As Baby Boomers retire, Millennials are replacing them at a rapid rate and are expected to comprise as much as 75% of the workforce by 2025. As such, companies need to focus on attracting, retaining, and developing emerging leaders from this new generation, to future-proof their organization.
To begin, your company needs to understand who Millennials are and what they want out of their lives and careers. They have a strong sense of purpose, which links to business performance and employee satisfaction. They are more likely to focus on people, while in their view, leaders of the past focused on profit and personal reward. They are also more likely to seek constant feedback and encouragement, change jobs within three years, seek a work-life balance, and search for an organization that aligns with their purpose.
These are characteristics organizations need to be aware of so they can attract Millennials and develop them into high-performing leaders. Companies that start aligning with the needs of Millennials now will have strong leaders in the future, while organizations that don’t may find themselves at a disadvantage.
To get started, I recommend creating a company culture that allows Millennials to feel valued. Educate existing leaders on the characteristics and qualities Millennials will bring to the organization, and work with human resources to ensure your company message resonates as a place that Millennials will find appealing. Encourage mentor relationships so the new generation can learn from experienced leaders, and create paths for Millennials to achieve their goals within the organization, rather than seeking fulfillment and success elsewhere.