Succession Strategies and the Millennial Generation

It is impossible to get around it; millennials are the future of the workforce. Like it or not, they are also the future of any succession plan for your company. There are a number of stereotypes attached to millennial employees that may or may or not be accurate. However, when it comes to succession planning, there are several concepts that we believe are pertinent:

Concept: The average job longevity for millennials is shorter than other generations.

Approach: Your planning must include procedures for identifying, retaining and advancing high potential employees. A talent pipeline is needed as a hedge against one of the high potential people dropping out. One way to ensure a pipeline exists is to bring in talented millennial leaders from outside your organization on a regular basis.

Concept: The quality of lifestyle perks are often more valuable than money.

Approach: In order to accommodate these issues it might require a significant cultural and HR policy overhaul to provide such things as flexible hours, telecommuting, community service and various leave programs.

Concept: The patience for advancement or promotion to the next position is limited.

Approach: When hired, all employees need to understand the company policy on what is required for them to be promoted. It is important to set the expectations upfront of what needs to be accomplished in the current job before an employee can be considered for a promotion. Transparency and ongoing communication will go a long way in retaining high potential millennials.

Concept: The need for engagement and inclusion is important.

Approach: It is important to make millennials feel part of the team or the overall culture of the organization to ensure their engagement for the long run. This can be accomplished by managers/supervisors showing respect, asking for input on new approaches, and then listening to the new ideas to assist in validating their input.

Current (non-millennial) leaders sometimes find it challenging to make the necessary changes to successfully cultivate a stronger future for their organization. To successfully create a succession plan and environment where millennials are the future successors, adjustments to your company’s protocol, procedure and culture are needed. Professional guidance from organizations like Human Capital Consulting Partners can be valuable because we provide both an objective perspective and information on how other organizations are managing succession planning for millennials.

For more information on how Human Capital Consulting Partners can assist you in developing your company’s recruiting process, contact us.

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