Track: Engineering Management

Abstract

Millennials in the workplace have the reputation of being job-hoppers to meet their perception of career improvement. While job-hopping may be a way to find better opportunities for these millennials, the turnover of employees in the workplace creates four different types of costs which is incurred by the company. This study aims to create a millennial employee retention model through examination of the millennial job satisfaction factors, management initiatives and the assessment of fit between the millennials and the management. The survey was participated by 318 millennial employees and the structured interview was responded by 7 companies in the Philippine telco industry. Chi-square tests and one-way ANOVA was used to determine the relationships and the fit between the millennials and the management in terms of job satisfaction. Results show a fit in all the job satisfaction factors which meant that the management is able to meet the job satisfaction of its millennial employees. Among the eight job satisfaction factors, millennials were very satisfied with their relationship with peers/superiors. However, salary and benefits yielded an either satisfied or dissatisfied rating in the results. Companies in the telco industry should implement incentive programs to improve the job satisfaction of the millennials in terms of salary and benefits. Findings show that Promotion and Career Planning, Work-Life Balance and Training/Career Development were the top three job satisfaction factors to retain millennials in the workplace.