Americans tend to stay at their jobs because they enjoy the work they do, they want to take advantage of the benefits their company offers and feel a sense of connection to their employers, according to TIME.

It's important to remember that these reasons vary to a certain degree by generation. After all, millennials — a critical demographic that's currently on the cusp of their maximum earning power — have different wants and needs than Gen X and bear little resemblance to Gen Z.

To help businesses foster long-term commitment from this critical group, here are five retention strategies for millennials:

1. Motivate Movement

As noted by IndustryWeek, one way to encourage millennial loyalty is to reward good work with the ability to try out different positions. By offering these types of opportunities, you'll give your employees a unique opportunity to grow and create a condition in which motivated workers can develop intriguing new ideas by combining the experience they gained from different positions.

2. Fuel Flexibility

According to Inc., another way to recognize solid performance is with increased flexibility. Millennials are often very focused on seeing and doing new things, and they want enough time to achieve their personal goals alongside their work objectives. By providing the option for millennials to choose their own hours, take more vacation time or work remotely, you foster the ideal environment for this mobile generation to satisfy both their personal and professional goals.

3. Evoke Experience

Do you want to improve your millennial retention? Then you might want to try creating "experiences" at work rather than simply paying bonuses or shelling out for time off. As noted by an Eventbrite study, 78 percent of millennials prefer spending money on events and experiences rather than possessions. Since this generation clearly values experiences, it's a good idea to give millennial workers time to blow off steam with group events or fun days that encourage teamwork and bonding.

4. Pick a Purpose

While it's true that millennials love perks such as free food, on-site health clinics and compressed work weeks, they also need to feel connected to their work and understand its larger purpose. Therefore, it's important to recognize how these employees have contributed to the overall mission of the company and how their work has made a specific difference. This type of articulated purpose inspires more permanent loyalty.

5. Bolster the Boomerang

Of course, there will be times when millennials leave to pursue new opportunities. As always, it's a good idea to conduct thorough exit interviews of your employees to determine the cause of their departure. Millennials are often very specific about their reasoning; where possible, you should adjust your retention practices to incorporate their suggestions. By working to make these changes, you can increase your chances of hiring another strong millennial candidate.

By encouraging movement and flexibility, providing meaningful experiences and adapting your efforts to meet changing demands, you can improve your retention strategies for millennials.

Tags: Retention employee management Millennials