Rise Performance Group

5 Key Actions to Attract and Retain Millennials

 

There are few things more important than creating a culture of inspiration and innovation.  The recently released “2016 Deloitte Millennial Survey” provides insights into how to do this with what is likely the largest portion of your employee population, millennials. This survey is worth reviewing and debating with your leadership team.  Especially if you buy into the fact that 66% of millennials expect to leave their organizations in the next 4 years.

Before you read the entire survey review these 5 actions you need to take away from the findings.

  1. Accountability – While millennials, like most people, would rather be empowered than work in a highly regimented and controlled environment, they clearly recognize the need for accountability and attention to detail.

Continue to work towards greater empowerment, flexibility in how work gets done and consistent improvement.  Millennials are likely to be demotivated by processes that are not optimized.

  1. Sense of Purpose – While Millennials agree that profits are very important, 87% of Millennials believe that a company should have a larger purpose than solely racking up profits.

Make sure your purpose for the organization is clear.  Make sure you are consistently talking about your organization’s purpose. Position revenue and profit as validation that the organization is executing its true purpose.  When the reasons are strong the answers will come abundantly.

  1. Values – Millennials are looking for organizations that value their employees, a solid foundation of trust, integrity, customer care and high quality products.

Communicate and live your values and then hire individuals who share your values.  When you have values you give hope, when you deliver on those values you build trust.

  1. Mentorship – 63% of Millennials believe their leadership skills are not being fully developed. Assigning mentors will help to develop employees and it shows that you are committed to developing your employees.  The study found that those intending to stay with their organization for more than five years are twice as likely to have a mentor (68 percent) than not (32 percent). Among those intending to leave within two years, the ratio of those with (56 percent) and those without (44 percent) a mentor is much lower.

Put a mentorship program in place.  Encourage a mentorship meeting rhythm that provides an opportunity for the mentee to express challenges and brainstorm opportunities.  Paint a positive vision for growth and development beyond your organization.

  1. Growth and Development – Where Millennials are most satisfied with their learning opportunities and professional development programs they are also likely to stay longer. This is no surprise as all of us have a need to grow and develop. Unfortunately, few companies make the commitment to develop their people and then ensure their people feel the commitment.

Commit budget to developing your people.  In addition to the technical skills required for the job, also include leadership, communication, industry and time-management skills as part of your ongoing training and development plan.  Be sure and ask your people what they need.

I am curious what you think of the findings in the study.  Do you agree with my assessment and the findings in the study?  What are you doing to be intentional about creating a culture of innovation and inspiration? 


Mark is currently leading a four-part workshop series sponsored by the Dallas Business Journal called “Loyalty Isn’t Luck” which focuses on the importance of creating and keeping die-hard fan clients and employees.  A large part of this process is dependent upon your culture.  Find our more and join Mark for this dynamic workshop series.

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