Author and speaker Simon Sinek's video recently went viral when he pinpointed the massive elephant in the room: managing millennials. The millennial generation has been labeled with sweeping generalizations and pejorative descriptions deeming them a nuisance in the workplace. The general consensus is that they're lazy, entitled, over-confident and impatient. While all of these traits present issues, impatience especially is causing an expensive revolving door for many organizations.
Millennial impatience shows up in the form of "job hopping" and is keeping CEOs up at night worried about retention. Research indicates two-thirds of millennials are poised to leave their current company by 2020. And replacing an entry to mid-level millennial costs approximately $15,000 to $25,000. The revolving millennial door is spinning out of control. But what is causing millennial impatience?
According to the same research, the majority of millennials leave their company because they are dissatisfied with how their leadership skills are being developed. Millennials want to be invested in and developed as leaders to equip them to make an impact in their current organization. If this criterion isn't met, they get impatient and begin to look elsewhere for other opportunities where they feel valued at work. So what's the solution?
Deliberately developmental organizations are addressing this retention problem by implementing managerial coaching programs. These organizations are having their mid-level managers trained in the art of the coaching conversation to apply with their millennial direct reports. Coaching is a form of leadership that directly impacts long-term personal, career, and leadership development factors for the receiving millennial. Coaching, not to be confused with mentoring, prioritizes inquiry-based conversations where the coach asks powerful questions to the millennial. These questions are designed to be open-ended to broaden perspective, explore options, and discover avenues for growth and problem-solving. In essence, a true coach is a "thought partner" with their millennial.
If you're interested in implementing coaching into your management repertoire but are unsure where to begin, here are three coaching conversations you can use to curb impatience, prioritize development and positively impact retention:
1. Feedback Expectation Frequency
Research indicates that millennials want more frequent feedback than other generations. They want consistent pulse checks from their manager centered on topics related to personal development. Smart managers are sitting down with their millennials and developing pulse check schedules to identify an agreed-upon frequency to meet and carry on coaching conversations. Being intentional with your millennial demonstrates that you care. As a result, you will build a stronger relationship, increase their productivity, and strengthen their loyalty to the organization.
2. Learning And Growth
Tiny Pulse, an employee engagement survey organization, reports that 75% of millennials would consider leaving their job if they felt there was little growth opportunity. Millennials prioritize the opportunity to grow as leaders and make an impact at work. They are passionate for swift career progression, and left with minimal opportunities to chart out career progression they become disinterested in their role. Coaching managers understand this need and keep an open dialogue with millennials to develop a career plan together.
3. Developing A Multiplier Effect
By engaging in a coaching relationship with your millennials, you automatically demonstrate that you are intentionally listening to their needs. Being intentional about the building a quality relationship with your millennials brings out the best in them. Liz Wiseman, author of Multipliers: How the Best Leaders Make Everyone Smarter, suggests that multiplier-type leaders amplify the intelligence of those around them. As a result, they get more out of the people they lead. As a coach, you have the opportunity to fuel growth simply by tapping into the natural talent in your millennials. The multiplier conversation begins by helping your millennials identify what they are gifted at and then coaching them on how to put their genius to work.
At the core of the impatient millennial stereotype is an entire generation hungry to learn, grow and achieve. This generation is open to frequent feedback that positions them to be a better version of themselves. The degree to which you, as a manager, implement coaching into your millennial management toolkit may be the deciding factor on your organization's retention rate. By focusing on being a better coach, you will get more out of your young team and multiply your effectiveness as a leader.
