How to stop the mid-management exodus - Viewpoint - careers advice blog Viewpoint careers advice blog

How to stop the mid-management exodus - Viewpoint - careers advice blog When you think of a “millennial” worker, do you think of a recent graduate, or somebody who you have worked with for years who is running their own team? The label covers anyone from 21 to 33 years old. While there has been considerable focus on how to attract graduate millennials into the workforce, there has been very little said about how to retain and incentivise those older individuals who have been working for over a decade and now occupy vital, mid-level management roles. Those businesses that don’t develop robust retention strategies are in danger of losing their newest generation of managers and potential leaders. In fact, according to research from  Hays, over half (54 per cent) of millennials in my native country, the UK, expect to quit their jobs in the next 12 months, while in Canada 38 per cent of employers cited loyalty as a key concern when hiring those of the younger generation. We are facing a disengaged management, or even worse, an exodus of this critical cohort of the workforce. In sectors like finance that are already suffering from skill shortages and don’t have a secure pipeline of managers, the situation could be particularly dire. Here is some advice on how to retain your newest management generation: Be open and honest about career paths Millennials are typically highly ambitious and keen to progress up the ranks quickly, but organisations have done a poor job at nurturing this, which can have a severe effect on morale. Our research shows that more than a third (36 per cent) of UK millennials believe there is no scope for progression with their current employer, and almost half (44 per cent) feel uncertain or negative about their career prospects. Put succession and development plans and management programmes in place to help them succeed. Target incentives in the right areas The way we work is changing and some businesses are adapting their formerly rigid working hours structure. However, a one-size-fits-all approach isn’t for everyone, even if your flexible working structure seems particularly progressive. If possible, offer a variety of flexi-benefits that employees can pick and choose from. You might think the “younger generation” only wants unlimited holiday and the ability to work from home but that’s not always the case, and offering a choice is likely to be well received. Open your doors Communication and transparency are vital to build trust with your employees: don’t be afraid to share company information and set aside time to discuss the wider business strategy with your middle managers. There is often a massive gap among millennials between expectation and reality â€" they are commonly also known as Generation Why for a reason. Help them to understand how their activity fits into the bigger picture and why you are asking them to do it. Don’t dismiss disengagement as disloyalty Millennials are often perceived to be less loyal than preceding generations and are held responsible for today’s more fluid jobs market, but that’s not always the case. Many businesses are all too eager to dismiss concerns from younger employees as typical Generation Me behaviour, but you should avoid stereotypes and seriously consider whether you actually have a retention issue on your hands. A final thought Transparency, communication and opportunity are all of great importance to millennials looking to further their career. Compared to previous generations who seek more stability, Millennials more readily jump from one job to another â€" make sure you’ve got a robust retention strategy in place to dissuade them from doing so! I hope you have found the above advice useful. Here are some other Viewpoint blogs to help you  manage your team, and progress your career: How to create an engaged workforce Is your business doing too much typing and not enough talking? 10 tips towards becoming a better communicator When is the best time to have a job interview? What size company is the right fit for you? 11 ways to become more productive at work Do you know how and when to say no? 7 Ways to Communicate Confidence from Hays