Millennials now make up the largest percentage of the workforce--around 35% of those currently employed or looking for work--which means that millennial employees are shaping the way many employers handle recruiting, training, and employee retention. If you're hoping to increase employee retention levels at your workplace, there's one key factor that you'll need to take into consideration: providing adequate learning opportunities. Millennials don't just view their jobs as a stopping place. That is, the goal isn't to simply attend college or training, get a job, and stay in it permanently. Rather, millennials look at jobs as opportunities to further their professional capability. Each job is a stepping stone: an opportunity to learn more, gain more knowledge and learning, and further their employment potential. For employers, understanding this mindset is critical to keeping millennials on their team.
Part one of this topic examined the main reasons for employee turnover and how much it's costing organizations; it also concluded the root problem was poor leadership and briefly touched on how improving leadership will improve employee retention. Let's continue this discussion by elaborating on how effective leadership positively affects an organization and improves employee retention, as well as how to acquire these types of leaders.
Your managers aren't passive members of the team who are simply there to instruct your employees. Rather, they're incredibly valuable members of the team--and they're urgently seeking training opportunities to help make them better at their jobs. Not only that, your managers need training opportunities: many of them are struggling to adequately coach and mentor employees. If you've been on the fence about whether you need to provide better training opportunities for your employees, consider these key reasons why manager training will benefit both your employees and your business.
Effective business leaders don't stand still. They continually learn, looking for new and better ways to help their organization get ahead.
Companies typically want the same things their employees want: a stable work environment, a well-defined career path, and the opportunity to make a difference. And while it's normal for some employees to move on to new opportunities or to eventually retire, companies generally plan for this workforce attrition by following an established hiring plan. But what happens when new employees decide to leave soon after they're hired, and long-time employees start to pack their bags, too? This trend may point to a more serious issue: a high employee turnover rate.
Leadership training is designed to push individuals beyond their current capabilities to perform in leadership roles within the company. An effective leader provides balance for the whole team, has excellent business ethics, and a strong strategic direction, helping to grow and develop the business effectively. For this reason, organizations have become more aware of the value of leadership training and are now more focused on investing in leadership training to improve employee rapport.
The difference between a good company and a great company can be linked to many factors, but perhaps one of the most compelling drivers of success is great leadership. Strong leadership can turn a high-turnover employee pool into a committed, engaged workforce; it can spur innovation and creativity where others are stumped by challenges; and it can empower individuals to take ownership and pride in their work instead of passing the buck. Any company or organization that places a priority on strong leadership will reap the benefits in every aspect of their workforce and their company's performance.
There are books on leadership, conferences to help leaders hone their skills, and many companies even have a mentoring program in order to cultivate home-grown leaders. There are podcasts, webinars, Twitter accounts, and just about every other form of media that helps foster leadership skills. And the reason for this is that leadership is difficult. It comes naturally to very few people. It takes dedication and a willingness to learn.
Quite often, those hired for leadership positions are skilled professionals with minimal leadership training. While many promoted to leadership positions demonstrate they have leadership potential, far too few are provided with the tools needed to improve their leadership skills and hone their craft.