In today’s competitive business landscape, Millennials are needed now more than ever for their fresh ideas and innovative perspectives. The reality is that Millennials are in high-demand, but they have extremely high turnover rates that put strain on today’s companies. This comes from a recent Gallup report which revealed that about 21% of Millennials in the workforce have changed jobs in the last year.
Millennials have a dramatically different perspective than Baby Boomers. Furthermore, with Millennials commonly set up to manage or oversee older generations, vital positions in companies are at risk of turnover without the proper coaching.
With their new way of looking at things, Millennials often find themselves in leadership positions, which many admit they simple were not prepared for according to a study recently conducted by Randstad. This ill-fated transition often leads to strife, workplace frustration and a decline in productivity.
The Ill-Prepared Career Path
With the acceleration of today’s marketplace, Millennials commonly acknowledge that their career path may not be as straight forward as those of previous generations. Career agility plays a big part in Millennial values, but there is a severe lack of preparation for manager roles, with 45 percent of Baby Boomers and Gen Xers agreeing with that statement that Millennials’ lack of experience could have a negative impact on a company culture.
Developing the Proper Competencies
Bridging the generational divide in the workplace is challenging, as many older generations don’t trust the lack of experience or the inconsistent career path of Millennials. It’s time to address the skills gap in your organization now. If you don’t notice any at the moment, it will become apparent as Baby Boomers start retiring.
These fundamental skills help Millennial managers close the divide between their older subordinates and build respectful relationships in the workplace:
- Influence Skills
- Conflict Resolution
- Navigating Politics
- Gaining Buy-In
Applying to Your Organization
Today’s complex organizational structures rely on the corporate wisdom of Baby Boomers and Gen Xers with the youthful innovation of Millennials. The managerial transition between the two generations is dependent upon helping young managers develop their EQ. The proper development and training of Millennials ensures the success of all parties in today’s workforce.
Avoid controversy and gain collaboration, understand the 5 competencies mentioned above and see how you can help Millennial managers address those skills in organizations today. Our new study featured in MediaPost addresses the five areas of development in detail, including approaches for addressing each critical skill.