So many of our posts in 2022 have been around the talent mayhem caused by the hiring chaos that's been called a number of things, including the "Great Resignation", the "Great Reset", the "Great ReShuffle", or even the "Great Reassessment". But this article in Talent Management magazine focuses on the retention side, since companies have been struggling to hang onto critical talent, particularly Millennials and Gen Zers.
These two populations have been more apt to move jobs over the last 18 to 24 months, with Millennials having already acquired the reputation for job-hopping more than any other generation! The article cites a Gallup report showing that 21 percent of millennials said they changed jobs within the past year – more than three times the number of non-millennials who reported the same. At the same time, Gen Zers want it all - more money, more time off, more flexibility and more commitment from the company to do good in the world. An SHRM study also found Gen Zers wouldn’t tolerate being forced to work when they don’t want to.
To help companies solve for this issue, the article presents "The three As of retaining high-performing millennials and Gen Z in the workplace" and from their perspective:
|"It is a no-brainer that the next leaders of any company will highly likely come from these generations, so it pays to invest in their training and development as early as possible."|
So what are the three A's and what do they mean?
- Assess: Companies need to assess their learning experience environment to provide important upskilling support that helps to prioritize areas of development and shows a desire to invest and grow employees.
- Assemble: This brings together a process for helping existing employees get to higher positions and leveraging it's internal talent pool through internal mobility. It's about providing employees the option to look at and apply to open positions before external candidates and facilitates employees the chance to gain experience across the organization.
- Aim: With upskilling and cross-skilling handled by the first two, the organization can now aim at it's growth more effectively. With employees that have now shown both growth and loyalty, companies can aim at leadership development from the ground up.
Investing in these is ultimately good for the employee and good for the company. In order to provide that essential and desired upskilling and cross-skilling experience, relocations and assignments may come into play. When these opportunities do come along, supporting the employee with a committed mobility program will help to ensure a quality experience and allow them to focus on the priorities of their new responsibilities. According to Lever and their 2022 Internal Mobility and Employee Retention Report, of the employees staying at the company, nearly half (41%) will ask for some sort of role change. Career development from within is a high interest to these two generations of future leaders and companies that ignore this will be at risk for lower retention capabilities. It's a win-win!
Once an organization has already assessed its strategic plan and roadmap, the next step is upskilling its talent pool through internal mobility programs. A CLO Magazine article said companies must give employees the option to look at and apply to open positions before external candidates; offer them the skill development, training and resources they need to obtain new skills needed by a higher position; and encourage multi-direction movement, or letting employees test out the waters in different departments. Through these ways, organizations will be able to assemble their roadmap with high-performing employees’ retention considered.