How do you develop and keep future leaders at your company, particularly millennials? Leadership training and pay incentives could be key.
William K. Bacic, New England managing partner for Deloitte LLP, addresses this issue in a blog posting from the Boston Business Journal.
According to Bacic, research shows leadership development opportunities and financial incentives helped keep employees. The lack of both was among the top reasons people gave for leaving, the blog posting noted, with the absence of leadership development programs scoring particularly high as a reason to seek a new job, particularly with millennials and Gen X employees.
“Consider creating environments where people are encouraged to learn and expand their thinking,” Bacic writes. “Leadership development is an ongoing process and all professionals play a role, regardless of age or experience.”
Millennials remain a tricky demographic in terms of nurturing their loyalty to an employer.
Deloitte’s fifth annual Millennial Survey released in January found that 54 percent of millennials, if given the choice, planned to leave their current jobs in the next two years. The number jumped to 66 percent if the time frame is extended to 2020.
In this survey, factors behind the urge to leave a company included the lack of leadership skill development and feelings of being overlooked.
Source: Deloitte (Deloitte Touche Tohmatsu Ltd.)