Opportunities are being created every day requiring more people to join the workforce. The young generation people, born roughly after 1984 are also known as millennials and currently hold more than two third of jobs in the corporate sector. As per statistics, around 21 million people join the workforce each year. According to a survey by PricewaterCooper, millennials are projected to command over sixty percent of positions across various organizations by 2020.
Why hiring millennials is necessary :
Hiring millennials is necessary for every organization. Startups and small organizations need to hire them as experienced professionals can be expensive. On the other hand, large companies require millennials to fill various entry level positions and often for specific positions as per requirement. Over time, they gather experience and get promoted based on their performance. However, millennials are infamous for switching jobs quickly and organizations find it extremely difficult to retain them.
Reasons for low retention rates of millennials :
Various studies have concluded that due to advancement of technology, millennials have experienced a different lifestyle. It has often been observed that millennials prefer working in teams or groups and like to communicate with colleagues while working on projects. Due to active social media circles and websites, millennials know the importance of the latest technology and often wish work on it. They feel their growth is stuck due to lack of technology in their organisation. Therefore, continuous unavailability of innovative technology may also be a reason for them to lose motivation and subsequently switch jobs.
Why is it important to retain your employees :
Organizations need to have a stable workforce at the entry level for uninterrupted services and maintaining the quality of work. Meanwhile, it’s even more crucial to retain millennials for building a trustable workforce in the long run. Losing an employee means someone else has to complete their current projects and the company has to hire and train someone new for replacement. These employee replacements are not only expensive but also take time to get trained which can set back the plans of the organization.
How intranet can help you retain employees :
By employing uKnowva’s customized social intranet , organizations can provide a favorable environment to millennials and successfully retain them. The social intranet solves their major problems and provides the organization with numerous benefits:
- Millenials can improve internal communication by sharing news, files, photos & videos and get real time updates from other employees
- Employees get numerous advantages such as signing in directly from any device, instantly connect with other employees through chat, discuss ideas, create polls, increased flow of information etc. The intranet platform is also regularly updated so millennials get to work with the latest technology and keep them motivated.
- It’s easy to train millennials and manage them through uKnowva’s intranet platform as they can easily understand how it works due to being familiar to social media and similar technologies.