Generational conflicts affect socialization practices needed for knowledge transfer and Millennial retention. Because of failed socialization practices, organizations will face significant losses in knowledge capital as Boomers retire and Millennials began to take active roles within the workplace. This interpretative phenomenological study explored Millennials' perceptions of leader-to-employee relationship development that may influence organizational learning and retention practices. Millennial retention is a primary concern in that knowledge acquired is a result of longevity and work experience. The leader-to-member exchange theory was used to navigate this qualitative inquiry. The reflexive approach was implemented to explore 20 Millennial participants' experiences with their managers. The data analysis strategy incorporated a repetitious review and structural coding of participant interview transcripts. Data analysis affirmed that Millennials perceive effective relationship development as a process containing leader empowerment behaviors with collaborative social exchanges. Exploration of participant experiences further identified that reciprocity is a result of high-quality social exchanges. Research findings benefit executive and middle-level management. The information broadens management knowledge of Millennials' perceptions of relationship development that may increase employee retention needed for robust social systems. The implications for positive social change are that increased awareness of advanced relational leadership systems assists in building congruent internal relationships required for organizational learning and retention.