“Six in 10 Millennials are open to new job opportunities.”
“Half of Millennials do not see a future with their current employer.”
~ Gallup survey results
The Cost of Ignoring the Elephant in the Room
Millennials will soon make up over 50% of the workforce, and they are changing jobs more than any generation before, reports a Gallup survey.
It costs 50% to 150% of an employee’s salary to replace her, depending on her level in your company. With turnover as high as it is, this adds up fast.
More than Money
Beyond the immediate cost of the turnover, is the cost to morale and productivity, not to mention the loss to innovation when your teams have high turnover.
Going forward, savvy employers know that they must take deliberate action to attract, retain and fully engage top talent who can lead your company into the future.
Are You Preparing Your New and Emerging Leaders?
CEB research has found that 60 percent of new managers underperform in their first two years.
This obviously impacts not only the new managers, but their direct reports. If your managers are underperforming, so are the entire teams they manage.New managers and their direct reports aren’t the only ones who feel the failure of a poorly prepared new manager, senior leaders must carry the burden of taking up slack when managers underperform.
Your New and Emerging Leaders Need Your Support
Think about some of the most important skills you want your leaders to have. The abilities to:
Develop Leadership Qualities
Your new and emerging leaders can learn to bring out the best in themselves and their direct reports.
There are clear, step by step processes that new leaders can learn to inspire their team to be self-motivated, accountable and responsible in ways that actually inspire full engagement.
Make Wise Decisions
Mike Myatt in Forbes notes the #1 way to spot a weak leader is the types of decisions they make.
Yet, how often do new and emerging leaders ever get support in learning decision making?
Collaborate and Communicate Well
Salesforce notes that 96% of executives cite lack of collaboration or ineffective communication for workplace failures.
Experience proves that people can not only learn how to collaborate and improve their communication and professional relationships, they are eager and happy to do so.
“Businesses with effective communication are 50% more likely to have lower employee turnover.” ~ Clear Company
Plan and Prioritize
American workers admit to wasting 2.09 hours a day, not including lunch. However, employees in the insurance industry lead the pack, admitting they waste 2.5 hours of every workday.
~ from America Online and Salary.com
Think of all the time, talent and energy wasted by not having clear priorities and plans to achieve them.
Fortunately, this waste is easily and dramatically reduced, with the right support and training.
New Leader Had Drastic Turnover
When Sophiea first started Coaching, her director told me that while Sophiea had been promoted because she was a stellar individual contributor, Sophiea was now losing her direct reports at an alarming rate.
Through Coaching with Crystal, Sophiea learned the critical skills necessary to lead.
“Crystal taught me to be fully accountable, to be more self-aware about how I come across and to build trust and credibility as a leader.”
~ Sophiea Roache, RNC and Manager of Clinical Educators, Aetna
Director and Staff Improved in Five Key Areas
“My team of 54 and I have been Coaching with Crystal and working with Crystal through seminars and consulting for several years now. Not only have I been promoted twice, but over 30 of my direct reports have been promoted at least once. Crystal has helped us tremendously in leadership development, strategic planning, decision making, collaboration, planning and prioritizing. . . I can honestly say that most of what we’ve been able to accomplish has been a direct result of our work with Crystal.”
~ Roxanne LaCroix, Director, Medicaid Learning and Development, Aetna
For Roxanne’s full testimonial, view this:
How About You?
Is preparing your new and emerging leaders for their leadership roles something you’d be interested in?