Small companies have a limited hiring budget hence hiring experienced candidates is out of their budget. But there is nothing to be worried about as young talents are equally good, in fact, some are even better and can add better value to your company.
While hiring young talent may be lighter to your pockets, to retain them is not that simple as they have a short attention span, always seeking different opportunities. You need to take a step ahead and provide them a work environment that they would not want to leave.
Following are a few tips that will help you in retaining young talents;
- Provide Hourly Remuneration:
Young talents are basically Millennials who have short attention, hence instead of hiring them for a salaried job, an hourly remuneration is a great way to benefit maximum from their talent. paying them per hour will improve their efficiency and drive them to work harder, without being less distracted.
Based on the amount of work, fix the number of hours the employee needs to work per week so that they do not stretch the time just to get extra paid. Defining the number of hours prior will encourage them to finish it within the allotted time as if they extend it, it is of no monetary benefit to them.
- Flexible Work Culture:
Young employees do not follow a disciplined lifestyle like many others hence it is a common thing that they would not wish to stick to a routine timing. Most organizations have introduced flexible timings to break the monotony of fixed time office and switch to flexible timings.
Young employees are also extremely technology-friendly and do not believe much in office culture hence if the nature of your job supports, allow them to work from home as well. This is one of the most lucrative things you can offer them over money as the young generation likes to lead a happening life.
- Generous Recruitment Packages:
While hiring young talent, you also need to offer them a good remuneration package as per their talents. Millennials are aware of their worth and if you pay them less then they will not be interested to associate with you for a long time. Also, work towards increasing their pay every year as per the inflation rate.
- Think Like Millennials:
Young talents work in a very different manner than previous generations. They are more tech-savvy and believe in smart work rather than hard work. To attract such talent, create a workspace that is different from most other companies. Do not design a formal office, instead keep it informal and fun to work at. Have couches and work areas where your employees and move around for a change of scenario to work.
- Provide them With a Purpose:
Young generation nowadays does not work for money but most of them are passionate about something. That is the reason why many young people have come up with start-ups. They are really hard working when it comes to accomplishing their goals. When you hire such talents, have a one-to-one session with them explaining your passion which made you start this firm and what difference you aim to bring about in the society. If they are able to connect to your values, they will work harder to achieve it.
- Provide Them Opportunity for Growing:
Youngsters when joining an organization do not look at the monetary compensation, they are more interested to know the growth the organization is willing to provide them hence if you introduce an employee skill development program for these young talents every year then they will love to associate with such an organization as it will add value to their resume.
If you are running a small start-up, arranging for an employee development program may become an expensive affair. Experts suggest that a small organization should always have a backup investment to cater for company development. Look out for investment options which will give you good returns that can be reinvested in such employee development programs. Trading can be considered an investment option which does not need you to spend much time as you can hire a broker to do the majority of the task. Verify the broker after thoroughly reading their reviews and hire a reliable one like Wealthcapital Bewertung 2019.
Finding an alternative source of capital for company development will make sure that business profits can be used for other important purposes.
It is not necessary that even after all the changes you make, the young talents would not switch to another company. Frankly, it is inevitable as they always seek for a change but by bringing in these changes, you will definitely manage to retain a few and that in itself is a big achievement.