Gold Watch Sales are Tanking – 5 Smarter Investments to Increase Job Tenure for High Performers
According to the Bureau of Labor Statistics, average employee tenure is under five years. It’s even lower for Millennials – the very employees who will constitute 75% of your workforce by 2025.
The writing is on the wall. Your young, high-performing food & beverage professionals aren’t likely to stay with you long enough to earn that once-coveted gold watch.
So what will keep Millennials engaged and motivated to stay working with you? Instead of dangling “karats,” give your Gen Y professionals these five things instead:
Flexibility. Top professionals, especially younger ones, are largely self-motivated. Furthermore, they’ve grown up in an age where technology provides the freedom to work whenever and wherever they want. So give your young professionals the clear goals, support and resources they need, but then step out of the way. As much as possible, give them control over when and where they work, as long as they meet agreed-upon objectives.
Rewarding work. Millennials value meaningful work and want to stay with employers with a strong mission and cultural values. They need to “make a difference.” Provide opportunities for professionals to give back to your local community. Explain how their work contributes to your organization’s “big picture.” Show them the meaning behind their work, and they’ll perform at higher levels for you.
Frequent, direct feedback. According to Harvard Business Review, 50% of high performers expect at least a monthly meeting with managers to discuss performance. Are you meeting your employees’ need for feedback? Young professionals, in particular, may lack confidence in their abilities. Provide honest, timely and regular feedback to let them know what they’re doing well – as well as what they could improve.
Career growth. Young professionals desire opportunities for advancement and development, and they are willing to change employers to meet those needs. Keep them working for you by helping them to continually grow:
- Create clear, long-term career paths. Help each individual map out a three-to-five year plan that offers the growth he needs, and also aligns with your food & beverage organization’s goals.
- Recruit senior employees to mentor promising proteges. Instruct mentors to help mentees set professional goals, develop their careers and take on tasks beyond those designated in their job descriptions.
Recognition. While high-performing Millennials are typically fueled by their own need to achieve career goals, they also value recognition for a job well done. Look for formal and informal ways to acknowledge their accomplishments when merited.
As our workforce demographics change, so must food & beverage organizations’ retention strategies. Experts in food & beverage recruiting, Kinsa is here to help you identify, hire and increase job tenure for top performers by creating exceptional matches. There’s an ideal out there – trust Kinsa to help you find it.
Learn more about our Food & Beverage specialties and how they help you hire the best talent for long-term success.