Unlock Hidden Profits: Retain Your Millennial and Gen Z Workforce

Let me tell you a story about a recent client who learned a valuable lesson about cultivating young talent. They brought in a Gen Z whiz named Maya for their Digital Marketing department. She possessed an almost intuitive grasp of digital marketing and a way of connecting with younger demographics, unlike those of Gen X.

Initially, my client nurtured Maya, spending countless hours brainstorming campaigns, dissecting data, and navigating the ever-evolving social media landscape. Maya was a sponge for knowledge, soaked it all in and applied it with fearless creativity. The results were undeniable– social media engagement skyrocketed, reaching demographics they’d never tapped into before. Maya became a star, her name synonymous with the department’s success.

Here’s where things went wrong. As Maya consistently delivered high-quality work, her manager, perhaps taking her brilliance for granted, started leaving her to her own devices. The check-ins became less frequent, and the guidance less present.  Fast forward two years, the resignation appeared and hit my client hard. They felt blindsided, frustrated they hadn’t seen the signs– Maya’s boredom, her lack of motivation. They hadn’t nurtured Maya continuously, realising she was bored, and looking for her next challenge.

The lesson was a ‘bitter pill to swallow’. First came the financial loss.  Replacing Maya took months, impacting their bottom line with lost productivity and recruitment costs. The onboarding process added strain, creating a frustrating domino effect. But the real frustration came from the team’s morale. Maya’s positivity had been infectious, and her departure left a void. Then, two more team members decided to resign, further crippling departmental morale.

So, the million-dollar question: How to Stabilise Your Team to Keep More of Your Profit?

Remember, the tables have turned in the hiring landscape. With more job openings than qualified candidates, skilled employees, especially Millennials and Gen Z, have the upper hand. This makes retaining your existing talent crucial for maintaining profitability.

Investing in the Next Generation

Focusing on attracting and developing younger talent is key. Their eagerness to learn and grow within your organisation makes them a valuable asset. By providing them with opportunities for training and career advancement, you foster loyalty and a sense of investment in the company’s success.

Building a Retention Strategy to Keep Millenials and Gen Z Motivated

Don’t wait until you’ve developed top talent to consider retention.  Remember, once you’ve invested in their growth, keep them motivated. This can be done easily by:

  1. Creating a work environment that fosters creativity, growth, and purpose.
  2. Prioritising employee well-being with competitive benefits, flexible work arrangements, and a healthy work-life balance.
  3. Showing appreciation for your employees’ contributions through recognition programmes and performance-based incentives.

And remember, retaining your team saves money. The cost of replacing a lost employee can be significant.  The time and resources spent on recruitment, training, and lost productivity can easily eat into profits.  By prioritising retention, you’ll save money in the long run and maintain a stable, high-performing team.

Imagine how you feel you are doing everything you can to keep your Millennials and Gen Z’s motivated. How confident you will be knowing your knowledge base will continue to grow and be kept in-house. How your internal relationships and those with external stakeholders will continue to flourish. How nothing will get in your way of achieving your goals.

We know how you feel when you lose team members or staff and how it can affect your growth and profitability. We, at Nova Associates, can work with you to identify potential losses and ensure you are confident to keep Gen Z’s and millennials motivated. Working with us is a simple 3-step process:

  1. Schedule a Strategy Call.
  2. Decide how you are going to complete your staff retention audit.
  3. Stabilise your team and grow your organisation.