keeping and Supporting Young Talent

Katie Williamson October 17, 2018

The workforce is changing. Millennials are no longer the “new” talent, they are THE talent, making up the largest generation in the workplace today. In addition, a recent study shows that 61 million Gen Zers (people born after 1996) are about to enter the workforce.

That means the talent pool is getting younger and it’s time for us to keep up. Keeping and supporting young talent means understanding exactly what they want in a career.

Here are some tips for attracting and retaining young talent:

Find Ways to Add Value

While higher wages are an obvious place to add value for young employees, there are many ways to incentivize them beyond their paycheck. According to a recent study, approximately 20% of Millennials say they cannot afford their healthcare expenses and 46% of Gen Z say their main financial concern is student debt. Get creative with how you’re driving value for these younger generations. Offer better healthcare discounts or start a debt reimbursement program. Better yet, explore what an Employee Discount Program can do for you and your employees.

Offer Opportunities for Collaboration

While Millennials were coming of age with technology, Gen Z has become even more entrenched in social media and constant communication. Due to this change in atmosphere, collaboration is a key motivator for these younger employees. Surprisingly, however, they prefer in-person interactions over the phone, email or even texting when collaborating with co-workers.

Give Them Mentors, Not Managers

Micromanagement is the new smoking. Ok, ok, we made that up. But what we do know is that these younger generations are seeking out thriving relationships between their leaders. Mentorship is a hot topic among this crowd and that is only bound to increase as they take the workforce by storm. Maybe there’s a reason why 70% of multi-national companies are replacing their annual reviews in favor of performance management. Young talent wants specific feedback on their performance, and they don’t want to wait a year to receive it. In fact, studies show Millennials are receiving reviews either daily (19%), weekly (24%), or regularly (23%) versus the traditional annual format (3%).

Create a Culture That Matters

According to Gallup, Millennials turnover costs the U.S. economy $30.5 billion annually. Whoa. We’ve learned a lot from the Millennial workplace and there are many trends that are sure to stay. Flexible hours are considered one of the biggest perks for these employees. They also want a job that is willing to support their career development. They actually want to find a job and stay there, which is great news! As we previously discussed, regular reviews are a great way to focus on career progression and support. In addition to reviews, makes ure you also find time to recognize their efforts, whether it’s through a formal program or as simple as a thank-you note. These few efforts can make a huge difference for your retention as you create a culture that truly matters to your employees.

As we begin to wrap up another year, it will be interesting to see how Gen Z continues to shape our workforce well into 2019. How is your business working to keep and support your young talent?