The Stats - Turnover & its staggering costs:
•Employees with the highest level of commitment perform 20% better and are 87% less likely to want to leave the organization (Corporate Leadership Council, 2004).
•Companies that communicate most effectively are 50% more likely to report turnover levels below the industry average compared with only 33% for the least effective communicators (Watson Wyatt, 2003).
•18% of the variation in sickness and absence rates across the company was due to variations in communication practices (Brown, Duncan & MacDonald, 2003)
Generations in the Workforce: Baby Boomers, Gen X, Millennials, Gen Z
Millennials aren’t real! Macroscale demographic trends rarely govern most individuals’ lives and work decisions. Every generation that enters the workforce feels they are unique. The underlying needs and aspirations of Millennials have no differences from previous generations.
- Manjoo, Farhad (2016 May 25). Corporate America chases the mythical Millennial. NYTimes. Retrieved from: https://www.nytimes.com/2016/05/26/technology/corporate-america-chases-the-mythical-millennial.html?_r=1
When it comes to workplace priorities and beliefs, our similarities among generations are much greater than the differences between them. Rather than developing wildly diverse generation-specific strategies, leaders can instead adopt a set of more general, and more powerful, practices that will engage all employees including: treat employees fairly, demonstrate respect, show interest in employees, find ways to make work interesting, and actively support employees’ career development.
- Giulioni, Julie Winkle. (2014 July 14). Are Millennials so different? This research suggests they aren’t. Smartbrief on Leadership. Retrieved from: http://www.smartbrief.com/original/2016/07/are-millennials-so-different-research-suggests-they-arent?utm_source=brief
Two-thirds of Millennials express a desire to leave their organizations by 2020. Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces.
· Deloitte (2016). The Deloitte Millennial survey 2016: Winning over the next generation of leaders. Deloitte. Retrieved from: https://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
Generation Z, born in 1995 or later, makes up the largest population demographic, so its appeal to marketers is obvious. This group shares some qualities with its predecessor Millennials, there are also some distinct differences between them.
- Sparks & Honey (2014 June 17). Meet Generation Z: Forget Everything You Learned About Millennials. Retrieved from: http://www.slideshare.net/sparksandhoney/generation-z-final-june-17
Contact Dr. Andrea, to learn how to increase the following into your organization:
Take a moment in reflection…
Most often it’s not that our team is unskilled, uneducated or lacks knowledge, it’s typically that we cannot get along! Yet, icebreaking or team building exercises haven’t seemed to work. Employees must learn how brain and body chemicals work for and against them, as well as when to trust those internal chemical and electrical impulses, and when and how to override them. Imagine if you could be freed up of the energy you expend intervening in relationship squabbles?