We’re not yet over the “Great Resignation.” The latest job report indicates that another 4.2 million US workers voluntarily quit in August 2022.
LinkedIn’s 2022 Workforce Confidence Index found that nearly 25 percent of Gen-Z respondents and Millennials plan to change jobs in the next six months. This study found that Gen-Zs and Millennials deliberately seek careers that offer:
- Better alignment with their interests and values
- Opportunities to learn and practice new skills
- Better compensation and benefits
- A new industry or job function
- Opportunities to move up or increase responsibilities
If your business doesn’t address these needs, you’ll lose talented people and have a tough time attracting younger generations.
Here are three things business leaders must do to create a great place to work for Millennials and Gen-Z’s.
Pay equity. Close gender and racial pay gaps. Pay at the top of the range. How will people know where they are in the ranges? Be fully transparent with ranges and with your compensation strategy. Some states now require compensation transparency, including Colorado (here’s one county’s example.
This will cost your business money. You may have to raise prices or focus on products and services that are most profitable – and which can help cover extra costs. Ask staff for their ideas on reducing expenses.
Career dynamics. Create job flexibility. Allow people (who want to) to change departments or divisions where they can learn new skills, work with experts in a different part of the business, and embrace new responsibilities.
By creating career opportunities within your organization, Millennials and Gen-Z’s won’t have to leave your company to satisfy these development needs and desires.
Love your people. Thanks to Tamara McCleary for this key strategy! Too many bosses over the past four decades don’t like their people much less love them. In today’s marketplace, if you don’t love your people, get out of leadership. You won’t be able to implement the changes noted above if you don’t demonstrate authentic care for those you work with.