A comparative analysis of millennials retention: The role of transformational leadership in Turkey and the USA

Millennials are a major part of today's workforce and make impactful global contributions to the economy. It has become increasingly difficult to retain millennial employees. The high turnover rate is especially prevalent among millennial employees, often resulting in high turnover where leaders suffer financial and operational setbacks. This study identifies how transformational leadership addresses millennial retention and draws a comparison between the approaches of leaders from the United States of America (USA) and Turkey by viewing Social Exchange Theory, Psychological Contract Theory, and Hofstede's Cultural Dimensions Model and Generational Theory. The study participants consisted of fifteen leaders across different companies in Turkey and the USA, who have adopted the best strategies to retain millennials. The main data collection techniques used in this research include in-depth interviews with a guide to certain questions. Based on the findings of this study, it is recommended that leaders apply transformational leadership to address millennial traits and foster strategies that increase millennial employees' satisfaction and retention as well as facilitate millennial employees to possibly make higher contributions towards organizational goals while also making comparisons between leaderships approaches within Turkey and USA to retain millennials.