Millennials are taking over the workforce —we’ve talked about this time and time again— and Gen Z is right behind them. In fact, by 2025 it’s estimated that these two groups will encompass roughly 75% of the global workforce. (Stop for a second and think about what 2025 looks like. Wow! And … it’s going to come faster than we think!)
But what makes a job a #winner to this generation of the workforce has less and less to do with money (not that it’s not a consideration) and more to do with things like culture and company heart. (See what I did there, #mebecomingamillennial)
And, if you don’t see this right now, pay attention to the paradigm shift that is happening. Even in CRE, we’re re-designing buildings for this very fact.
To keep this group engaged and loyal to their company, it’s crucial and absolutely necessary that your company offers more than just a fat paycheck.
A study by Deloitte suggests that Millennials who intend to stay with a company for more than 5 years are twice as likely to have a mentor than not. What’s more, they said an ideal work week would include significantly more mentoring and coaching time than what they currently receive.
Guys … they’re asking for it!
We’ve had coaches our whole life —at school, on sports teams, in music lessons, etc. But when we get out of college, for most people, that stops. There’s no coach to call on when you need career advice. No coach to email with when you just need to work through a new situation. We’re thrown out into the world and we hope that we have learned all we need to know. It’s assumed that we’re going to have that lightbulb moment where everything —friends, family, career— just clicks.
This is a HUGE opportunity for today’s companies and business leaders. Dare I say … it’s our duty.
Why don’t we have “coaching departments”? As leaders, why aren’t we making ourselves available? Why isn’t it easier to seek out coaching within our organizations to become better?
We send people to educational training or to technology classes, but where do you go to master simple life lessons that are typically gained through years of experience? This is the older generation’s “tech” … their “value-add”. If we combine the two —magic happens.
Diving Deeper to Uncover the Facts
There’s a true epidemic of turnover happening right now. It’s becoming harder and harder to keep good team members. In fact, according to Gallup, only 29 percent of Millennials are engaged at work, which is why 60 percent of these workers are open to exploring other job opportunities. These high turnover rates are costing the U.S. economy $30.5 billion dollars a year.
Another scary statistic? According to Deloitte, 44% of Millennials say, if given the choice, they expect to leave their current employers in the next two years. The challenge is to keep these team members at your company for as long as possible and to accomplish that, you have to have to be doing something different and better than the next guy ... no ifs, ands, or buts about it.
Some Suggestions on How to Do it …
#1. Put People First
You’re probably wondering, “How do I create company heart?” Simple. Treat everyone equally and put your people first. Think of it this way: if your team members are happy and feel invested in their work —they perform better and stick around longer.
Don’t be afraid to implement things such as email surveys in order to receive feedback to help you improve your company’s morale. Team members need to know they are being heard and that their voice and opinions matter. According to Fast Company, “Millennials are willing to take a 15% pay cut to obtain a job where they can make an impact.”
This is further proof that a paycheck isn’t going to sway a Millennial to stay in a job.
#2. Make Them Part of the Team
One of the biggest reasons why Millennials leave a job is because they feel they do not have the resources or room to grow within the company or to be part of a team that makes a positive impact on the company as a whole.
Millennials are more empowered. The era of sitting in your cubicle, doing your job and going home is over. Even our buildings are changing to accommodate this new collaborative, team-oriented structure that is changing at the speed of lightning.
By creating a real team environment —coupled with mentoring— we’re able to create the most progressive companies of the future. In fact, some of the top Fortune 500 companies (like Google, General Electric and other) have mentoring programs.
#3. Lead by Example
Whether you’re in the day-to-day grind of running the business or are in more of an oversight role, regardless you have to take the time to coach your team members. Sure you make strategic decisions, but if you’re really leading the company —you’re the coach! Learn how to listen more, be available more and mentor more. The culture of your team will thank you.
This is the ONE duty I challenge you NOT to overlook.