Who's Going to Fill the Leadership Gap? Attracting and Retaining Millennial Employees
As Baby Boomers are planning for retirement and thinking about the future of their companies, many are concerned they haven't recruited enough top talent to step into open leadership positions. Businesses are fiercely competing for top talent to join their organizations, hoping those recruits will replace the Boomer generation in the coming years. As time goes on, more of that talent will be recruited from the Millennial generation (born 1980-2000), which can be unsettling to some, due to misconceptions about this group. As Millennials enter the workforce and start their careers, it's clear this generation has different hopes and expectations than previous groups. Millennials are beginning to define the culture of the 21st century workplace with their use of technology, aspirations, and attitudes about work. So what can businesses do to ensure they're attracting and retaining the top talent of the Millennial generation?
- Be transparent during the recruitment process: Employers should fully explain what they have to offer the candidate - don't be too vague or make promises that can't be kept. These promises can relate to work/life balance, unrealistic career progression, diversity, and benefits. Creating unrealistic expectations during recruitment will create a dissatisfied employee who is likely to leave in a few short years.
- Address the generational differences: Intergenerational tensions appear due to the lack of understanding between generations. Create a mentorship that affords Millennials the opportunity to engage with a senior management leader. Both employees will be more engaged, learn from each other, feel closer to company culture, and have a more direct route for feedback.
- Develop and coach: Millennials want to be challenged and engaged as well as receive regular feedback. Allow them to gain experience through a variety of avenues. Don't wait for an annual review to tell them how they're doing - give them your honest feedback in real time. Consider assigning projects that fall outside their daily responsibilities, giving them the opportunity to be collaborative, innovative, and build their network.
- Create opportunity for growth:Millennials' largest motivator is career progression - wanting to progress quicker than generations before. They believe in results over tenure, and get frustrated with the amount of time it takes to climb the corporate ladder. Create additional benchmarks to help meet these expectations.
Each generation brings new perspectives and skills to the workplace. Finding ways to balance and engage all team members is crucial to success. In order to attract and retain top talent, companies must adapt to the changing workplace culture. Sarah Golan is a recent addition to the Gilman Partners' team, joining the firm in 2015. She supports the senior/executive recruiters and business development team, using a variety of sourcing methods to identify qualified candidates. Sarah has two years of experience in recruiting and human resources. Prior to joining Gilman Partners, she was the Recruiting Operations Coordinator at Aquarius Professional Staffing Sarah holds a Bachelor's Degree from Ohio University. She enjoys volunteering with the Cincinnati Youth Collaborative as a one-to-one mentor, as well as participating in their Saturday Hoops program.
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