Combating the cost of millennial attrition
As a Value Architect for Redemption Plus, I often hear turnover is one of the biggest challenges facing family entertainment center owners today.
It’s time to ask yourself: what is missing from your millennial retention efforts?
Millennials are a generation that yearns to make a difference in the world and serve a higher purpose. In a new survey from Accenture, 70 percent of students from the class of 2016 said they’d take less money to work at a company that provides a positive social atmosphere. This figure is up 10 percent from last year.
“The culture of the company trumps compensation. A significant number said to us it’s really important for me to work for a company that has a culture that’s interesting to me. Graduates also want to work at companies where they can advance and feel passionate about their job.” — David Smith, Accenture Strategy
If turnover tends to be a problem for your business, these easy steps may be your solution:
- Like a good suit, tailor your culture — Creating a unique company culture tailored to your values will turn your employees into Brand Ambassadors. A high trust environment with happy employees creates a sense of pride. Your employees are more likely to engage social media positively.
- Higher calling equals higher retention — What is the purpose you serve and how are you making a difference in the lives of your customer and the world? Clarity and alignment around purpose will help you avoid organizational A.D.D. and help to attract and retain employees that fit your culture.
- True North guides behaviors — Define and share the company’s core behaviors. This will provide a compass to guide decision making. Employees that share the same values will truly care about your business and make the right decisions.
- Clear path to the future — Having a clear development plan demonstrates you care about your employees and their future with the company. This creates loyalty and an environment where employees will truly care about your business.
- Get your serve on — Giving back to the community allows employees to connect with each other on a deeper level creating a sense of fulfillment in the hearts of employees.
These key strategies are not only things to keep in mind when working to keep millennials happy on your staff, but also to creating millennial loyalty from a guest standpoint.
News flash: millennials have officially surpassed the baby boomer generation in terms of population numbers.
That means they’re gaining buying power in our economy. What’s your commitment to increasing millennial employment and guest satisfaction?
This article is by Justin Michaels, a Value Architect at Redemption Plus.
Insights Empower is a collection of thoughts & insights to inspire, educate and connect the Family Entertainment & Bowling Center industry. From the team at Redemption Plus, est. 2017 🎉
Visit us at RedemptionPlus.com for more ways to #win.
