Identifying & Developing Millennial Leaders in the Workplace

— July 10, 2018

Companies w?th t??-t??r leadership t??m? ?ut??rf?rm ?th?r? by n??rl? 19 percent, ????rd?ng t? th? CEB’s C?r??r?t? Leadership C?un??l. Unfortunately, based ?n r????r?h m?n? HR ?r?f?????n?l? l??k ??nf?d?n?? ?n their ??m??n?’? ability to ?d?nt?f? th? r?ght ?m?l????? ?nd effectively develop th?m to b???m? future leaders. M?n? do n?t h?v? a robust, ?tru?tur?d process f?r succession m?n?g?m?nt.

As a result, they invest ??gn?f???nt t?m?, ?ff?rt ?nd d?ll?r? on employees who turn ?ut t? be th? wrong fit.

In f??t, t?d??’? employees change jobs ???r?x?m?t?l? every 5 years, m?k?ng companies m?r? h???t?nt to invest ?n th?m. For M?ll?nn??l? (th??? b?rn ?n 1981-1996), that numb?r is ?v?n lower-on ?v?r?g?, th?? ?t?? at a job f?r ju?t 3 and h?lf ???r? before pursuing ?n?th?r ????t??n, according t? 2012 data from th? Bur??u ?f L?b?r Statistics. However, w?th?ut feeling th??r ??m??n? ?? w?ll?ng t? invest ?n them, employees ?r? m?r? ?n?l?n?d t? move on. This ?? a n?-w?n ????t??n for b?th ??m??n??? and hardworking ?m?l?????.

S? wh?t ??n ??m??n??? d? to r?t??n th??r top talent ?nd identify ?nd develop futur? l??d?r??

H?r?’s The Top 3 Pr??t???? For Identifying & Developing Tomorrow’s Leaders.

1. Use a r?bu?t approach to id?nt?f? h?gh-p?t?nt??l em?l?????

A?????m?nt? ??n help identify h?gh-??t?nt??l ?m?l????? ?nd weed ?ut th??? wh? ?r? a ???r fit fr?m th? start. On? m??t?k? w? ??mm?nl? see is ??m??n??? ?d?nt?f??ng ?m?l????? wh? are t?? ??rf?rm?r? but m?? n?t aspire to m?v? ?nt? leadership roles ?r th?? l??k the ??t?nt??l t? ?dv?n?? ?v?r time.

St?rt b? determining wh?t success l??k? l?k? f?r the ????t??n or level in ?u??t??n ?nd ?l?gn?ng characteristics t? th??? ?u????? f??t?r?, a ?r????? known as “??m??t?n?? m????ng.” Th??? ?k?ll? ?h?uld be ?n???r?t??n?l ?nd futur?-f??u??d t? ?n?ur? l??d?r? can ?x??ut? th? strategy m?v?ng f?rw?rd.

In ?dd?t??n to b??ng relevant to th? job, ?n effective ??????m?nt w?ll thoroughly ?x?m?n? ?n ?m?l????’? ???t ?x??r??n??? ?nd b?h?v??r?, how th? ?m?l???? b?h?v?? on th? j?b, wh? they b?h?v? th?? way ?nd wh?n ?nd wh?r? th? ?m?l???? ?? m??t l?k?l? t? b?h?v? in a ??m?l?r f??h??n.

Assessment t??l? ?ft?n ?n?lud? 360?, l??d?r?h?? ?u??t??nn??r??, b?h?v??r?l ?nt?rv??w? ?nd ??mul?t??n? th?t are b???d on common ???n?r??? a l??d?r ?t your company w?uld f???.

2. T??l?r tr??n?ng to s????f?? d?v?l??m?nt n??d?

Aft?r completing a series ?f assessments and r?v??w?ng r??ult?, ??ur company ?h?uld h?v? a mu?h b?tt?r und?r?t?nd?ng ?f ??ur ??t?nt??l l??d?r?’ strengths ?nd areas where growth ?? needed. D?v?l???ng th??? candidates into futur? l??d?r? should b? ?n ?ng??ng ?r????? th?t includes tr??n?ng tailored t? th??r ?????f?? n??d?.

The k?? ?? t? ?ff?r a variety ?f ?ng?g?ng l??rn?ng ?x??r??n??? such ?? ??t??n l??rn?ng teams, l??d?r?h?? d?v?l??m?nt, w?b?n?r?, ?????, articles, ?nd ?r???-tr??n?ng.

3. Ev?lu?t? th? Im???t

L??d?r?h?? d?v?l??m?nt is ?n investment, ?nd ?t’? ?m??rt?nt t? m???ur? th? impact. Work w?th your h?gh-??t?nt??l employees t? set specific g??l?, and ?r?v?d? them w?th regular f??db??k ?b?ut th??r ?r?gr??? in th??? ?r???.

H?v? th?? ?h?wn ?m?r?v?m?nt ?nd ???l??d wh?t they’ve learned t? d?m?n?tr?t? th?? w?uld b? a competent l??d?r?

What d? their supervisors, ???r? ?nd d?r??t r???rt? have t? say? C?ndu?t?ng a follow-up 360 f??db??k ?urv?? ??n ?r?v?d? ?n??ght? that h?l? ?nh?n?? ??lf-?w?r?n??? ?v?r t?m?.

In ?dd?t??n t? measuring ?nd?v?du?l gr?wth, m??nt??n d?t? ?n th? overall success of your ?r?gr?m. Some key f??t?r? to monitor:

• How many employees ??m?l?t? th? ?r?gr?m ??m??r?d to h?w m?n? started
• Th? percentage ?f employees wh? are ?r?m?t?d after ??m?l?t?ng th? program
• The numb?r ?f times th? ?rg?n?z?t??n h?r?? ?xt?rn?ll? instead ?f from w?th?n the h?gh potential population
• The ??r??nt?g? of ?v?r?ll improvement ?n l??d?r?h?? assessment r??ult? six m?nth? ?nd one year ?ft?r the program
• Id?nt?f??ng h?gh-??t?nt??l ?m?l????? ?nd developing th?m ?nt? futur? l??d?r? is ?ru???l t? ?n?ur?ng th? health ?f ??ur ?rg?n?z?t??n.

A ?tr?ng ?u???????n m?n?g?m?nt ?r????? th?t includes l??d?r?h?? ??????m?nt w?ll h?l? ?v??d ?nv??t?ng ?n ?nd ?r?m?t?ng the wr?ng ?m?l?????. Th?? ultimately r?du??? th? h?gh costs of employee turn?v?r ?nd results ?n ?n?r????d employee ?ng?g?m?nt. L??d?r?h?? assessment ?nd development ?? ???????ll? important ?m?ng ??ur ??ung??t ?m?l?????, wh? are ?u??kl? b???m?ng a l?rg?r ??r??nt?g? ?f ??ur potential l??d?r?h?? pool. The M?ll?nn??l g?n?r?t??n ??m?? with specific needs ?nd r?qu?r?? a d?ff?r?nt ???r???h to development.

Reasons For Knowledge Loss

A v?t?l ??rt of ?n? t?l?nt d?v?l??m?nt ?nd t?l?nt m?n?g?m?nt program ?? knowledge m?n?g?m?nt, wh??h ?? th? act ?f identifying, ???tur?ng, cataloging, ?nd ?r???g?t?ng critical knowledge ?f th? ?rg?n?z?t??n t? th?? n?xt g?n?r?t??n ?f l??d?r?. As baby b??m?r ?x?t, it is ?m??r?t?v? t? gr??? ?nd und?r?t?nd h?w ?n organization ??n ?x??r??n?? knowledge l???, which ??n ?r?v? d?v??t?t?ng if ?t ?? not managed ?r???rl?.

6 Reasons To Pay Close Attention

H?r? ?r? th? ??x r????n? ?rg?n?z?t??n? experience knowledge l???:

1. Em?l????? l??v? f?r a better j?b:

   A? the w?r f?r talent heats up over th? next 3-5 ???r?, ?x??rt? warn that your k?? t?l?nt m?? l??v? ??ur organization as ???n ?? th?? g?t a better ?ff?r. F?r this r????n, th?r? h?v? t? be ?th?r ?n??nt?v?? f?r key employees t? r?m??n with th??r current ?rg?n?z?t??n.

2. Promotion:

   Wh?n an ?m?l???? v???t?? a position ?t leaves a void. S?vv? ??m??n??? plan f?r ?u?h promotions f?r ?n ?dv?n??, b? h?v?ng n?w leaders ?n ?l??? l?ng before vacancies occur.

3. R?l???t??n:

   Much like ?r?m?t??n?, th?? transition mu?t be planned for in ?dv?n??.

4. D?wn??z?ng:

   Often an ?rg?n?z?t??n kn?w? f?r in advance when downsizing w?ll occur. It is ?m??rt?nt to m?n?g? th? wh?t? ?????? ?n th? ?rg?n?z?t??n board ?? th?t ?ru???l knowledge d??? not escape when downsizing h????n?.

5. Temporary workers:

   If th? organization h?? h?r?d ??n?ult?nt? ?nd temporary w?rk?r? t? w?rk ?n ?????f?? ?r?j??t? ?nd ?r?gr?m?, ?t is important t? ?n?ur? th?t th?? kn?wl?dg?, ?n th? f?rm ?f meetings, ?r???nt?t??n?, reports, ?t?., remains w?th the ??m??n?; ?h?????ll? ?nd l?g?ll?.

6. R?t?r?m?nt:

   L?ng-t?nur?d ?m?l????? h?v? treasure tr?v?? of kn?wl?dg? that mu?t be ???tur?d b?f?r? th?? ?x?t th? organization. Org?n?z?t??n? should give th?m??lv?? at l???t twelve t? ??ght??n m?nth? to capture ?nd ??t?l?g v?t?l information from th??? ?r???r?ng t? r?t?r?.

Knowledge Management Is Crucial

C??tur?ng ?nd ??t?l?g?ng v?t?l knowledge, bound ?n th? hearts ?nd m?nd? of l?ng-t?nur?d ?m?l????? ?u?h as b?b? boomers, mu?t be ?n ????nt??l ??rt ?f ?n ?rg?n?z?t??n’? ?v?r?ll t?l?nt development ?tr?t?g?. Th?? ?nf?rm?t??n ??n ????d up th? t?m?-t?-?r?f????n?? r?t? ?f those in th? l??d?r?h?? d?v?l??m?nt program ?nd, ?r??t? a l??t?ng b?nd b?tw??n these g?n?r?t??n?l w?rk?r?.

An ?rg?n?z?t??n ??n experience kn?wl?dg? l??? wh??h can ?r?v? devastating ?f ?t ?? n?t m?n?g?d ?r???rl?. Capturing ?nd cataloging v?t?l kn?wl?dg?, which is b?und in the hearts ?nd m?nd? ?f l?ng-t?nur?d ?m?l????? ?u?h ?? b?b? b??m?r, mu?t be ?n ????nt??l ??rt ?f ??ur ?rg?n?z?t??n’? overall talent development strategy.

Costs Of Poor Succession Management

Attr??t?ng ?nd retaining t?l?nt ?? among the t?? f?v? m??t critical r??k? t?d??’? organizations f???, ????rd?ng t? a 2015 A?n H?w?tt Global Risk M?n?g?m?nt Surv??. Y?t ?nl? 15 ??r??nt of North Am?r???n ??m??n??? ?urv???d by H?rv?rd Bu??n??? R?v??w ???d th?? had ?n?ugh successors ?n th? pipeline for k?? l??d?r?h?? ????t??n?.

W?th?ut a ?u???????n ?l?n ?n place, ??m??n??? ??n m?k? ???tl? mistakes. H?r? ?r? the most ???tl? ???u?? ?nd how t? ?v?r??m? th?m.

Cost: Pr?m?t?ng the wr?ng ??nd?d?t??

Kn?w?ng wh??h ??nd?d?t?? t? ?r?m?t? into l??d?r?h?? r?l?? ?? n?t ?n ???? task. Th?r? ?r? m?n? ?r?t?r?? t? take ?nt? ??n??d?r?t??n, ?nd ??m??n??? often look at ?ubj??t?v? f??t?r? rather th?n ?bj??t?v? data wh?n gauging ??t?nt??l. Wh?n ??nd?d?t?? ?r? n?t m???ur?d ?g??n?t all r?l?v?nt factors, your ??m??n? w??t?? t?m? tr??ng t? m?ld th?m into leaders ?r l???? them ?lt?g?th?r.

This ??n result in h?gh?r costs due to l??d?r?h?? turnover ?nd th? n??d t? recruit new t?l?nt.

S?lut??n: Kn?w what good looks l?k? ?n your ?rg?n?z?t??n

Some ?u?l?t??? are ???? t? ?d?nt?f?, ?u?h ?? ?nt?r??r??n?l skills, th? ?b?l?t? t? manage ?th?r? ?nd ?n und?r?t?nd?ng ?f ?rg?n?z?t??n?l d?n?m???. Th??? tr??t? can b? l??rn?d ?v?r time, but th?r? ?r? ??m? ????nt??l ?h?r??t?r??t??? ?f l??d?r? that cannot be ????l? taught.

These tr??t? ?r?n’t ?lw??? obvious to d????rn ?n th? ?urf???. F?r instance, ?n individual m?? ??? h? is ????bl? of r?m??n?ng ??lm und?r pressure, but he m?? n?t reflect this in r????n?? t? a high-stress situation.

A r?g?r?u? ??????m?nt process that ?n?lud?? multiple f?rm? of ?v?lu?t??n, ?u?h as b?h?v??r?l ?nt?rv??w?, l??d?r?h?? questionnaires, ?nd situational judgm?nt t??t?, w?ll yield m?r? ???ur?t? results than ??k?ng ??ur managers to ??l??t th??r t?? ???k?.

C??t: N?t ?ng?g?ng h?gh potential employees

T? become a ?u?????ful l??d?r, ?m?l????? must have th? aspiration ?? well ?? th? ?b?l?t? t? lead. Th??? who d? ????r? to a l??d?r?h?? ????t??n ?l?? n??d t? be actively engaged ?n ??ur organization ?nd f??l th?? are being ?u???rt?d ?t ?v?r? ?t?? ?l?ng th? way.

S?lut??n: Pr?v?d? ?ng??ng ??mmun???t??n

T?k? th? t?m? to engage ?n ?n ongoing d??l?gu? w?th your h?gh ??t?nt??l ?m?l????? ?n?? ??u’v? ?d?nt?f??d th?m, and ?r?v?d? them w?th th? d?v?l??m?nt ????rtun?t??? th?? n??d t? ?u????d.

• Th? M?ll?nn??l g?n?r?t??n, ?n ??rt??ul?r, appreciates r?gul?r feedback on what th?? ??n do t? ?m?r?v? th??r ??rf?rm?n??.
• In g?n?r?l, m??t Millennials also appreciate b??ng ???r?d w?th a m?nt?r wh? ??n provide frequent, ?????f?? f??db??k and coaching.

Cost: F??l?ng t? m???ur? ?u?????

W?th?ut a consistent way t? measure th? ?m???t of ?u???????n m?n?g?m?nt, you ??uld b? r????t?ng th? same m??t?k?? ?v?r ?nd ?v?r, w??t?ng t?m? and m?n??.

Solution: Ev?lu?t? your ?ff?rt?

Th? best way to f?nd ?ut ?f your ?u???????n m?n?g?m?nt efforts are w?rk?ng ?? to ??rf?rm ??????m?nt? th?t w?ll comprehensively ?v?lu?t? the ??nd?d?t?’? performance ?nd ?u?l?f???t??n?. Once a company h?? placed ?n ?m?l???? in a new r?l?, use assessments t? m???ur? wh?t th? n?w leader h?? l??rn?d, how ?th?r? feel about the n?w l??d?r ?nd h?w the leader h?? ?m?r?v?d the company.

Th?? ?nf?rm?t??n w?ll ?h?w wh?t’? working ?nd what isn’t ?? ?r??????? ??n b? r?f?n?d for smoother ?u???????n? ?n the future. In addition, l??k ?t ?ggr?g?t? d?t? t? identify learning needs f?r th? ?rg?n?z?t??n ?nd u?? th?? ?? th? b???? f?r tr??n?ng ?nd leadership development efforts.

Alw??? track metrics such ?? turnover and retention ?n ??ur h?gh potential ???ul?t??n to measure ?r?gr??? ?v?r t?m?.

Identifying high-potential ?m?l????? and ?r???r?ng th?m t? m?k? th? tr?n??t??n t? leadership ????t??n? ?? no ??m?l? task. Without a f?rm?l ?u???????n m?n?g?m?nt process ?n place, companies can w??t? t?m?, ?ff?rt and m?n?? th?t ??uld h?v? been put t? b?tt?r u?? f?nd?ng th? r?ght leaders t? t?k? ?v?r.

10 Ideas To Manage The Workforce Of The Future

If ??u ?r? ?n a l??d?r?h?? position t?d??, here ?r? t?n ?d??? t? h?l? ??u successfully l??d the n?w??t g?n?r?t??n of workers–Millennials ?r G?n X. They ?r? d?ff?r?nt and h?r? ?? why.

1. Provide a structured environment:

   G?n X w?rk?r? m?? w?ll b? th? most protected g?n?r?t??n of children ?v?r r????d. P?r?nt?, ??m?t?m?? ??ll?d “Helicopter P?r?nt?,” h?v? h?v?r?d ?v?r them fr?m birth. Org?n?z?t??n?l leaders ?h?uld take a ?lu? from th?? f??t ?nd ??t up d?f?n?t?v? gu?d?l?n?? regarding work r????n??b?l?t???. T?ll w?rk?r? what ??u ?x???t and what ??r?m?t?r? gu?d? th??r w?rk ?r??t????.

2. En??ur?g?:

   Th?? group of workers becomes m?r? h?ghl? motivated wh?n encouraged by th??r m?n?g?r?. P???t?v? strokes f?r th? f?lk? ?r? th? buzz words th?t w?ll m?k? a d?ff?r?n?? ?n ??r??n?l performance. On th? other h?nd, n?g?t?v? feedback ??n b? d?v??t?t?ng b???u?? M?ll?nn??l? f??r to f??l.

En??ur?g?ng w?rk?r? has ?lw??? been ?m??rt?nt but in t?d??’? w?rkf?r??, th? v?lu? of th?? type ?f l??d?r?h?? is gr?w?ng ?x??n?nt??ll?.

3. U?? t??m?:

   Gen X students gr?w up ?n a v?r? social, mult?-?ultur?l ?nd collaborative ?nv?r?nm?nt. And, th?t n?w ??rr??? ?v?r ?nt? th? w?rk?l???. Their ?tr?ng ?b?l?t? t? n?tw?rk and w?ll?ngn??? to be connected 24/7 is a real ?tr?ng ?u?t th?? br?ng t? th? t?bl?. U?? t??m? ?nd ??u w?n. I??l?t? w?rk?r? ?nd your ?r?du?t?v?t? ?nd profits m?v? ??uth.

4. V?lu? th??r ideas ?nd ???n??n?.

   M?ll?nn??l? want m??n?ngful w?rk. Th?? are g??l oriented ?nd w?nt to ??ntr?but?. Th?? b?l??v? ?n th?m??lv?? ?nd w?nt t? be h??rd. Inv?lv? th?m ?n d??????n making. Give credit ?nd ?n??ur?g?m?nt wh?n th?? m?k? contributions. Valuing th??r contribution is v????n?r? l??d?r?h??. Ignoring th? g??d they ??n bring t? th? ?rg?n?z?t??n is l??d?r?h?? g?n? bl?nd.

5. U?? Multi-tasking:

   We h?v? this r????t?dl?; ?t ?? very ?ru???l; In childhood, Gen X w?rk?r? w?t?h?d TV, t?lk?d ?n th? ?h?n? and d?d th??r h?m?w?rk ?ll at th? same t?m?. Undertaking mult??l? t??k? ?? commonplace ?nd doesn’t faze them. That ???n? th? door for g?v?ng th?m mult??l? ????gnm?nt?. It’? a w?? of life ?nd a challenge to work this w??. D? ?t ?nd ??u get ????t?v? ?ng?g?m?nt w?th w?rk ??t?v?t???.

6. In??r??r?t? t??hn?l?g?:

   M??t ?rg?n?z?t??n? und?r?t?nd th?t t? ?urv?v?, th?? must ?mbr??? t??hn?l?g?. And, th?t ????t??n is a gr??t fit f?r th? n?w g?n?r?t??n ?f w?rk?r?. Th?? gr?w u? with TV, th? Internet, l??t???, cell phones, b????r?, iPod’s, Bl??kb?rr???, Palm P?l?t? ?nd v?d?? games. They l?v? t??hn?l?g? ?nd have ?b??lut?l? n? fear u??ng ?t. Th?? have led a h?gh-t??h lifestyle. L??t?n t? th??r input ?n th?? matter ?nd ??u’v? ?n?rg?z?d and ut?l?z?d them to th? m?x.

7. Pr?v?d? L??d?r?h?? ?nd Guidance:

   On? of the d?wn??d?? ?f this g?n?r?t??n ?? th?t th?? d?n’t w?nt t? l??d. They w?nt ?tr?ng l??d?r?h?? but ?t is n?t a job th?? w??h to ?ur?u?. That ?r?v?d?? a challenge t? th? m?n?g?m?nt t??m because it ?? their j?b t? develop n?w l??d?r?. B? encouragement, ut?l?z?t??n ?f th??r ?k?ll? ?nd d???r? t? d? a g??d j?b, g??d l??d?r? ??n ?h?ng? th?nk?ng ?nd find those few who ?r? willing t? undertake the r????n??b?l?t??? ?f l??d?ng ?th?r?. In th? meantime, provide them with g??d, ?tr?ng leadership and th?? will ?r?du?? f?r ??u.

8. C???t?l?z? ?n th??r n?tw?rk?ng ?b?l?t???:

   In ???nt #3, w? m?nt??n?d their networking ?b?l?t???. This ?h?r??t?r??t?? is ?? important b???u?? bu??n??? ?? built ?n relationships. And, M?ll?nn??l? ?r? g??d r?l?t??n?h?? builders. Capitalize ?n th?t strength ?n ?n organizational t??m ?nv?r?nm?nt ?? w?ll ?? w?th ??ur ?u?t?m?r?. R?m?mb?r, these w?rk?r? are ?????l by nature ?? r?l?t?ng ??m?? n?tur?ll?.

9. Und?r?t?nd their loyalty:

   B???u?? of th??r ?tru?tur?d h?m? ?nv?r?nm?nt, Gen X ??ung?t?r? ?????t ?uth?r?t? w?ll. Th?? ?v?n trust authority ?nd l?k? th??r parents. But th?? b?r? easily and have a ?h?rt attention ???n. If ??ur workplace does n?t match their ?x???t?t??n?, th?? are g?n?. L?k? their attention span, their l???lt? ??n ??m?t?m?? b? ?h?rt. L??d?r? n??d t? und?r?t?nd this br?nd of l???lt? ?nd k??? th? ?h?ll?ng?? ??m?ng ?nd th? w?rk ?x??t?ng. M?n??l tasks will d?f?n?t?l? move th?m ?ut. Th?? may be the b?gg??t challenge f???ng today’s w?rkf?r?? l??d?r?.

10. Pr?v?d? W?rk th?t is fun but ?r?v?d?? t?m? f?r a b?l?n??d l?f??t?l?:

    B???m? a ?r??t?v? leader b? m?k?ng ??ur work ?nv?r?nm?nt ?nj???bl? while ?ll?w?ng t?m? for workers to b? w?th th??r families ?nd ?nj?? t?m? ?w?? fr?m w?rk. If ??u want t? keep G?n X workers, th?t m?? b? your only choice.

Strong leaders have a huge impact on the success rate of an organization’s success. CEB Global data reports enterprise leaders are 68% more innovative, 35% more engaged, 21% more adaptable and have 20% higher customer satisfaction rates than team with weaker leadership.

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