It is 2016 and by now, most people have heard about Millennials.
They seek career advancement, companies with values, and work life balance – certainly common knowledge at this point.
But not every company is prepared to offer what Millennials really want, and a new study from Deloitte suggests there will be a mass-Millennial exodus by 2020. In 2016, it is expected that one in four Millennials won’t hesitate to take a new opportunity if one presented itself. That is set to rise to two out of three by the new decade. It is no surprise that Millennials are notorious job hoppers, but employers may be surprised to learn that only one third of their Millennial employs have the loyalty to stick around for more than a few years.
Companies don’t necessarily need to respond by installing beer and wine taps in the kitchen and getting foosball tables (although it probably can’t hurt). While culture is a major factor that attracts Millennials, the study finds that one of the biggest reasons Millennials are ready to leave is the lack of leadership development training being offered to them.
The study indicated that Millennials believe that their companies are ready to provide the best salary and respect to those with leadership chops, however; according to the report, “Millennials believe businesses are not doing enough to bridge the gap to ensure a new generation of business leaders is created.” 71% of those who were willing to leave their company within the next 2 years cited this lack of leadership development as the main reason for wanting to leave.
What should companies start doing immediately to retain Millennials? Changing the company culture, mission, values/social impact is a challenge that could require years to implement. But investing in employee development could very well be a perk to retain and even attract Millennials – and for that matter other generations as well.
So what options are available?
- Create a Mentorship Program
According to the survey, “…providing opportunities to progress…” is vital to organizations, and “Having a mentor is incredibly powerful in this regard.” Whether the program is internal (such as a Director mentoring senior managers) or external (Mentorship program existing outside of the company, such as Ivy Exec’s program), mentorship is the perfect way to prepare the future leaders within the organization.
- Regular Feedback and Performance Reviews
If ongoing mentorship is not an option, frequent feedback can offer on-the-job learning opportunities and development that your employees will appreciate. Providing feedback displays your interest in the employee’s growth, and in turn can build their loyalty to you and the organization.
- Investing in Education
Companies are investing more and more in their employees’ success by sponsoring and encouraging continued education, often in the form of MBAs, Executive MBAs, and Open Enrollment programs.