The future has arrived. As Gen-Xers and Baby Boomers continue to retire, the Millennial population is taking over the workforce. Companies today need to be prepared for hiring Millennials, and harnessing their talent.
Millennials have different desires and outcomes for their professional lives than previous generations. Because of this, there is a gap between management and new hires.
This gap in beliefs, culture, and leadership styles has caused the Millennial population to be less loyal to their employers and to frequently move to new opportunities.
Deloitte’s 2016 Millennial survey found that about 25% of Millennials will leave their current position within the next year. If that isn’t shocking enough, this percentage nearly doubles when looking two years into the future.
As companies look to grow and hire new talent, how can they retain Millennial professionals?
Today’s young professionals not only need coaching, they want to be coached. Every professional should have some sort of mentor in their career, but Deloitte found that mentorship exponentially impacts their loyalty to a company. “ Those intending to stay with their company for more than 5 years are twice as likely to have a mentor (68%).”
While the goal is to reduce Millennial turnover, mentorship also helps develop these professionals into better leaders and stronger performers.
The survey also found that 63% of Millennials believe their leadership skills are not being developed. Millennials are smart; they know how important leadership skills are in business and on their road to success. Therefore, they feel undertrained in comparison.
To increase loyalty, companies need to have training and opportunity for promotion easily accessible to their employees.
To Millennials, the purpose of training isn’t so that they have a general understanding of X product or service. Instead, training satisfies their need for intellectual growth. It needs to tie into their core values and continue to inspire them.
Millennials also want the opportunity to graduate into leadership positions and to try new roles. If 20% of Millennials are seeking new employment within the next year, then your organization should focus on hiring Millennials in new roles within the company.
Research suggests that Millennials are more likely to choose work based on company values lining up with their own. Not only are they using values as a guide to find work, they’re also standing up for those values when it comes to tasks given to them in the workplace.
Millennials will stand up for their beliefs and won’t be bullied otherwise.
This generation values companies that put workers before profits. They want to see high levels of employee satisfaction, trust, ethics, and customer care, etc. “87% believe that the ‘success of a business should be measured in terms of more than just financial performance.’”
This fact suggests that Millennials want their business success to be determined upon their positive impact on society, not their profits.
While compensation is the single most important factor in determining which jobs Millennials will accept, it is not the only factor at play.
In fact, when compensation is taken out of the picture, a good work life balance is the most important factor. This is followed by opportunities for advancement and flexible hours.
If compensation is your company’s way to increase loyalty, think again. These young professionals take into account so much more than the dollars and cents on their paycheck.
The newest members to the workforce have grown up with their workhorse parents. They’ve seen the 9-5pm way of life and they want more.
They want to be a part of something bigger than profit.
Millennials want to collaborate and be part of a team that’s working to improve society. They are curious and have a desire to learn and develop themselves as well as others.
The companies of today need to be a vehicle for Millennial success should they wish to remain relevant and successful.