How to Assure that Millennials Become Top Talent
from the Turning Good People Into Top Talent blog series
A recent study by Workforce Management Solutions revealed that the highest levels of employee turnover were among millennials – an astonishing 52% within the first year of employment. Here are the 3 main reasons given for quitting and represents 85% of the total responses:
- Lack of opportunities
- Inadequate compensation
- Boredom or lack of challenge
Much of the turnover can be attributed to the fact that 89% of millennials felt that the work/life balance was the most important contributing factor to satisfaction and happiness in the workplace. Here the top five factors that most influence satisfaction:
- Feel valued and appreciated;
- Receive varied and interesting work;
- Feel that they are making a positive contribution to the wider society;
- Feel a sense of achievement;
- Be given regular and real developmental opportunities.
Since these factors are significantly influenced by the team leader/manager, providing an effective management development process could be a solution. Imagine the impact on retention and productivity by creating a workplace that fosters engagement, feelings of significance and appreciation among younger employees. My research over the past 30+ years is that managers and team leaders are ill-prepared to manage and lead the current workforce of younger knowledge workers. Most of the current approaches are simply not working and a waste of money.
I have written a free special report, The Five Keys to Developing Your Top Talent:
How to Stop Wasting Money on Your Training and Development Programs