Are we in a management crisis?
A recent study by Deloitte showed that two out of three millennials plan to leave their current job by 2020, and by 2025 Millennials will make up to 75% of our global workforce. What do we need to do to retain our Millennial generation? We need to adapt, change and embrace them. As John F. Kennedy once stated, ‘The future promise of any nation can be directly measured by the present prospects of its youth’.
Gallup research found that 50% of Employees who quit, did so due to issues with Management; Employees leave bosses, not jobs! (Check out our recent People Passion Facebook poll below).
Millennials are motivated by companies who are innovative and by Employers that recognise and acknowledge their achievements; they thrive on continuous learning development along with being challenged. All this in turn requires Employers to become agile and comfortable with change in order to retain and understand them.
As an Employer or Manager you simply need to shift your mind-set to that of a Coach which will allow you to:
- Have those difficult conversations
- Provide soft-skill training to build resilience (very important)
- Create feedback loops (culture)
- Create a culture of sharing ideas/collaborative team work
- Implement reverse mentoring i.e. - baby boomer and millennials (love this one)
- Be prepared to support pastoral care i.e.: health and wellbeing, EAP support etc.
- Implement cross-functional training
- Understand motivators – ask the questions
- Set clear expectations – in the position description or handbook
Most importantly Millennials value communication; three quarters of Millennials believe access to technology makes them more effective at work and is also a good forum for communication. Growing up in the age of social media, they are used to communicating constantly and can get answers fast; in fact 41% prefer to communicate electronically.
The People Passion team and some of our clients have embraced virtual workplace hubs/forums; you may like to consider implementing. Why?
- Team collaboration
- Relationships between colleagues
- Achievements / Celebrations
As a bonus, is it also decreases your internal email correspondences; why not consider creating a modern interactive tech tool in your business. Check out some of these options:
- Office 365
Above all, make sure you involve People Passion in this process especially prior to launching; we will help you with the setup, the comms and a policy around the usage before rolling out to your team.
Adapt and embrace the Millennial change and if you need support, give us a call on (09) 299 2525 – we are here and happy to help!
Please let us know if you would like to receive a copy of the 2018 Deliotte Insights Report.