By the end of 2020, 71% of UK Millennials (born after 1982) will want to quit their current employer to join a new organisation.
The latest Deloitte survey investigated the reasons behind this remarkable absence of loyalty among the dominating segment of workforce, with an increasing share of senior level employees. This article points out the key findings of the survey and explains how your company can earn Millennials’ loyalty back.
The new generation of workforce ticks differently. Understanding the shift in their needs and values is critical for companies to adapt their management practice, increase working satisfaction and finally raise loyalty. Being a recruiter who is specialised in sales recruitment, I notice that lack of loyalty is a big problem for sales organisations in particular, because the initial investment in a new sales person is above average.
But why do Millennials want to move on after a short period of time?
63% of Millennials say their “leadership skills are not being fully developed”, although businesses claim leadership skills being important to them. 71% of those intending to leave their employer in the next two years are unhappy with how their leadership skills are being developed.
Take action: Do not just demand a variety of skills from your workforce, but help them to develop their skills to their full potential. Millennials are ambitious and supporting personal progress builds loyalty.
87% believe that business success depends on more than just its financial performance. Although Millennials acknowledge that businesses are behaving in an increasingly responsible manner, more than half of them believe that businesses have no ambition beyond making money, such as improving skills, livelihood, satisfaction and making a positive difference to customers’ lives (Millennial’s high priority goals).
Take action: Millennials judge the business performance not only on wealth, but on what it does and how it treats people. Put employees first, build a solid foundation of trust and integrity, and ensure customer-focused and high-quality business goals sit at the centre of your strategy in order to meet Millennials’ values. Take this seriously, because Millennials choose and stay with an employer whose values reflect their own.
Those intending to stay more than 5 years are twice as likely to have a mentor than not. They receive good advice and feel somebody is interested in their professional development.
Take action: Related to the first point, loyalty is driven by understanding and supporting a Millennial’s career and life ambitions. Dedicate time to listen to your team members and provide opportunities to progress.
Organisations with high employee satisfaction and higher loyalty tend to provide more opportunity to work flexibly. And this is what Millennials are looking for: 88% wish they received more flexibility in working times and 75% would like to work from other locations. Furthermore, there is a higher level of satisfaction where a creative, inclusive working culture (76%) exists rather than an authoritarian, rules-based approach (49%).
Take action: Review and adapt your work model and trust in Millennials’ self-discipline, because they are also driven by values shared with their companies, such as being efficient, ensuring the long-term future of a company, increasing industry knowledge and being best in class. Let Millennials be part of your decision-making and your vision.
In these times of skill-shortage, attracting talents is a challenge for every organisation, but a higher priority has to be given to retaining talents. Identify, understand and align with the Millennials’ values, satisfy the demands Millennials have, and support their ambitions and professional development in order to see your company’s success soar.
durhamlane is dedicated to help businesses to acquire and build the right sales team and develop sales talents to achieve their full potential. Call the recruitment team for a free consultation on 0191 481 3800.
Follow durhamlane on twitter @durhamlane, and join in their sales conversations via their LinkedIn group - ‘Selling at a Higher Level’
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