June 20, 2018 Millennials and Loyalty: Two Disconnected Viewpoints
Next week, I am going to address how Millennials can demonstrate their loyalty and prove themselves to their company. To lead up to that topic, I wanted to revisit a past blog post from a couple years ago about how Millennials are perceived in the workplace. Thanks for reading and, as always, thank you for your feedback!
-Margaret
Let’s talk about a touchy subject: Millennials and loyalty. At first glance, the Millennial generation seems to be comprised of disloyal job-hoppers. Statistics show (according to “Multiple Generations @ Work”) that a staggering 91% of Millennials expect to stay in a job for less than three years. Such high turnover can be tough for companies and cripplingly expensive. In fact, close to 90% of the firms surveyed (according to an article from MainStreet.com) reported that the cost of replacing a Millennial employee was anywhere from $15,000 to $25,000.
These numbers seem overwhelmingly negative, but let’s take a step back and look at Millennials and loyalty from a larger scope.
First of all, consider the context. Millennials have entered the workforce during one of the worst economic periods in history. Companies are downsizing, outsourcing, and slashing salaries in an attempt to stay afloat. And even though cost-of-living and college tuition are increasing dramatically, paychecks are not. Says Rich Milgram, Beyond.com‘s founder and chief executive, “Younger job seekers don’t have it easy in the current economy and they’ve been put in a hole by the generations that have gone before them.” Oftentimes, Millennials practice strategic job-hopping because they know they could be let go at any time. It’s a defensive move and gives them a sense of security if they feel their current position is in danger of being snipped.
Secondly, Millennials’ definition of loyalty is often different from other generations. Consider this statistic for a moment from Philly.com:
More than eight in ten young workers (Millennials, aged 19-26) say they are loyal to their employers. But only one in 100 human resource professionals believe that these young workers are loyal.
Why the huge difference in perspectives? Many believe it has to do with the way Millennials think about loyalty. Many members of this generation do not necessarily pledge themselves to a company, but to a boss or co-workers. Cam Marston, author of “Motivating the ‘What’s In It For Me’ Workforce” says, “Effective bosses are the number one reason why Millennials stay at a job…They have great respect for leaders and loyalty, but they don’t respect authority ‘just because.’ This is why it’s so important to have exceptional leaders at companies to retain these younger workers. They don’t want someone who micromanages and thinks of them as just another worker. They want someone who inspires them to stay at a company.”
Another attribute that keeps Millennials loyal? Workplace atmosphere. A 2012 survey by Net Impact found that 88% of workers considered “positive culture” important or essential to their dream job, and 86% said the same for work they found “interesting.” Additionally, the same Net Impact survey found that 58% of respondents said they would take a 15% pay cut in order to work for an organization “with values like my own,” demonstrating that Millennials are not just content with “any old job,” but seek meaning in the work that they do.
The issue of Millennials and loyalty is a tricky one, but one thing is certain: We cannot just write-off this generation as disloyal and wishy-washy. With the right workplace atmosphere, excellent leadership, and by providing the right set of motivation tools (as covered in a previous post), Millennials will stick around and perform the kind of innovative, creative work they’re known for.
If you (or your company) needs help creating the right conditions for your Millennial workforce, contact me to discuss potential strategies.
MARGARET SMITH IS A CAREER COACH, AUTHOR, INSIGHTS®DISCOVERY LICENSED PRACTITIONER, FOUNDER OF UXL, AND CO-FOUNDER OF THE TAG TEAM. SHE HOSTS WORKSHOPS FOR PEOPLE WHO NEED CAREER OR PERSONAL GUIDANCE. YOU CAN VISIT HER WEBSITE AT WWW.YOUEXCELNOW.COM
Tags: business coach Margaret Smith, engage millennials, how to motivate millennial workers, Margaret Smith LP of Insights, Margaret Smith Minneapolis career coach, Millennial career insights, millennials and disloyalty, millennials and loyalty, millennials in the workplace, understanding millennials
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- Posted under Better Business, Organization
June 13, 2018 What Are 3 Ways to Become a More Caring Leader?
More and more evidence is emerging that leading with love, compassion, and authenticity is much better for building a sustainable, happy team than leading by force and intimidation. According to Forbes.com, many old leadership models were based on the military and have a tendency to emphasize leaders as people who should be feared.
It’s taken a long time to start changing this model, but it’s happening, slowly but surely. As managers of all levels are coming to realize that people respond to love and compassion, leadership tactics are changing and many people are opening up to the idea of love leadership. One in-depth study by Joe Ricciardi shows that, “A team member who feels ‘loved’ by his boss is significantly more likely to see his boss as a good leader. Leading your employees is a natural outgrowth of loving them.”
The study went on to find that three simple leadership approaches can greatly increase the success of your team:
1. Genuinely Care
Above all, be human. Get to know your work team, ask them questions (and genuinely listen to the answers!), and share a little bit of yourself. As in all relationships, getting to know another person is a two-way street and you have to have the courage to be vulnerable sometimes and open up.
It’s the littler things that make a difference–hand-written thank you notes, noticing when an employee goes above and beyond their responsibilities, remembering the name of a spouse or a child, recalling a co-worker’s recent trip or a hobby they enjoy. If your memory can be slippery, jot down notes in an excel spreadsheet (a sheet for each team member) and take a look at those notes before meeting with someone.
Your efforts will make others feel comfortable in the workplace and help them to actually look forward to coming in to work–something that leads to long-term retention.
2. Be Passionate
Your enthusiasm is contagious. Love what you do and demonstrate that love through positivity, a sunny attitude, and excitement. If you are looking forward to taking on a new client, tackling a new project, or meeting a certain goal, share that enthusiasm with your team. Let your positive energy shine through during team meetings, email memos, or one-on-ones.
And if you’re not loving your job? If you’re in a leadership role, that could be a genuine problem. Evaluate your discontentment and ask yourself what’s causing it. Work with a career coach to help you get to the root of the problem and then strategize on how to move forward. Leading with love means you not only show your co-workers love, but that you also love and embrace your leadership role. It’s hard to follow a leader who is unenthusiastic about their work.
3. Be Committed
Commitment is a big part of being a caring leader. Commit to the wellbeing of your employees. Commit to your team’s current projects. Commit to your clients/customers. If you’re truly committed to your team, you will be with them every step of the way, through both their successes and failures. Part of this responsibility means shouldering a good portion of the blame if something goes wrong. As former President Truman said, “The buck stops here.” Those are words to live by.
Part of being committed means investing in your team. Focus on individual and team development by making sure team members are involved in ongoing training. Also, make sure they have the chance to learn from each other (and you!) during skill share or mentoring sessions.
How will you step into your role as a caring leader? What can you do to show others you genuinely care, you’re passionate about the work, and you’re committed to both the team and their work projects? No matter how you decide to amp up your love leadership, the important thing is to DO IT. Start today and see what small changes you can make to commit to being a more caring, compassionate leader.
MARGARET SMITH IS A CAREER COACH, AUTHOR, INSIGHTS®DISCOVERY LICENSED PRACTITIONER, FOUNDER OF UXL, AND CO-FOUNDER OF THE TAG TEAM. SHE HOSTS WORKSHOPS FOR PEOPLE WHO NEED CAREER OR PERSONAL GUIDANCE. YOU CAN VISIT HER WEBSITE AT WWW.YOUEXCELNOW.COM
Tags: authentic leader, authentic leadership, better leadership, career coach Margaret Smith, caring leader, leadership best practices, leadership skills, love leadership, margaret smith leadership
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- Posted under Advice from a Life Coach, Communication, Leadership
June 6, 2018 Clarity in Communication Is NOT One-Sided
*This post was originally published in 2015 and has been modified slightly.
Having clarity comes in two parts. You have to give clarity and ask for clarity. If you are in charge of a project or leading a team, don’t assume that everyone already knows your expectations. Make those expectations clear and leave room for others to ask questions. Put yourself in others’ shoes and anticipate the questions they might ask. Then, practice giving the answers, or at least jot out a few thoughts on how to answer the questions.
On the flip side, if you’re on the receiving end of a project or initiative, don’t be afraid to ask clarifying questions. It is much better to make sure your idea of the project’s end state aligns with the actual anticipated end state then to muddle your way through it and hope you’re doing what’s expected of you. One good way to make sure you completely understand your assignment is to repeat back what you think you heard. Something like: “Okay, Bill. It sounds like you’re saying we need to come up with a better social media marketing strategy for product X, and we have two weeks to get you a proposal. Is that correct?”
Having Clarity is one of the chapters in my book, The Ten Minute Leadership Challenge, and I go into much more detail in those pages about how to give and ask for clarity.
I’ve also made a short video about Having Clarity based off the principles outlined in my book. Enjoy!
MARGARET SMITH IS A CAREER COACH, AUTHOR, INSIGHTS®DISCOVERY LICENSED PRACTITIONER, FOUNDER OF UXL, AND CO-FOUNDER OF THE TAG TEAM. SHE HOSTS WORKSHOPS FOR PEOPLE WHO NEED CAREER OR PERSONAL GUIDANCE. YOU CAN VISIT HER WEBSITE AT WWW.YOUEXCELNOW.COM
Tags: ask clarifying questions, ask for clarity, better communication, clarity at work, clarity in communication, communicate effectively at work, give and ask for clarity, leadership coach Margaret Smith, margaret smith career coach
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- Posted under Communication, Tips for Improving Interactions
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