Are You Retaining Millennials?
In North America, Millennials now represent the largest segment in the workforce. They are also holding more and more middle and upper management positions. But in the fifth annual Global Millennials survey conducted by Deloitte, 2/3 of millennials plan to leave their current organization by 2020 and 71% plan to leave within the next two years.
Why? Millennials feel that there aren’t enough opportunities to develop their leadership skills.
But if they are holding leadership positions, doesn’t that mean that there are ample opportunities for them? Not quite.
Deloitte’s survey also revealed that Millennials believe leadership is a quality that organizations value, but many don’t feel like they adequately possess this trait after graduation. Hence, they want companies to help them develop this skill.
As Punit Renjen, CEO of Deloitte Global, pointed out this is a whole new phenomenon. Never before have we seen young worker’s pursue leadership skills so intensely – even if it means switching jobs.
But lack of leadership development opportunities is not the only reason why Millennials are leaving organizations. Two other reasons are contributing to their job hopping: businesses not putting people first and feeling underutilized.
When organizations put their people first, employees feel valued and become loyal to the company. But when employers don’t invest in their employees, it’s hard for millennials to be loyal and stay with the company.
What can you do to retain millennial employees? The solution is 3 fold: mentorship, talent management, and development plans.
Assigning your millennial employees a mentor not only helps them learn more about business, but a good mentor will bring out the leadership skills in their mentee. Mentors will expose millennials to new challenges, push them to use their skills, and show them a different perspective on various situations. Having a mentorship program is beneficial for both parties as cross mentorship can happen as well.
Implementing talent management into your organization proves to your employees that you are putting them first. At Volaris, we spend about an hour per person assessing their performance for the year, determining their career path in the organization, and create a development plan for them. We make it a priority to nurture our talent and cultivate the next generation of leaders.
Part of the talent management process includes setting analytical goals for our employees in the form of score cards. Having those goals pushes our employees to do their best and helps them develop and grow their skills. This is what one of our millennial employees had to say about score cards:
“I really like having a scorecard with specific goals that I need to meet. My manager doesn’t dictate how I accomplish those goals and having that autonomy to reach the goals in whichever way I see fit shows me that Volaris trusts me to do my job and do it well. Also, those goals help me to push myself and avoid complacency.”
Creating development plans for your employees is an integral part of talent management and builds trust between you and your employees. This plan allows you to provide millennials with the leadership opportunities that they desire and really shows that you care about their growth as an employee.
With the results of Deloitte’s recent study, it’s more apparent than ever that you need to spend time developing your talent – especially millennials. The war for talent is long from over, in fact it’s only going to increase in the coming years. Therefore, it’s essential that you take the time now to invest in your employees and retain your top talent.