This article is authored by Renee Pooley, Director of Full Potential Consulting, part of the Career Money Life Supplier Community.
Whether you are ready or not, Millennials are fast becoming the most important voice in your organisation. By 2020 (yes, a mere 2+ years away) industry experts predict they will make up over 40% of the Australian workforce.
Unless you have already listened to your Millennials and aligned your organisation’s approach to career development, your engagement and retention levels could be set to decline. Why?
Take the test below, by answering yes or no to each statement:
- Many of your Baby Boomer and Gen X leaders believe that people are responsible for managing their own career, just like they had to; they might also believe that career development is primarily about promotions and climbing the corporate ladder
- Your organisation provides a range of career development practices such as job rotation, special projects participation, mentoring, networking events, and one-up career conversations for top talent, but they are not the norm for everyone else
- Manager capability and commitment to providing regular recognition and feedback is inconsistent
- A discussion about ‘career development’ forms part of the formal performance management conversation and is often relegated to the final 10 minutes, if the manager and individual find time
If you are answered ‘yes’ to any of the above, your organisation is at risk of losing Millennials to organisations who have more millennial-friendly career development support.
Empirical studies have shown that Millennials want career growth, thrive on recognition and promotions, and demand supportive leaders. Millennials becoming bored or stagnant in their role is, according to popular literature, the most common reason for Millennials leaving.
There is always a note of caution with generalisations about any group of people. We can’t forget that within this age group there is a rich diversity of beliefs and desires underpinned by personality type, cultural heritage, socio-economic status, and even current life circumstances such as starting a family, amongst others. It is important to check in with each individual and find out what their particular version of “career success” looks like in this current moment. For one person this might be producing high quality work and being an expert in their field. For another having their total life in balance whilst achieving status and recognition for their achievements might be of paramount importance right now. These ‘career values’ will influence each individual’s career goals, and the type of support they need from your organisation.
Learn how Career Money Life and our community of Suppliers can better support your organisation’s people initiatives. Book a demo or contact us to find out more.