It is calculated job-hopping millennials cost the U.K. economy annually approximately £72 billion and the US economy $30.5 billion. Millennials (now mostly 30-something) might have started the disruptive habit to change jobs more frequently – LinkedIn estimates twice as often as Generation X – but it seems set to continue with later generations also.
On a positive note it is changing the status quo within organisations, making improved employee experiences more important for retaining talent. It is challenging leaders and in some cases reducing business growth.
I have spent time researching millennial behaviour trends over the past couple of years because one of my passions as a coach is helping new talent to build their personal brand, develop their soft skills and support their transition from University to the workplace. I am also fortunate enough to have four millennial-age nieces, and I seek their counsel on ways to work smarter. Yes, we can all learn a thing or two from younger people (you can teach and learn new tricks, folks!)
So how can we reduce job hopping, retain and build talent?
Invite millennials to attend your meetings, in particular brainstorming sessions and listen to their ideas. They thrive on feeding their curiosity and have a passion for being challenged.
Implement their ideas by giving them the space and freedom to experiment and if these are not fit for purpose…be candid. Millennials hate sugar coating. Tell them straight, and be constructive. As my friends in agile start-ups say, fail early, fail fast, and measure everything.
Develop millennial talent. They are avid learners and take pride in their personal development, CPD qualifications, certificates and other ‘skill badges’ they can add to their LinkedIn profiles and CVs. Endorse them in social media, reward them with incentives for proactively learning outside the workplace too. The new generations are looking for leaders with a digital presence (yes, blogs, LinkedIn posts, Youtube and Instagram content) who invest time in helping their teams make professional progress. They appreciate regular feedback too.
It is very challenging as a leader to find the time, but this invite-implement-develop approach is proven to retain talent for longer, which reduces costs and increases team effectiveness and loyalty. Investing the time will retain talent and stimulate growth, in the post-lockdown economy and that kind of human-centered approach could make all the difference to company performance.
Please share your experiences and thoughts on this subject in the comments box below, or alternatively email me directly – I would love to hear your views and ideas: sophia@petrides.consulting