You\u2019ve likely heard all of the stories and stereotypes about Millennials: how they\u2019re job-hoppers, how they want praise and trophies \u201cjust for showing up,\u201d how they lack the skills required to be successful in the workplace, etc.<\/p>\n
These stereotypes often cause senior leaders to believe that Millennials (also referred to as Gen Ys) can\u2019t or aren\u2019t ready be put in leadership positions or be trusted to lead the organization. This isn\u2019t true. While there may be some truth to some stereotypes, it doesn\u2019t mean that Millennials can\u2019t assume greater responsibility and be promoted into leadership roles. In fact, in order to have a successful organization, Millennials need to<\/em> be leaders. Not only does building Millennials leaders help your organization by improving the talent that works for you, it can also help you retain your top talent and improve overall performance and productivity.<\/p>\n Millennials are no longer \u201cthe future.\u201d They\u2019re the present. They are part of our businesses in a big way. In many workplaces, they make up the majority of the workforce. Some of our clients in financial services and technology hire more than 65% of their workforce from this generation. For years Millennials they\u2019ve been moving up the ranks. This means that, in many cases, this generation\u2019s values are now mainstream values. Failing to embrace these values can leave your organization struggling to find and retain talent.<\/p>\n Therefore, it\u2019s important to understand exactly who Millennials are and what they believe, especially in relation to loyalty and leadership. As this generation has become a larger portion of our workforce, the research has revealed new insights into this cohort\u2019s values, expectations and behaviours.<\/p>\n According to The 2016 Deloitte Millennial Survey: Winning over the Next Generation of Leaders<\/a><\/em>, 66% of Millennials expect to leave their current job within the next five years. In the United States specifically, this number is 64%. In Canada, it\u2019s 61%. At first glance, these numbers paint a dire picture for many organizations, however, this doesn\u2019t mean that leaders are powerless to influence their turnover and retention rates. \u00a0Understanding why <\/em>this generation is leaving and what they are seeking is key to creating a culture that will retain top talent.<\/p>\n The survey states that 63% of Millennials say that their \u201cleadership skills are not being developed.\u201d Among those who say that they will likely leave their current job in the next two years, this number rises to 71%.<\/p>\n Among all Millennials surveyed, 49% feel that they are \u201cbeing overlooked for potential leadership positions.\u201d Out of those who see themselves leaving in the next two years, the number is 57%.<\/p>\n Clearly, those who are considering leaving their roles in the near future have more negative feelings about their leadership potential and career development than others. Not having a clear career path or a sense of potential movement up the organization negatively impacts all generations. However, Millennials are much quicker to \u201cjump ship\u201d if they don\u2019t believe their organization is invested in them. A logical action step is ensuring leaders have regular career development conversations with younger employees before they consider leaving. In addition, creating opportunities for Millennials to gain much needed leadership skills, through formal or informal learning, reinforces your organization\u2019s commitment to their development and succession planning.<\/p>\n We advise our clients that it\u2019s unlikely that you will be able to keep employees forever, however you can keep them longer and more engaged by:<\/p>\n Millennials want to work for organizations that align with their values and their personal goals. It\u2019s important to note that this generation isn\u2019t necessarily focused on \u201ctraditional\u201d business goals such as maximizing profit and growing the business. When asked \u201cWhat are the most important values a business should follow if it is to have long-term success?\u201d the Deloitte survey revealed that the top answer (26%) from Millennials was \u201cemployee satisfaction\/loyalty\/fair treatment.\u201d Ethics, honesty, trust and integrity was the second highest ranked response, with 25% of Millennials believing this is a critical value for an organization. Only 5% of Millennials believe that profit-based values will ensure long-term success.<\/p>\n Organizations can improve their relationships with Millennial employees by putting an emphasis on employee satisfaction and business ethics. While many organizations already do that well, the challenge is often that younger employees aren\u2019t aware of the programs, practices and policies that exist to support their career development. Regularly communicating the formal and informal ways your organization develops new leaders will improve Millennials\u2019 perceptions of their potential growth and increase retention.<\/p>\n It\u2019s also important to effectively communicate your organization\u2019s values and how they translate into individual action. If a employee can better understand how his or her work contributes to building an organization that is honest, trusted and fair, he or she will be more likely to remain with the organization and to work harder to accomplish business goals.<\/p>\n According to the Deloitte survey, the Millennials who intend to remain with their organization for at least five years are significantly more likely to state that their organization has a positive culture and a focus on employee needs. It also revealed that those who feel more \u201cin control\u201d of their current career are less likely to leave. By focusing on these aspects of your organizational culture, you can retain Millennials for longer and improve your organization\u2019s overall engagement.<\/p>\n","protected":false},"excerpt":{"rendered":" What Do Millennials Believe In? You\u2019ve likely heard all of the stories and stereotypes about Millennials: how they\u2019re job-hoppers, how they want praise and trophies \u201cjust for showing up,\u201d how they lack the skills required to be successful in the … Continue reading Millennials and the Workplace<\/h3>\n
Retaining Millennials Longer and Building Leaders<\/h3>\n
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