Is Your Talent Pool Drying Up?
The healthcare industry is high stress, tightly regulated and turbulent.
Because of this and the fact that there are increasing demands on employees, it’s getting more and more challenging to attract and retain highly specialized talent that makes your company competitive.
Millennials Need a Different Kind of Leadership
If you’re looking to develop your employees, your biggest group likely to become future leaders are your Millennials. They will soon make up 50% of the workforce, and will quickly be the majority.
Are you changing your leadership style to attract, retain and develop this group?
How Are Your Millennials Doing?
Are they committed and loyal? Independent and innovative?
If you’re like other healthcare industries and other organizations, 6 in 10 of your Millennials are open to changing jobs this year. Only 50% see any future with their current employer, according to Gallup polls.
The High Cost of Doing Nothing
Turnover for even one employee costs at least 50% of their salary, and that’s if they’re in an entry level position.
If they’re in leadership, the cost to replace them is 150% of their salary.
Plus, it takes time to replace people who leave, possibly 8 to 12 weeks, according to Gallup, and then there’s the month or two it takes to bring the new person up to full productivity.
And the more specialized the work, the longer it takes to replace and acclimate them to their new corporate culture.
Meanwhile, morale for the team suffers from turnover turbulence.
Three of the biggest reasons clients sign up for coaching are money, morale and motivation.
You Profit By Giving Employees What They Need and Want
Every generation at work says they want feedback. None more so than Millennials.
As Gallup’s Business Journal notes, Millennials “have engaged in a constant feedback loop from an early age.” They are accustomed to and crave continual feedback and guidance.
Studies show for this generation, engagement is highest for millennials who meet with managers at least once a week.
Solving the Need for Feedback
Companies rarely have leaders who are naturally good at giving constant, meaningful feedback.
The employees of these companies represent the 17% in a Gallup poll who said they receive both timely and meaningful feedback.
The other 83% of employees need more from you.
An experienced leadership coach will help your new and emerging leaders learn to connect with and coach their direct reports to help them develop professionally and personally.
This kind of coaching has proven to attract, retain and fully engage employees, especially Millennials.
Choices in Coaching
Most companies select Coaching with Crystal for their managers and high potentials.
If you’d like to have coaching for your managers, we can customize that to include training for coaching their direct reports, so managers learn to give high quality and consistent feedback that employees, especially Millennials, consider a deal-breaker for full engagement.
Some companies find that there are several high potentials on their team who would be great future leaders. These companies offer coaching as a reward and incentive.
Employees want to be shown that they matter and that you want to develop them personally and professionally. This is why coaching is popular and effective.
Because surveys find that Millennials highly value the opportunity to learn and grow, coaching is a perk that not only retains top talent, but develops vital future leaders.
“Coaching with Crystal provides me with tremendous wisdom that is custom tailored just for me and my current needs. She has helped me make pivotal shifts in my thinking. Whenever I work with Crystal I always walk away with more self-confidence and enthusiasm for the future. It is a rarity in today’s world to find that kind of authenticity and caring. I count on Crystal for her advice and mentoring to get me unstuck, build momentum, and achieve my personal and professional goals.” ~ Deb Holland, PhD, LCSW