Over the next year, 1 in 4 Millenials would quit their job to go somewhere else. This absence of loyalty represents a serious challenge to any business employing a large number of Millenials.
The latest Deloitte Millenial Survey 2016 collected the responses of over 7,700 Millenials spread over 29 countries as to what made their careers meaningful. The results are spot on and reinforce the outcomes of the Leadapreneur's Lifepath.
What came out of the survey sheds light on the importance given by Millenials to the alignment of their personal values to those of the organisation they work for, as well as their needs for leadership opportunities and preference for a mentoring scheme within their work.
When it comes to values, Millenials tend to have strong ideas about what is wrong and what is right and what they can contribute to the world around them. In this sense, it is important to them to work in companies that have ambitions which go beyond profit-making.
So what are the values a business should follow? According to the Millenials surveyed, there are four core values standing above all others, namely:
Beyond the importance of shared values, loyalty to an employer is driven by understanding and supporting Millenials’ career and life ambitions, as well as providing professional development to progress and become 21st Century leaders.
"There is really no secret (to success) and there are surely no shortcuts. In my case, it was a pretty simple equation: hard work and some lucky breaks and great mentors."
It appears from the research conducted that much of this can be derived from a strong and meaningful mentorship scheme. Where present, mentoring has a positive impact on Millenials, whose loyalty towards a company tends to increase where having someone to turn to for advice. From the survey, those intending to stay more than five years are twice as likely to have a mentor (68%) than not (32%).
This also has the benefit of providing a constant check as to whether the Millenials’ needs are met; therefore, providing them with a sense of being heard and cared about in their working environments.
At Leadapreneur, we believe that a way to keep check of those needs and to arrest this "brain drain" of Gen-Y talent is to have them complete the Lifepath journey at their organisation, which provides the tools, processes and support they need to create and lead a meaningful career .
Our key insight is that employers that want to increase engagement and retention of their top Gen-Y leaders need to make their workplace meaningful to their employees. This is achieved by aligning the values of the individuals to those of the organisation, and by understanding what individualised learning development opportunities are most relevant to them.
Completing the Lifepath journey not only provides individuals with clarity and confidence as to what they want to learn and develop, but it also provides them with a plan of action to achieve their SMART goals in parallel to the organization’s values and vision. By running a Lifepath every quarter, companies can keep track of their Gen-Y leaders’ individualised learning journey in a manner that is right for them and aligned to the company’s direction. It can also be used as a powerful tool in the mentor-mentee relationship, and ultimately, positions the organization’s workplace as one that offers top talent with the opportunity to lead a meaningful career.
Participants who completed their Lifepath
January 2016, Kuala Lumpur
To download the full Deloitte Millenial Survey 2016 Report, please lick here.