Millennials will drive the future of businesses as leaders. The importance of developing millennial leaders lies in the fact that they will be soon filling every leadership role at every U.S business.
The problems with the millennial generation are not in the generation itself, but in the lack of learning and growth opportunities provided by organizations – critical for increasing Millennials retention rates. We can’t stress enough how important is to focus on Millennial Leadership Development.
The Deloitte Millennial Survey 2017 shows that 71% of Millennials expecting to leave their employer in the next two years are unhappy with how their leadership skills are being developed.
So, in this article we’re taking a look at the best surveys which highlight the need for Millennial Leadership development and show how to ensure that Millennials become successful leaders.
“The Multi-Generational Leadership” Survey
This survey shows that Millennials are taking over leadership positions in a wide range of industries. 83% of the 5,771 respondents said that there are Millennials managing Gen X and Baby Boomer professionals in their office.
According to Dan Schawbel, Partner and Research Director at Future Workplace: “As more Baby boomers retire, Millennials are moving into leadership positions and are faced with managing older generations, which they were never trained to do.”
Millennials will drive the future of businesses as leaders. The Multi-Generational Leadership survey shows that there’s a need for ongoing mentorship and coaching to develop and enhance Millennials’ leadership skills. Despite these facts, in most organizations, the leadership development of millennials still isn’t considered a priority. While 89% of respondents said that building strong leadership skills is important to them, only 47% of them work for companies that have a formal mentorship program to support their leadership development.
The 2016 Deloitte Millennial Survey of nearly 7,700 millennials supports these facts having 63% of respondents say that their leadership skills are not being fully developed. This is an issue and needs to be addressed in the nearest future in order to ensure organizations’ long-term survival and competitiveness.
“Divergent Views/Common Ground: The Leadership Perspectives of C-Suite Executives and Millennial Leaders”
This comprehensive report based on interviews, surveys, and focus groups with millennial leaders, CEOs, and other non-millennial leaders at 14 organizations, restates the key findings from the “The Multi-Generational Leadership” and 2016 Deloitte Millennial Survey. Soon every leadership role will be filled by a member of the Millennial generation, and their impact as leaders will be felt for decades. It is needless to say that all organizations will need to put bigger efforts towards developing the effective leaders they need to move their organizations forward.
“In light of rising global competition and seismic demographic shifts, organizations must place a laser-like focus on cultivating their millennial leaders,” said Rebecca L. Ray, report coauthor and executive VP of knowledge organization at The Conference Board.
Key results include:
- Millennial leaders are looking for coaching from managers and internal coaches/mentors.
- Millennial leaders want to stay at a company as long as they are constantly growing. They are ambitious about their careers and expect advancement at an accelerated pace.
- Millennial leaders promote more informal leader-employee relationships.
- According to Millennial leaders, some of the most important leadership skills include the ability to engage, inspire and motivate their employees.
Danita Bye Business Leaders Survey
This survey by Danita Bye presents the key areas every business should focus on in 2018 in order to strengthen the productivity, engagement and effectiveness of Millennial Leaders.
The development of Millennials leaders directly impacts the success of your business, and according to Danita Bye these are the 3 key areas you’ll need to focus your attention:
- Strengthen Millennials’ Character
Survey results show that 45% of business owners, CEOs, and presidents are concerned regarding Millennials in terms of their accountability, determination and work ethic. As the workplace becomes highly dependent of millennial leaders is crucial to lead by example and develop millennials into high performing, character-based leaders.
- Build Millennials’ Experiential Knowledge
In the era of the Internet, Millennials are accustomed to finding the answers to questions by simply conducting a Google search. Due to this fact, some Millennials feel they are very knowledgeable whereas they may need a mentor or professional development coach to help them in learning the cornerstones of leadership.
- Improve Millennials Inter-personal Skills
Millennials are very active on social media and connected to everyone all of the time. However, when it comes to face-to-face communication and collaboration, it should be noted that this is an area which needs to be developed further – by Millennials and their managers. As a manager, demonstrate to your Millennial employees the power of listening and communication. Small conversations can have a big impact on business results.