Attracting new talents is important, but it is also important to keep them. This can be easier said than done since a 2016 survey by Deloitte reports that 66% of millennials expect to leave their current job by 2020. That’s in less than two years. Companies and HR managers must be up to the task to attract and keep young people, as they are a considerable part of the current workforce. Their share will only grow in the coming years, which makes the task all the more important. Here are five helpful ways how you can succeed in that.

1) Understand your audience

You know what your company needs, but do you know what the people you want to attract need? Do you know what they seek and what they expect, not only professionally but also personally? As a follow-up to the questions, you can think if you can currently provide those things. Understanding your target audience helps you in attracting young people and working with them more efficiently.

2) Compensation and benefits

A 2017 study by MRINetwork lists compensation and benefits as the most important aspect for millennials when considering a new job. Ask yourself: what is your company’s benefit plan, and does it meet the expectations of young people? Highlighting suitable compensations while attracting young people to your company can very well tip the scale in your favor.

3) Use other people’s knowledge

Like in every aspect of life, you are not required to reinvent the wheel. Consulting your colleagues and contacting people specialized in young talents can ease your attraction strategy and save you a lot of time and energy. Find out what other people have learned about young people and what kind of experiences they have had with them and share your findings as well.

4) Develop talent

In the same study by MRINetwork, mentorship and opportunities for advancement share the second place in the list of top priorities of millennials. What does this tell us? Young people want to develop themselves and keep advancing in their career. Giving young people the possibility of reaching new heights makes them feel taken care of, which in return boosts overall satisfaction. One way to help millennials reach their potential is to offer them mentoring with regular development talks.

5) Think about your environment

Think about the work environment your company has. Are the managers easily approachable? How are the decisions made? Do the employees feel that they are listened to? By concentrating on aspects that have a direct influence on the everyday life in your company you can affect the experience your young employees have – and through that, the probability of them quitting. Creating a caring and an open work environment supports retention and encourages young people to stay in your company.

Understanding young people and their needs helps you in attracting and keeping them. Highlighting compensation and professional development boosts your attraction and retention strategies whereas an open work environment sends a caring message to your young employees. Millennials are more likely to switch jobs more often than previous generations, which raises a question: how will your company handle this challenge?