How Successful are You at Attracting, Developing, and Retaining Talented Millennials?
Right now, there is a fierce battle to attract, develop and retain the best Millennials.
Millennials already make up 50% of the workforce. By 2030 they'll be 75% of the workforce.
6 Facts about Millennials
- They are not loyal to a company: If given the choice 44% would quit his or her job during the next two years.
- 60% say their leadership skills are not being fully developed.
- 87% say the success of a business should be measured in terms of more than just its financial performance.
- 88% of Millennials who intend to stay with a business for more than 5 years share their organization's values and are satisfied with its sense of purpose.
- After salary and benefits, a good work/life balance is critical to Millennials.
- Over 80% want to have greater flexibility and start and finish work at the times they choose
7 Signs You're Losing the Talent War:
- You have no talent source to tap into and it takes over 30 days to fill a critical position.
- You usually have to hire from the outside because you don’t have internal candidates ready to step up.
- You are “hiring and hoping” and don’t have confidence in the people you put in critical positions.
- You haven't defined and communicated the purpose of your business (beyond making money) and your people (Millennials particularly) are uninspired because they can't commit to a clear and compelling higher cause
- New hires or promotions are often unsuccessful in performing their new duties and critical positions are subject to frequent or unexpected turnover
- “Star Performers” or “Up and Comers” routinely leave the organization to advance professionally or to achieve their career goals
- Employees complain that promotions are not based on who is best qualified but rather on personal favoritism
If your construction company is going to sustain success for the next 5-10 years, you need a proven, repeatable process for getting, growing, and keeping the best Millennial talent.
Your first step is to take a short assessment that will help you explore how effective you are at talent development.