This week LearningYourDevelopment is focusing on mentoring, which is perceived to be one of the most important elements in effective professional development, playing a key role in talent strategy, leadership development and even performance management. The appeal of mentoring, to both mentors and mentees, is universal; while many believe that Millennials prefer to be plugged in to their development, the opposite is true: 75% of Millennials want a mentor, while 65% of Baby Boomers have been sought out for guidance by Millennials (1). To those looking to engage Millennials in professional development, particularly in leadership roles, and to increase engagement and staff retention, this is a key statistic, because it means that appealing to Millennials through their love of technology may not be the best solution. Watch this space, there is a video and an article to come on how you can use mentoring and structured mentoring programs to build and improve on your organisation’s knowledge capital.
With the traditionalists and boomers leaving the workforce to retire, the time has come to look beyond Gen X to the increasing numbers of Millennials in the workplace. The problem for businesses is that Millennials are not going to adapt to the workforce as it stands in the same way that Gen X has been mostly happy to do. Millennials demand that the workplace change to meet their needs and desires and when they aren’t happy they vote with their feet. This means that future business success is going to depend on each organisation’s ability to utilise effective performance management to engage staff and fill skill and knowledge gaps that appear when key staff members either move on or retire. A robust talent strategy building effective leadership pipelines at all levels of an organisation will further future-proof against the uncertainty that businesses are bracing for in a highly competitive global marketplace. For more information on building a better performance management system that helps to align your talent with business strategy, you can watch Performance Management: Improving on Traditional Offerings here. You can find more information on building a robust Talent Management Strategy here, and watch a video here.
With the growing increase in the number of Millennials in the workforce, and the undeniable fact that they will one day be our leaders and CEOs, it’s time to find new ways to engage and retain them, otherwise businesses will face continual talent shortages and the burden of costs to train and retrain as Millennials continually move on to greener pastures.
Future-proofing your business means finding new ways to retain your Millennial workforce
To compliment my earlier blog post about Talent Strategy which you can find here, I’ve produced a video that will give you a good launch pad to understanding the topic. Statistics in the video come from here. Once again I have utilised the services of Biteable.com, and thank you again to them for their excellent software. I hope you enjoy it, and please feel free to share it or leave me any feedback you may have.