The Millennial generation will be fully engaged in leadership by the year 2025 as more of the former generations retire or take a secondary position. Over the next six years, companies will invest millions of dollars in the development of their managers and will also spend billions on hiring and retention. But here's the rub. Corporate training is a $160 billion industry covering small to gigantic businesses. Unfortunately, the investment may not render the results they are looking for.
Dr. Robert Brinkerhoff, author of Telling Trainer's Story published a study in his book that shows 15% of people don't try a new concept after they have learned it, and 70% try but fail or give up. This means that only 15% of the individuals engaged in the learning establish permanent change as a result of it. Other experts have stated that only 10% of corporate training sticks!
As a coach, I love working with Millennial clients. They are eager to learn, willing to try new things, examine their limitations, and if they believe in the company and its values, they will go to great lengths to make sure everyone is successful. They are hard working, and are proactive when achieving company goals. In return, they want autonomy; and a certain amount of freedom to design their work life the way they want, especially as they raise a young family. With both parents working juggling the time and logistics of parenting is challenging, and they want the company they work for to honor that. They also want respect. When senior leaders show genuine interest in them, they are rewarded with loyalty.
The myth that millennials don't stay long at a job is skewed toward people who are unhappy. Just as they are with any other generation. In fact, according to a Pew Research study GenX'rs changed jobs more frequently than Millennials, and education has everything to do with it. More millennials are college educated than previous generations, and are making better decisions.
The unfortunate fact is that many millennials are unhappy with how their leadership skills are developed. They feel that there is a sink or swim attitude at many companies, and they are unlikely to stay with a job that doesn't recognize many of the elements I outlined above. Taking the time to find out what millennials need to succeed on the job is critical. An organization that offers learning opportunities, collaboration, open communication, flexibility and work/life integration, will increase their loyalty and trust and will effectively increase engagement and productivity to help the individual and the company grow successfully to meet their goals.
The bottom line is this. Take time to find out what your millennial employees need and want. Give them the tools and the support they need to be the best they can be. If you need help, contact me to find out what we can offer to help your people grow.
Change is normal
Change is a normal state of affairs. Knowing how to fulfill your potential is a process of building new habits in behavior and thought. You might find some ideas here worth thinking about!