Cloud services company Evolve IP knows how to retain Millennial employees: they've created a work environment that encourages them to make a positive impact on their organization, solve social challenges, and become an expert in their field. They're clearly doing something right: 60% of their staff are Millennials, and they have a 94% overall retention rate. And according to CEO Tom Gravina, the attraction and retention of Millennials has been vital to Evolve’s growth. Evolve emphasizes the following to maintain a culture that aligns with the Millennial mindset:
- Empowerment. The leaders at Evolve are intent on instilling the notion that all employees’ ideas are worthy of top-team consideration, no matter their age or station in the company. Therefore, all employees are called “associates.”
- Recognition. Evolve uses an internal software program through which employees can praise, acknowledge, and reward each other. This was an idea that two associates came up with after seeing a different use for Evolve’s customer feedback collection software.
- Training. The company recognizes employees for their completion of training programs and the leadership of cultural initiatives, like charity events. Evolve associates are provided the opportunity to participate in soft-skill job training and real-world training, like financial planning.
- Community Participation. Evolve creates a setting where any associate can find and lead a charitable initiative. They’ve appointed a senior manager who helps facilitate these initiatives, and associates and the top team have been able to raise $4 million for 35 different charities so far.
- Word-of-Mouth Hiring. Hiring associates who have the same community-oriented mindset as current associates is essential to the top team. Many of their hires come from Villanova University as alumni have favorable experiences as employees and continue to recruit their friends.
Takeaway: Figure out what Millennials (and your other employees!) value most, and create a company culture that emphasizes those values every day. This will help reduce overall employee turnover and increase employee satisfaction for all involved.