What some business owners STILL don’t get about hiring and keeping millennials

Here's something I heard a business owner say recently. "Millennials are not loyal, jumping from job to job!" As business owner and ex-employees, we have a different opinion. Millennials are not disloyal. Rather, the truth is this: many businesses have not earned our loyalty. In fact, here are some of the things they do that discourage us from staying long term. Depressing salaries. Companies often don't give us increments automatically - they find all sorts of ways to justify paying us lower salaries. One thing that really grinds our gears: overemphasis on our last drawn salaries, instead of paying us what we're worth NOW. The result? The tried-and-tested way for millennials to get an increment is to job-hop. The moment you make that counteroffer, it's too late - you should have treated us better from the start. Bad working environment. Here's something we wish y'all knew: If you can't pay us well, at least treat us well. What you lack in $$$, make it up with benefits, flexibility and culture. WFH, more leave days, a caring boss - all these things matter to us. Only those without options will tolerate low salary, bad culture, no benefits, and a bad boss. Businesses these days aren't exactly loyal, either. In the past, businesses rewarded employees for staying long. People could climb to the very top by staying in the same firm. Employees were rewarded with large bonuses, and pensions. It made sense to be loyal. But this isn't the case anymore. It's harder to rise through the ranks by staying in the same country. Companies often hire externally, instead of promoting from within. In addition, ambitious millennials often find their paths blocked by dinosaurs* who refuse to leave. *Being a dinosaur is a state of mind, not a reference to physical age. There are plenty of older workers who adapt to keep up with the times. Last but not least, Pensions are also a thing of the past. But you know what? We get it. You have to maximise profits and efficiency, as well as guard your stakeholders' interests. Businesses are indeed challenging to run - with overheads, rents, salaries and whatnot. But here's the thing: in the same way you have to protect your interests, we have our lives to lead as well. Yes, there are more of us than there are of you. You might think we need you more than you need us. But here are three things to consider. 1) It costs more to hire new staff than to retain them. It's good business sense to keep good people within the company. 2) You want skilled and talented people to stay (and these people have options). 3) The people who stay with you no matter how bad you treat them? That's often not loyalty. It's a lack of options. Don't get us wrong, many companies can probably get by okay without retaining driven, talented millennials. "Loyalty" is certainly not the be all and end all. However, if you're wondering why your best people don't seem to stay... Then the issues mentioned here probably have something to do with it. After all, how can you ask people to be loyal... if you haven't been loyal yourself? Stay woke, employers

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2 replies to “What some business owners STILL don’t get about hiring and keeping millennials”

  1. Pingback: Why are younger Singaporeans opting for startups? Blackbox

  2. Great read! I really appreciate how you highlighted the importance of understanding what motivates millennials in the workplace. The points about work-life balance and personal growth are spot on. It’s true, we’re not just here for the paycheck; we want to feel valued and have that space to grow both professionally and personally.

    One thing that stood out to me was the bit about mentorship—so important for us to feel supported as we climb the ladder.

    So here’s my question: what do you think is the best way for businesses to foster an environment where millennials feel comfortable sharing their ideas and feedback?

    I’m asking because creating that kind of culture could transform not just employee retention, but also the overall innovation within the company. If we can voice our thoughts without fear, the potential is endless! Curious to see what others think.

    Reply

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