Millennials get a bad rap. They're called loud and opinionated, lazy and entitled … the list goes on. And employers seem wary of hiring them, especially given reports about their low-loyalty, making it hard to find the right job. NCM's Millennial employees have experienced the backlash of these assumptions, but some believe that a lot of their negative press misses the point: Their opinions may challenge your dealership, but they want to bring their passion for change and innovation to the workplace!
And it’s going to happen. The truth is that Millennials are the future of business, and by the year 2020 they will make up 50% of the world’s workforce. Here are a few suggestions NCM has to help your dealership retain your talented Millennial employees and embrace the cutting edge ideas that they bring with them.
Pay them fairly and give them room to grow
Fair pay and growth opportunities are paramount to the retention of Millennials. As a group, they expect to progress in your company—and achieve leadership roles—faster than Gen X or older groups. When they don’t achieve this, they leave. A business’s failure to offer advancement results is costly and causes constant turnover. While it may seem easier to take the cheapest route, there are many employers out there who will provide fair compensation and a clear career path, and Millennials are eager to find them.
Embrace social media in all aspects of business
We all know that Millennials live their life online. Whether you’re looking to hire or looking to engage, we can’t stress enough the use of online tools that are available to you, and 99% of them are free! Let your employees write for the company newsletter or blog. Use LinkedIn and Indeed to recruit talent. Post employee recognition or business events on Twitter, Facebook, and Instagram. Other ideas include purchasing a custom Snapchat filter for company parties or hosting a weekly vlog on YouTube. The options are truly endless, and they all help your Millennial employee feel engaged with your dealership!
Allow them to use their voice
We'd say that Millennials have a deep desire or, more appropriately, a need to let their voices be heard and share their views. (Why do you think they're so active on social media?)
A few ways to encourage this are:
- Give them opportunities to lead in roles that bring active change to the company, such as seats on committees and inclusion in forums.
- Listen to them and be open to ideas! Just because something has been done a certain way for an extended amount of time does not mean that it is the most effective or efficient way to keep doing things. Use their creativity to advance your business.
- Allow them to be creative by embracing technology.
- Let them be involved. Here at NCM, we have an Ownership Culture Committee that not only plans social events for the company but also participates in charity and giving back. Believe it or not, Millennials do care about things bigger than themselves and allowing them to give back, and get involved, will reap huge rewards in employee morale and culture.