As an entrepreneur you are responsible for making a number of decisions within your company. You will establish its foundation, business model and much more. As your business grows, it will likely fall on you to make the tough decisions that guide the company. These decisions will play a big role in determining your company culture.
Regardless of how large or small your business, it will have its own culture. When trying to bring in and retain millennial talent, your company culture is going to play a large role in their decision making. An entrepreneur’s business may depend on creating a culture that breeds success, and that is going to be contingent upon an understanding of catering to millennial desires.
The current generation of college graduates doesn’t plan on staying at the same company for more than a few years, let alone for their entire career. Millennials have a sense of self worth, and they will constantly search for a business that better suits their expectations and needs.
You, as the entrepreneur, will have to come up with a way not only to attract rising talent but retain it. Create a company culture that resonates with millennials on some level. Even less sexy businesses can have a culture that young people are appealed to.
Offer the right benefits.
Many entrepreneurs find that offering a sizeable salary won’t retain millennial employees. While this worked for previous generations, millennials seem to be rocking the boat. Instead of letting this frustrate you and disrupt your business, focus on benefits that millennials want to see.
One of the top priorities for many millennials is their work-life balance. Offering a generous salary or wage won’t go far if your employee isn’t able to enjoy their hard-earned money, and this is even truer with the newest generation of skilled workers.
Consider increasing the number of days an employee can take off or add more work holidays. Offer flexibility for them to work remotely. Your employees will stay fresh and will be more eager to commit time and energy to your business.
Develop your rising talent.
A good company culture will go beyond perks and benefits. Many millennials want a meaningful work experience that builds their skills, not just their bank accounts. Let new hires and recently added employees know that they are a valuable piece of the company.
Bring them in on meetings, keep them updated on all facets of your business and ask for their opinion. Also, millennials are fairly open to criticism - they just prefer it face-to-face and in a timely manner. Millennials want to work for a business that they can also call their own, so treat them like an important part of your business. After all, they are the future of your company.