Being a successful CEO or business leader in the new decade will require more than having a great product or service. Even a savvy marketing strategy, a strong social media following and a star sales team may not be enough. Your success as an organization going into 2020 and beyond is rooted in your employees, and let’s face it: The folks sitting in your cubicles and coffee rooms are changing.
According to Pew Research’s analysis of U.S. Census data, millennials are now the largest generation in the workforce. If you’re in business today, it is likely that one-third of your teams are comprised of these 20-somethings and 30-somethings. Gen Xers and baby boomers make up the remainder.
If you don’t have a formal succession planning process and skills-training programs in place, you may be unprepared for the future.
Educate our future workforce.
Many companies have noted that incoming entry-level employees are not prepared for the workforce. To address this gap, universities and community colleges have begun offering courses that teach students some of the skills they will need in that first job.
These semester-long classes include team projects, presentation skills, working under deadlines, decision-making and proper workplace behavior. It is anticipated that students taking these courses, along with participating in structured internship programs, will be in a better position to land a lucrative first job after graduation and climb the ladder of success.
Alongside educational institutions, companies of all sizes have begun to invest in ongoing training and skills development programs for their employees. This is especially critical for millennials, as 71% have stated that they would leave their companies if there was no leadership development training.
In my company, we have made significant investments in our employee development programs, which has resulted in a healthy retention rate and positive feedback from employee surveys. Our commitment to authentic, continuous learning along with our team’s time and effort to participate in our learning programs has enabled us to promote from within for many positions.
Jump-start careers with internships.
According to estimates from the U.S. Department of Labor, the cost of a bad hire is about 30% of the employee’s first-year salary. Hiring interns is not only a great way to reduce or potentially eliminate this cost, but has multiple long-term benefits.
In my article “Four Tips for Hiring the Best Interns,” I provided suggestions on how to implement a comprehensive internship program. The benefits of these programs are immeasurable and can positively impact the intern and your team, as well as your P&L.
By introducing a college or trade-school graduate to your company via an internship, you have the opportunity to teach them valuable business skills, provide a mentorship opportunity to one of your team members and give back to your community by potentially hiring locally. This small investment of time can reap big rewards.
Manage a multigenerational workforce.
The challenges of a multigenerational workforce are many. Expectations vary with each age group regarding work ethic and style, company loyalty, benefits and pay, training, social responsibility, and company culture. Finding common ground so that employee engagement and retention levels remain steady is what keeps many CEOs up at night, along with the ongoing pursuit of a healthy bottom line.
Each business leader should examine their workforce to see what will work best for them. Understanding what makes each generation tick can be secured through employee surveys, informal meetings and one-on-one conversations. There’s no one-size-fits-all solution, as each age group values different things.
For example, baby boomers want flexibility and the ability to work remotely. Even usage of technology varies from generation to generation, with millennials utilizing smartphones and video conferencing more than workers who came before them.
Provide opportunities to give back.
Millennials now comprise the largest demographic in our country’s workforce. It’s well known that this generation has a heart for giving back and that they purposefully seek out organizations focused on purpose above profit.
According to a study by Great Place to Work, the best way for organizations to engage millennials is to have a strong social impact program. In my organization, we aligned our volunteer work with the United Nations Sustainable Development Goals and selected organizations that would help us make a difference in the goals we selected.
We regularly provide our team members with opportunities to participate in giving events with our nonprofit partners, including food drives, beach cleanups and home-building and restoration projects. Additionally, we launched a “Day of Purpose” program, in which employees can volunteer at their favorite charity.
Planning for the future of work and ever-changing workforce demands are challenges that every CEO and business leader faces. Finding creative solutions at a reasonable cost that create loyal and productive employees is critical to your organization’s success because your team is your most important investment.
I believe Richard Branson of the Virgin Group said it best: “Take care of your employees, and they’ll take care of your business.” This holds true for the workforce of today and for tomorrow.
This article was originally published on this site
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