Many Millennials saw their parents get laid off during the 2008 recession. Today, with the rapid expansion of AI technology starting to take over jobs, Millennial employees in every industry lack loyalty to their companies, and even their career fields. One survey found that 1 in 4 Millennials would quit their current job given the opportunity. And according to a Gallop study, about 21 percent of the Millennial workforce switches jobs in a year — this annual turnover costs the American economy about $30.5 billion every year.
Millennial employees are continually seeking better roles and positions at companies offering them more status, independence and opportunity for growth compared to their current company.

Today’s companies need to win the loyalty of Millennial employees by offering what they’re looking for internally, in the most cost-effective manner. Here are three important ways to get Millennials to stay for the long haul.

1. Provide Low-Cost Perks That Add Up for Employees

Giving employees perks they can enjoy like an in-house cafeteria, food catering, the option to bring their own device or even the option to bring their dog to work. Offering a flexible morning attendance so that commuters can come in between 8 to 10 a.m. to work without pressure to get there at a set time during rush hour is also a popular option.

You could also offer incentive rewards for achieving personalized performance goals from month to month. Rewards could include gym membership, massages, a yoga class subscription or the like. These also show employees that their company respects their lifestyle and work-life balance goals.

2. Give Them the Option to Work From Home

A highly competitive perk for today’s employees is the option to work from home. In fact, 85 percent of Millennials want to work a full-time job, but do so 100 percent remotely. The idea of working at home, venturing to a coffee shop to get work done or hopping on a plane without unplugging from the office appeals to most Millennials who value experiences as much or more than money.

Millennials also dislike the time it takes to commute, and transportation is sometimes even an obstacle for some. It may seem like offering the choice to work from home could kill employee productivity and team synergy; however, when employees feel they’re trusted enough to work independently and remotely on company projects, they feel like living up to the challenge. Most Millennials don’t like the “boss-over-my-shoulder” feeling at cubicle office jobs, and they work better when they’re given space.

3. Empower Employees With Better Technology

Employees feel that their job is valued when they see they’re supplied with top-notch equipment and software. Offer your workforce the technology that saves them time, improves their accuracy, streamlines their workflow, increases their independence and gives them access to a database of knowledge they need to do their job. This way, they feel equipped, supported and excited about delivering top-of-the-line customer service and work. For example, with an affordable phone system with cloud VoIP, employees can enjoy seamless, high-quality communication and achieve optimal productivity as a team, whether in-house or as a remote team.

Strategies That Increase Employee Retention Among Millennials

When employees feel trusted and valued at their company, they’re not afraid to give back to it. When they know their employer trusts them enough to let them work independently and provide them the best resources for their job, they feel respected. Additionally, when companies provide a great office environment with perks and plenty of opportunities to move up in the company, Millennials will be more likely to stay put.

Because the Millennial job bounce rate is high, employers need strategies in place to attract high-quality Millennial employees who continue to stay on and add value at the company. They need to offer cost-effective incentives for employees to stay, and it’s not just about pay raise. Millennial employees today care about having the option to work from home, have a flexible work schedule and enjoy unique benefits and perks that help them improve their lifestyle. Companies that do all this as well as provide a welcoming and warm environment can easily succeed in bringing in Millennial workers who stay loyal.

Lindsay Haskell is a content writer specializing in health, beauty, fitness, and alternative medicine. She maintains a blog about mindfulness, meditation, and spirituality called Magnetic Mama.

Millennial employees stock photo by YAKOBCHUK VIACHESLAV/Shutterstock