Lazy. Entitled. Flaky. Participation ribbons. Habitually late. Text savvy. Lack of loyalty.

Who am I stereotyping? Millennials.

Admit it — you’ve either heard or thought the same. Just recently in a presentation, I read, “Today’s youth are disrespectful and undisciplined.” These are Plato’s words from 428 B.C. Stereotypes of the younger generation are not new, but their record-breaking workforce presence is.

For the first time in history, there are five generations in the workplace, with millennials making up the largest workforce segment (U.S. Census Bureau, 2017). Millennial ages range from those born in 1977 to 1996 to those born in 1982 to 1998, depending on your source. Due to the large generational span, millennials have surpassed baby boomers as the largest living generation, and by 2020 millennials will account for more than 1 in 3 adults (U.S. Census Bureau, 2016).

Typically, the young professional (YP) age range is 21 to 40, therefore including Generation X and millennials.

While the two generations differ, average turnover is relatively similar: five years for Gen X and two years for millennials (Bureau of Labor Statistics, 2016). Employers need YPs to stay longer because turnover costs employers an average of $4,129 per employee (SHRM, 2016). Employers must fine-tune their recruitment and retention strategies to engage YPs. But how?

My client meetings over the past 12 months have produced a consistent theme: employee recruitment, engagement and retention. The gap is recognized by both the C-suite and HR team, and while health care costs rise and employee benefits packages are important, engagement is key — engagement in company culture, community well-being and employee development. YPs are looking to live on mission, not just look at the statement Monday through Friday from 8 to 5.

Company culture
Employers must clarify their mission, vision, values, corporate social responsibility and employee expectations. When the value proposition is clear, job execution is motivated by the desire to drive the organization forward — for the community and the bottom line. A value proposition is a statement that an organization uses to summarize why a customer should work with them or use their service. Start stating your value proposition online, in the office and, most importantly, in your interviews. Articulate it on a regular basis in a confident manner. Depending on the organization, onboarding for a job could take as little as one month to one year, perhaps longer. Onboarding culture, however, is imperative day one. Pause, though, to note that culture can drive an employee of any age to leave; people want to be where they belong.

Community well-being
Keep YPs engaged in community involvement, as they value fulfillment and collaboration, which a corporate environment can help nurture. In terms of retention, young professionals are increasingly more likely to assess an organization based on commitment to community. Moreover, community involvement can help strengthen a corporate culture and provide team-building in the workforce. Corporate social responsibility comes to employees in nonprofit donation match, volunteer time off (VTO), office-led volunteerism and corporate partnerships between organizations and local nonprofits. Think about involving employees in deciding on a cause; this empowerment will demonstrate that the organization respects individuals’ values.

Employee development
There is a difference between career advancement and career development, and young professionals value career development. From mentor-mentee programs to consistently delivered immediate feedback to professional development stipends to tuition reimbursement, YPs want to educate themselves and continue developing personally and professionally. Organizations that coach, supportively challenge and give YPs a clear purpose and path to attain that development will enjoy greater employee attraction, engagement and retention. Consider sponsoring professional membership dues or an annual professional development conference, because your dollars are an employee investment, as opposed to an expense.

Speaking of expenses: Financial well-being is a crucial approach to retain young professionals because they value, and have been encouraged to pursue, education. Several YPs have attained a college degree or studied at a technical school and have an average student loan debt of $37,172 (Value Penguin Report, 2017). Debt causes stress, which can lead to lack of productivity, which can lead to seeking employment elsewhere — by choice of the employee or even the employer. Matching student loan payments or providing different areas of fiscal education is a financial well-being benefit to consider as the whole person comes to work every day, not an employee sans life stressors. Financial assistance can help you retain young talent.

Bottom line: YPs are here to stay and will soon make up the majority of the leadership within organizations and in our communities. YPs are very talented individuals, and as they transform the work we do, we must transform with them — that includes benefits such as career development, flexibility and new financial investments. Their needs are unique compared with other generations in the workforce, and while it might be time to evaluate our stereotypes, it’s also probably time to evaluate company culture and mission.

Is your organization ready for the YPs?