We have written earlier blog posts about millennial employees and the factors that contribute to their job satisfaction. Now, those factors may be leading to large-scale job change.
This week, a Business Insider article reported a recent survey that found one-quarter of millennial employees plan to leave their current organization within the next year, and two-thirds plan to change companies by 2020. Since millennial employees now comprise the largest segment in the workforce, these findings are disturbing.
If you are a manager or employee in any type of business, consider how this amount of employee turnover will impact you. Organizations will be faced with staggering levels of employee recruitment and training expense along with intangible costs such as loss of experience, decline in productivity, and deteriorating employee morale.
Want to avoid this in your workplace? The key is to be proactive and work with your employees to find the things they value. The survey, conducted by Deloitte, found a major reason behind employee departures is a lack of opportunities for leadership development. Of those planning to leave in the next two years, 71% are unhappy with how their leadership skills are being developed. This is 17% higher than those planning to stay.
Deloitte cites a second reason for planned departures, what they refer to as the purpose gap. This refers to the difference between what millennials want out of their workplaces and what is offered them.
How can you narrow this gap? The best way is to ask. Engage these employees in teams and focus groups and find out from them the factors they feel are most important to their satisfaction and how they feel these factors are being met in their current work. Determine from them the ways to increase their satisfaction and, in doing so, strengthen your organization. Also get their ideas on what they view are the things most important to the success of the organization and how they feel they could be involved in helping accomplish it.
A key lies in being proactive. Do not wait until millennial employees start to leave. Begin work now, as it will almost certainly require some degree of cultural shift within your workplace. These changes are not easy and require time, but engaging your employees in deciding what needs to be changed and involving them in the change process should help to alleviate the turnover issues.
Want help doing these things, CALMC can help you assess your employees to determine the current state of the climate in your workplace, the factors employees would like to see improved, and develop the training that can involve employees in making meaningful workplace change.