For businesses employing a large number of young people, the Millennials lack of allegiance to organizations is proving a serious challenge. The 2016 Deloitte Millennial Survey found that Millennials show little loyalty to their employers, and many are planning to leave their jobs. It’s a real problem for employers looking to hang on to talented staff.
The Deloitte survey found that 63% of those surveyed thought their leadership skills weren’t being fully developed. Only 28% of Millennials felt that their current employers were making full use of the skills they have to offer. So one has to pose the question; is the Millennials lack of loyalty to employers the result of neglect? Quite possibly.
According to the Deloitte survey, Millennials believe that businesses aren’t doing enough to develop them as the business leaders of the future. It’s a worrying fact given that Millennials make up such a huge proportion of today’s workforce. After all, they literally are going to be the business leaders of the future.
A quick recap – who are Millennials?
The Millennials are a common phenomenon. The word, Millennials, is used to describe the generation born between 1980 and 2000. This wedge of the population represents much of the current and future workforce.
They’re also known as generation Y and were the first true digital generation. Their unique approach to technology has changed the way we live, work and consume. They are the largest generation in human history. The Millennials are also the most educated and the most tech savvy. They’ve grown up as global citizens and they are often referred to as conscious capitalists. They expect businesses to show a commitment to corporate responsibility.
Training a different generation requires a different approach. We’ve put together five tips for training Millennials to help employers engage and keep these entrepreneurs of the future on their side.
1. Offer Leadership Development At All Levels
Don’t reserve leadership training for senior management. It’s just as important in low-level management roles. To keep Millennials interested in long term careers, you’ll need to show you are willing to invest in them. Millennials need to be challenged and they need to engage. Recognize talent and progression at all levels.
Invest time in sharing company policies, practices, company history and your mission statement. The more Millennials understand your company vision, the more motivated they’ll be to help meet the company goals.
2. Make It Personal
Many companies offer leadership training, but it falls woefully short of expectations. This comes mainly down to its one-size-fits-all approach. Millennials don’t want irrelevant training and they don’t want to waste time going over skills they already have. Keep training concise.
Personalizing training works. Individuals are recognized, challenged and fulfilled. Employers benefit hugely from that level of engagement too. Training and development is the number one perk Millennials seek in an employer. While one-on-one training is important for individual development, Millennials also appreciate team-building, group learning and collaboration.
3. Make It Flexible, Mobile and On-Demand
Too much training is still stuck in the past. It’s often disjointed and inconvenient to access. Keep training tech-savvy. Millennials have been brought up on technology. They learn and transmit information fast.
eLearning works for Millennials. Job skills can be learnt via the internet; the medium with which Millennials are most comfortable with. Accessing crucial information on demand and on the go, as well as in bite-sized pieces will do far more good than a fat handout in a stuffy conference room.
4. Don’t Just Train, Coach
If you want to keep Millennials, you’ll need to mentor them. Give them purpose. Listen to their views. Understand what drives them. Work with them to build a shared vision. Invest in Millennials and their growth and they are much more likely to stick around. Create a relationship of trust. Millennials need to know they can come to you when there are problems (and there are lots). To encourage problem sharing and solving, a trusting relationship is crucial.
5. Show Your Strong Values
The Millennial generation has a strong sense of community. They’re more likely to support a progressive tax system, and they are more conscious when it comes to health, social, economic and environmental issues.
The Deloitte Millennial Survey 2016 asked Millennials “What are the most important values a business should follow if it is to have long term success? They responded that businesses should put employees first with a solid foundation of trust and integrity.”
The Advisory, Conciliation and Arbitration Service (ACAS) cite that Millennials have strong values, and that they want businesses to focus less on profits and more on people and purpose. Many businesses fail to grasp that Millennials are customers as well as potential employees. Millennials are independent and don’t balk at putting their values ahead of organizational goals.
Ignore and lose them at your peril. Listen up business. The Millennials have the capacity to bring a level of consciousness back into the business world and that can only be a good thing. Invest in your Millennials. They are the business leaders of the future.