There are a large number of “millennials” between the ages of 18 and 35 flooding today’s workforce. According to Forbes, “by the end of 2014, they are expected to comprise 36 percent of the U.S. workforce, and by 2020, millennials will be nearly half of all workers.” In order to retain younger generations, it’s important to understand their needs and offer benefits that they will respond to.
One of the most effective is a paid time off policy where employees can accumulate sick days, personal days and vacation days that can be used as needed. Here are some specific ways that this can help with retaining millennials and reducing your turnover rate.
Employees Feel More Refreshed
Regardless of the job position, almost everyone is bound to feel a little burned out from time to time. Stress can mount, and it can adversely affect engagement and overall employee productivity. If younger workers feel like they hit their breaking point, they’re more likely to quit. But with a paid time off policy, employees can take some time off with your approval and get away from the workplace for a while.
This often leads to workers feeling more refreshed, so when they return to their job, they can function at a higher level and experience a deeper sense of overall satisfaction. In many cases, this will contribute to millennials sticking around for the long haul, which often translates to better team chemistry.
It Offers Flexibility
Having some leeway with scheduling is a big plus to most young workers. While their jobs are important, they often have a lot going on outside of the workplace. Those attending college can get especially bogged down with other matters. A paid time off policy is advantageous because they can take a few days off when needed and have more flexibility.
Not only will this reduce the stress of younger workers and increase retention, but you’re less likely to deal with them calling out. In turn, the daily responsibilities of your workplace should remain covered, and it’s reasonable to expect more productivity.
Employees Feel Valued
Perhaps the most important part of paid of time off is that it can improve your rapport with younger workers and help strengthen your relationships. It’s basically a way of treating millennials as adults and allowing them to make their own decisions on when to use their time off. They have a sense of empowerment in terms of addressing their personal needs and taking care of other areas of their life. This often translates into the feeling of being valued, which is a big motivator for sticking around.
Due to the growing number of millennials joining the workforce, it’s smart to offer benefits like a paid time off policy that fulfills their needs and gives them reason to stay. With any luck, you can maintain valuable working relationships with younger generations and assemble an excellent team of dedicated employees.