3 Ways to Empower Millennials to Boost the Company's Success
Audrey Faust, MBA - Financial Business Coach and CFO
Helping creatives, coaches, and designers create a financial strategy and uplevel their mindset to grow their business and increase profits. Reach out to book a free financial strategy session.
Millenials are the future of our workforce and in the next three years they will make up 75% of our current workforce so it’s important that as business owners we understand how to attract them to the roles that we have and more importantly how to keep them.
More than 75% of Millennials see mentoring and coaching as a crucial part of their success
Recent studies have shown that the top 10 things that millennials look for in a job are:
When you see this list it’s easy to see that millennials want to be empowered, they want the ability to be able to step up and really contribute to a company’s success on a level that goes just beyond a pay check. So, how do you as a business stay competitive and attract top talent?
One of the ways is by recognizing that offering a mentorship or coaching program is key to making yourself attractive to this new generation of workers. Did you know that 80% of Fortune 500 companies have some sort of mentorship program available- is this the secret to their success? It could quite possibly be.?
Being able to offer a coaching or mentoring program is one of the factors that may help you to attract the right type of talent to your business during this very difficult hiring phase that we’re going through at the moment.?
Of those employees that do have a mentor 97% say that they are invaluable to their development. Yet only 37% of all professionals have a coach or mentor so there is a long way to go in really implementing this goal of providing real development opportunities to your employees.
And the fascinating thing with mentorship is that 89% of those who have received mentoring go on to mentor so it becomes a win-win all around. Once you create an outstanding mentorship program then you will find that it will keep going and really become a vital part of your company’s success.?
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So how can you as a small business adopt some of these practices from the Fortune 500 companies and make them work for you??
Millennials love to see that they’re making an impact. They want to use their skill set with purpose and really contribute to the work that they do. They want to lead and receive recognition for the work that they do.?
As a small business owner one of the key ways that you can empower your millennial employees is by bringing them in on the big vision for the company and highlighting to them where they can make an impact within the company. So for example it could be putting them in charge of projects where they can take the lead and really get a sense that they’re supporting you with your big vision goals, and not just a paper pusher in the background.?
Another key way is to celebrate the wins, including those quick wins! Having a positive influence, being part of a positive work environment and receiving recognition for the work that they do are all vital aspects to a millennial workforce and making them feel valued, engaged and motivated.?
Learning to nurture these employees in the right way is gold dust! How could you ask for a better employee right than somebody who wants to make an impact, wants to win and be successful, wants to develop themselves and always be the best they can be within their role?
In the end the ROI for your company is going to be tenfold if you implement these 3 key ways to empower your employees because the results are going to be more productive, motivated and innovative team members who feel connected to a greater goal.?
A common concern with CEO’s is often what if I spend all this money developing my employees and then they leave? But the reality is that what if you don’t develop them and they stay? At what cost have you made that choice? Not only will they stay stuck but I can guarantee that your business will stagnate over time as well.?
If you’re interested in finding out more about implementing a Leadership & Development Programme within your company please email me at [email protected]?and let’s talk. This is an area that will be crucial to your business in the coming years and now is the time to really start to lay the foundations for attracting and keeping the best talent out there that you can find!