With millennials comprising a major chunk of our workforce there are a few simple things you can do about it.
- Career enrichment. Instead of thinking about developing their careers - think about career enrichment opportunities. It is not always possible to obtain a promotion within lean organisations with flat structures. But often there are opportunities within the current role to job craft new and exciting work opportunities. It might be giving them the opportunity to work on a project of their own design, building more autonomy into their role, involving them in a think-tank for future strategic directions.
- Career engagement conversations - you should be talking with your young talent regularly about the future possibilities that exist for them in the business. The best person to do this is the Manager Once Removed (MOR) rather than the immediate manager. Provide them with opportunities to co-create their future if you wish them to stay engaged. Think about how this kind of process could be incorporated to improve the annual performance and development review process.
We adopted these principles into the design of a career enrichment program which we have delivered over the past ten years for various organisations such as Vodafone, BHP Billiton and Canon. It encourages them to think more like intrapreneurs and create their own work opportunities which add mutual value for the business.
- Measure and improve motivational alignment and engagement. What gets measured can be improved. Establish a base-line of current engagement levels for your millennials as well as the degree of motivational alignment in their current role. Track changes and improvements on a regular basis.
We can provide talent risk metrics for your millennial cohort which measures risks in terms of:
- Intention to stay (retention)
- Under-utilised capabilty (contribution_
- Attachment to the organisation (endorsement)
- Burnout
- Purpose-driven leadership. What does your organisation really stand for? For what purpose does it exist - is it just to make money or be the biggest and the best. In my research of millennials a constant factor in their motivational drives is altruism (wanting to make the world a better place). My eight year old son is currently participating in Jump Rope for Heart. When I asked him why he wants to do this his words were to raise money for heart disease research and to make the world a better place. So how can your business look at simple solutions that provide more meaning and purpose for your talent.
There is a growing conscious capitalism and social consciousness movement amongst our younger generations which needs to be embraced by business if they are to retain and attract young talent.
We are experts in talent management, employee engagement and career development. Please contact me at 0408 608 889 or send an email if you are concerned about more effectively engaging and retaining your millennial talent.