High Cost of Losing Young Professionals
IN A STUDY BY THE SOCIETY FOR HUMAN RESOURCE MANAGEMENT (SHRM) FOUND THAT THE AVERAGE VACANT POSITION TAKES 42 DAYS TO FILL, AND IT WILL COST A LITTLE OVER $4,000. IT CAN BE MUCH MORE EXPENSIVE THOUGH WHEN YOU ADD THE COSTS OF RECRUITMENT AND TRAINING. THE LOSS OF A MILLENNIAL EMPLOYEE COULD COST ANYWHERE FROM $15,000 TO $25,000, AND COSTS RISE WITH SALARY AND POSITION.
Investing in employee retention sounds a lot more appealing, doesn’t it? What does this mean to you? While Millennials (ages 25 to 40) are apt to move on to the next job for better opportunities and more money, did you know that Gen Zers (ages 8 to 24) are looking for a home, a future, and stability? They are much more risk averse and financially conservative. So let’s look at why people are inclined to leave. Here are some of the reasons:
Lack of Opportunity for Advancement
Unhappy with Management and Leadership
Unhappy with Work Environment
Desire for More Challenging Work
Don’t See Company as Socially Conscious
Company Does Not Align with Values
Work Life Balance
I think of the work experience as 3 phases. The Beginning phase is usually the honeymoon period. New hires are hopeful, they often come in with a generous attitude, ready to fit in, learn, and grow.
The Middle phase is around 6 to 12 months where they start to take stock of promises kept or not kept, the well of generosity is often depleted and they see the cracks, inconsistencies, true values of a company, and can rationally assess how well they fit.
The End phase is when they decide to leave. This can take place gradually or be quite abrupt. It usually begins with a mounting emotional sense of any of the following: unfairness; lack of appreciation; boredom; disconnection with personal values; and micro-aggressions.
So I ask the Gen Zs - where are you in these phases and have you fully thought through the reasons? I suggest going to your leader and communicating your goals (better to give them a chance before walking out the door).
And I ask company leaders - are you paying attention to how your new professionals are feeling, being developed, challenged, included, and cared for?… yes, I said cared for. They are new, they are finding their way, and they need reinforcement. And yes, sometimes I hear, “no one did that for me,” but we have a new generation and they are not you.
SELF AWARENESS - NOVEMBER 18, 2020
Succeeding in the Workplace: SELF AWARENESS
Young Professionals
Self Awareness is a word that is used way too frequently with little understanding. While consciousness is being aware of one's environment, body, and lifestyle, self-awareness is the recognition of that awareness. Self-awareness is how we consciously know and understand our own character, feelings, motives, and desires. It is like having another perspective that is detached, watching, and assessing from the inside and looking out. I have heard the term “witness self” to describe self-awareness.
Self-awareness is the key to being resilient, tolerant, and oriented towards growing into a better, more effective, and happier person. It requires an honest look at ourselves and our participation in all interactions. Sometimes we are the catalyst for good things and sometimes we contribute to making a bad situation worse.
When interactions go off the rails and we are left with a sickening feeling in our gut, we tend to blame the other person. If they hadn’t …..fill in the blank. Usually, we are participating in some way, and self-awareness is the ability to see our role in those negative interactions. Often we put onto the other person what we don’t want to see and can’t stand within ourselves. Self-awareness is the secret sauce to being authentic.
It takes courage, honesty, and truth to take that look. The Enneagram (you can find lots of information on the internet) helped me to see my blind spots and my strengths. It is a great starting point for growing your self-awareness. The more we see our weaknesses, the more tolerance we have for others’ weaknesses.
#self-awareness
#enneagram
#personal growth
#successfactors
#genz
Gen Z is different from Millennials.
Pay attention to the needs of this talented generation. Encourage them to stay before they walk out the door. #genz #retention
Capitalizing on the Situation
Call to Action for Employers:
Throw out the job descriptions and hire smart Gen Z- ers who can be trained to fill a number of roles. This keeps them engaged and growing.
Spend time getting to know Gen Z. They like personalized interactions.
Promote contests to engage Gen Z. They have spent hours playing video games. They like competitions. It adds some juice to a boring day.
Call to Action for Gen Z:
If you are spending a lot of time on Zoom, speak up, ask questions, show you are engaged at all times.
Take time to get to know people in your company by networking. The benefits are: 1. Learn more about the company; 2. People get to know you and what interests you; and 3. Start to build a network of people who can recommend you, have your back, and serve as advocates for your ideas and projects.