Building and sustaining talent pipeline remains major challenge among business leaders. Consequently, job hopping might be a nightmare for most employers. When an employee leave the team after a year or two, it means that the organisation will waste the training and development invested in the individual. Not only financial loss, employee voluntary turnover does affect the entire team morale and productivity as well. However, as daunting as it might be, Millennials might see job hopping differently from the other older generations.
Recent Gallup survey finds that Millennial is the most likely generation to switch jobs, as 60 percent Millennial respondents stating that they are open to a new job opportunity while having one already. Owing to this trend, the study estimates that millennial turnover might cost the economy $30.5 billion annually. Having reputation as the least engaged generation in the workplace, how can multinational companies (MNCs) ensure their talent retention?
As the first generation of digital natives, Millennials have more formal education than the previous generations, as well as mastering multitasking skills through ample exposure of media and technology. They are known for distinctive characteristics compared to Generation X and Baby Boomers, including their attitudes in the workplace. Robert Walters study reveals that 91 percent Millennials want rapid career progression. To achieve this ambition, 52 percent respondents are willing to grow their career abroad and find a fulfilling job.
Competition for global talent is heating up. To win this intensifying war for the best talent, multinational companies need to come up with a well-arranged strategy. As multinationals seek to grow bigger and stronger in the global stage, they need to attract potential talents and improve employee retention. Given that Millennials are now the largest generation in the workforce, it is imperative for leaders to observe and identify the best method to attract and engage them.
Below are 5 tips to engage and ensure Millennial talent retention in MNCs:
- Enhance the employer brand
Good reputation and strong employer brand are must-haves for global organisations to thrive and succeed in the global talent marketplace. Having reputed and recognised brand will help you attract potential local talents who seek to scale up their career.
- Provide clear career path
More than just a stable job and competitive salary, Millennials want career progression. According to Robert Walters study, 69 percent Millennials believe that clear path for progression in the business field is among the most important factor in keeping them engaged and motivated.
- Leverage new technology
As multinational companies, you need to leverage the power of new technology not only to run the business smoothly, but also to keep your top performers. For example, you can use big data and analytics to enhance employee experience and improve satisfaction.
- Offer flexibility
Work-life balance is among the most-sought perks for Millennials. Therefore, you can offer flexible work arrangement for your employees, such as letting them arrange their own schedule, provide an option to remote working, and give them freedom to work on certain project. Through this method, your employees in branch office will not feel as if they are being mere puppets for the headquarters.
- Break down cultural barriers
Cultural and language barriers often become great challenge for both local leaders and employees. To solve this problem, you should help them develop cross-cultural understanding and improve their communication skills in interacting with each other effectively.