Join Lisa Earle McLeod for an in-depth discussion in this video Framing the "problem", part of How to Hire, Retain, and Grow Top Millennial Talent.
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- Finding, keeping, and growing top millennial talent is a hot topic for leaders. According to Gallup's recent information, 71% of millennials are either not engaged, or their actively disengaged at work. Now take that in. That means only 29% of them are emotionally engaged in their jobs. They are the generation that is most likely to switch jobs. Gallup found that 60% of millennials, 60%, are open and looking for new opportunities. Do you know that millennial turnover is costing the Unites States' economy 30.5 billion, with a b, annually.
Now, these issues are not going to go away. 86 million millennials will be in the workplace by 2020. That's 40% of the total working population. So what does this mean for you? Are you doomed to employee turnover and costly hiring? You're not. Let me tell you, the basic principles of leadership are still important, but there are a few things that you can do, when you're interviewing, training, leading and managing millennials that will ensure that you have success with this generation.
Because you see, millennials have changed the game from a leadership perspective. These changes are permanent, and they've altered expectations at work. Now, it applies to everyone, but it's the millennials who have given voice to these desires. Here's how Gallup framed up the changes recently. It used to be that people went to work for a paycheck. But now, people are looking for a higher purpose, something to get them out of bed in the morning besides just money. They want to have meaning in their jobs.
Old school bosses were very dictatorial, and they set forth expectations. In the new environment, millennials want to be coached, and so does everybody else. Because you see, leadership used to be about trying to shore up people's weaknesses, but now, it's about building on people's strengths. The millennials are really clear, work is not just a job, it's where you spend the majority of your waking hours. It's about your whole life. And so, the millennials are asking the question that a lot of people are asking.
Is this place, this place where I work, is this a place where I can be my best self? So as a leader, there are two important things you need to know. Number one, the millennials are just as different as any other diverse group of people. But what they have, is they have some shared cultural experiences, that affect the way they approach work. And now you don't want just any millennials. This course is designed to help you find the best ones. And it'll also help you make your millennials more self-sufficient when they're on the job.
Now the number two thing you need to recognize is, making a bad hire or having an empty seat because you can't find somebody, or losing a good hire, that's really, really expensive. Because you see, the average cost to replace a millennial, has grown to at least $24,000. So the risk for you is high if you can't hold on to millennials, but the wins for you are great if you want to attract and engage millennials. They can explode your business.
- Framing the problem
- Interviewing millennials
- Communicating with millennials
- Engaging and retaining millennial talent
- Providing feedback and positive incentives
- Letting millennial employees go