Challenging the Millennial global reputation as our Generation of ‘Young and the Restless’
A recent survey by Deloitte Touché Tohmatsu Limited has found ‘Millennial, also known as Gen. Y, in general, express little loyalty to their current employers and many are planning near-term exits’, as a generation, they have earned a global reputation as the ‘young and the restless’- an inability to remain at rest’
According to the Future Workplace “Multiple Generations@Work” survey conducted by Forbes, ‘job hopping is the ‘new norma, leading to ‘91% of Millennial [born between 1977 – 1997] expected to stay in a job for less than three years’
From my personal experience working closely with our Millennial generation for close to 15 years, motivating them to work for our clients by attracting them to work for inspirational companies and the leaders within them, engaging them through robust discussion and negotiations, communicating with them through the management process, particularly within the first 90 days of employment and contributing to their professional development to drive the achievement of their career succession objectives within client organisations for the long term, challenges the ‘little loyalty’ stereotype and leads to the creation of a strong organisational culture founded on the retention of top talent.
As employers we have the opportunity to position our organisations for growth, whilst building leadership capability to drive change. An understanding of how to engage this generation is therefore essential.
Today, Gen Y make up the newest entrants in the Australian workforce. The Australian Bureau of Statistics (ABS) has measured the Millennial generation as ‘representing 34% of the Australian workforce in 2015 with the average employment tenure for Gen Y employees only 3.3 years’. ‘For the average Australian working between the ages of 18 – 75, this translates to 17 jobs and up to 5 different careers’. The implication of this potential high frequency of ‘job hopping’ is a potential huge financial burden on employers. Millennial Branding estimated ‘the cost of replacing a Millennial employee to be between $15,000 and $20,000’.
In the third of our Conversations That Matter series we uncover a fully customisable 6-Step Talent Management Strategy available to position organisations, to increase revenue and drive bottom lime profitability. The tools and the overall process represent an evidence-based, structured approach to leadership performance and talent management, proven to engage and retain top Millennial talent.
#1 Creating a Compelling Candidate Attraction Strategy
Global research has shown that Gen Y’s are looking for an employer who will provide them with four key benefits: -
1. The chance to learn, develop and grow;
2. An opportunity to work in a role that excites them;
3. A job which aligns to their talents and strengths;
4. An organisation which provides a mentor at work.
#2 Successful Engagement of Top Gen Y Talent
We recommend a recruitment process that creates an opportunity for short-listed Gen Y candidates to showcase their communication and tech savvy skills by inviting them to present to the selection committee on who they are, why they want to work for your organisation and how they can make a difference.
Every organisational culture is unique. Measuring ‘job fit’ by incorporating personality assessments, measured against a performance or job-role benchmark, provides insight into jobs that best align to a Gen Y’s goals and interests, within a company culture that aligns to their core values.
At the same time, the assessment process provides the Gen Y candidate with a deeper self-awareness of their individual personality, including preferred work style, core drivers, and patterns of behavior that could derail their long term success within your organisation.
Armed with this powerful insight, employers can identify Gen Y candidates most likely to help meet future leadership needs, aligning business competencies to provide quality information for selection decisions, on-boarding, and employee development.
#4 Building an Effective Performance Management System
Gen Y want to be challenged and to be successful. They are attracted to roles which expand economic prosperity while simultaneously benefiting society We recommend a clearly defined outcome-based job description and agreed KPIs to be achieved within the probation period.
Corporate Diversity Partners success Initiatives:
ü Set clearly defined KPIs
ü Monitor regularly during probation, and beyond, to support achievement of objectives and provide opportunity for two-way feedback;
ü Reward over and above achievement;
ü Encourage under-performance during probation by identifying training and development opportunities.
#5 Continuing Professional Development
Research asserts there is a strong willingness by Gen Y to ‘step up’ and contribute to organisations in a meaningful way. The Deloitte Millennial Survey found that 1 in 4 Millennial are “asking for professional development programs within the first 6 months’.
Surveyed Gen Ys have rated an induction program as critical in understanding ‘the glue’ that has led to an organisation’s success. We recommend a structured induction program, providing for key learning outcomes and regular review meetings to assess learnings. Only when the learnings have been embedded is it recommended a new employee moves onto the next stage of the induction program. Unstructured induction programs are not valued and can have a detrimental impact on engagement and loyalty.
Gen Y require immediacy in terms of their future employment. They want to know today what they will be able to achieve tomorrow. At the 6-12 month stage, a future 12 month career development plan meeting will create loyalty through motivation to grow their career for a greater future.
#5. Succession Planning Benefits Business and Creates Greater Futures
According to Forbes, the number 1 reason why Millennials leave organisations is because of their perceived lack of career progression.
Providing Gen Y with a clearly defined succession plan, providing choice, will challenge their thinking to achieve their career goals. A Leadership Development Program of top Gen Y talent provides the opportunity for aspirational leadership and succession.
#6 Generation Y Talent Retention Best Practice
The key to a strong organisational culture is a retained workforce. Attract top Gen Y talent whose drivers align with organisational culture. Offer a flexible recruitment process offering Gen Y the opportunity to showcase their Why Me? Manage them through honest and constructive feedback, rewarding them along the way. Develop them to push beyond their day-to-day role and provide them with confidence that a future career within your organisation will result in a happy, balanced and successful life.
Jeromine Alpe is CEO of Corporate Diversity Partners
Please share in the conversation. What strategies have you found to be effective in engaging your Millennial generation for greater futures.
Corporate Diversity Partners is a full service diversity and inclusion advisory focussed on empowering women for diversity, happiness, inclusion and peak performance. We do this through Careers for Women, Executive Development Programs, Coaching for Peak Performance, Workplace Wellness, D+I Advisory and Action, D+I Leaders Network and The Power of Mentoring.