We hear really good employees at really good companies tell us that the best way to advance their careers is by accepting new positions at new firms. And the data seems to back that up: the number one reason why people leave their jobs, according to several polls, is “greater opportunity”.
Today’s labor market now has companies fighting for talent in the way that they fight for customers. It’s unprecedented. A lot of analysts fix their gaze on the behaviors of millennials. This does very little to explain historically how these perceptions have arisen, but it can prepare companies for ways in which they can retain future talent. Here are the big trends for successful retention:
1. Constant Feedback.
You need to let millennials know how they’re doing frequently. The no-news-is-good-news approach to performance feedback does not work.
2. Work Hour Flexibility.
Work happens in the office and out of the office. Focus on performance and results, not on adherence to 9-to-5 patterns.
3. Work-Life Balance.
This apparently is more important than money to millennials. Pay attention to it.
The Uber Manager
The sole responsibility of managers used to be making sure the line was humming along and things were getting done. The big thing they have to do now is create the narrative that attaches their employees to the larger strategies and visions of the company. Younger workers need their managers to be fully aligned with strategy and thought leadership and show that they are interpreting these visions well. If your managers are not a bridge between these two then your managers are not doing their jobs.
The Boomerang Employee
Many employees are returning to former jobs (without shame). This is why it’s so important to establish good practices like Exit Interviews.
Yes, the labor market is demanding that good companies do more to keep their talent. This is not a bad challenge to have. Companies that retain well are usually more fun to work at, and sometimes it’s easy to forget the importance of that. For all the millennial guidance thrown around, ultimately your managers have to work on refining their sense of how to cultivate individual talent, and that’s what separates the good from the bad, and the good from the uber.
NextGen is the brainchild of longtime telecom professionals with nearly 50 years of experience and millions of dollars in Telecom Recruiting Services. We focus on establishing long term relationships with our clients and candidates so we can recruit the best and the brightest in the telecom industry. This ‘quality over quantity’ approach is at the heart of everything we do and has resulted in successful job placements at Fortune 1000 firms worldwide.