Right now, some of your millennial employees may be looking for new jobs.
According to the 2019 Deloitte Millennial Survey, the average job tenure for workers aged 25-34, the demographic where most employed millennials fall, is three years.
At the same time, the Bureau of Labor Statistics reports that this generation will make up over 35% of the workforce in our country by the year 2024.
Those two statistics combined are causing organizations to pay close attention. If members of this critical generation of workers walk out the door in large numbers, especially after investments have been made in the development of their knowledge and skills, productivity won’t be the only thing that suffers. Think morale, culture, knowledge management initiatives, leadership succession and more.
Millennials expect that companies they work for will care about them as individuals, attuned to both their careers and lifestyle aspirations. At the same time, they want to feel as if they are doing work that is meaningful and that their organizations are focused on having a positive impact on the wider society.
All of this means that immediate managers are more important than ever. They need to understand and fully embrace their responsibility to be on top of this issue – taking actions that might be new or different for them, but ultimately critical to future success.
Here are eight questions to ask yourself about the ability and willingness of your managers to step up to the millennial retention issue:
1. Do your managers have a mindset of personal accountability for development and retention of millennials?
2. Do they understand the things that are important to this generation?
3. Do they see their role as active, collaborative partners with HR around the development and career advancement of millennial members of their teams?
4. Do they regularly have stay discussions with employees and assess their motivations and expectations?
5. Do they share best talent retention practices with other managers in the organization and seek new ideas from them?
6. Do they have a clear understanding of the organization’s future talent needs and where they fit into the picture of developing that talent?
7. Do they understand the priority of millennial retention in the organization and what that requires of them in terms of adapting their thinking and approach?
8. Do they fully understand the vision and goals of the organization, including its commitment to the larger community, and communicate that understanding to their employees/teams?
If your answers to these questions are mostly “no” or “I don’t know”, it could be time to tackle this issue in your organization. That means helping your leaders embrace a new mindset and providing them with new knowledge, new skills and new resources that allow them to step up to this responsibility.
Facing this retention challenge starts with talent management - learn more in our eGuide HERE.