One of the most troubling findings is that many millennials essentially already have one foot out the door at their companies.
By the end of 2020, 2 in 3 respondents hope/expect to move on from their current role and company.
This means current leaders need a plan in place to win over the next generation of leaders.
One of the standard-issue complaints about millennials is how supposedly “entitled” they are, and what they “expect” from work. In fairness, every generation has “expected” something from work. There have been many intense conversations about recognition programs and their suspect ROI. It’s not necessarily about recognition, but rather, it’s about loyalty -- and fostering that so that you’re not losing 2 in every 3 workers every few years.
Protect your potential leadership pipeline by being mindful of the following:
Be transparent, don’t hoard information at the top levels. Focus on the relevant training and development of your people.
4.6 hours/week discussing new ideas, which is part of an ideal work week for millennials, doesn’t mean “schedule more meetings.” Meetings usually don’t address new ideas -- they provide status updates on existing ones. Allow time for growth and iteration. Google implemented this philosophy with their famous “20 percent time” and it led to Gmail, which is one of the company’s most popular features.
Suppose you run a small, 100-employee company. If you’re losing 66-70 people every few years, that’s a lot of information going out the door -- and a lot of cost hits in re-training and constantly pivoting to meet the skills of who you have at that moment. It’s no way to run a business. That’s why it is important to focus on these things, even if it seems “fluffier” compared to traditional business metrics.
Read the full Deloitte report. Click here.
To learn how to create a transparent workplace that focuses on open communication, connect with the good folks at Waggl - firstname.lastname@example.org