Align the team vision and culture. When grooming a prospective leader, it is critical that the employee is aligned with the company’s vision for the future. Many successful companies give top talent a “peek behind the curtain” to understand where the company is heading and where the employee fits into the bigger picture. Successful companies find ways to incorporate the feedback from Millennials and Gen Xers who want to be involved with and contribute to their employers’ future. When companies involve Millennials and Gen Xers in this manner, the next generation of leaders will be equipped to carry forward the existing culture and vision. This aligning of culture and vision also cultivates loyalty and accountability to achieve the vision of the company’s future.
Offer flexible work options. Generally, young talent is ambitious and eager to perform, and will often commute the extra miles for a job. However, commute times can take a toll on a person. Studies show that a commute in excess of 45 minutes decreases the chances of a person remaining in a position over a long period of time. Companies can use commute time to their advantage when competing for talent. To avoid losing a prospective hire or current employee to a rival that offers a shorter commute, companies must emphasize the value of compensation, corporate culture, growth opportunities, flex schedules, and telecommuting, or some other personalized motivator in their recruiting and retention efforts.
Remember the war for talent. During the Great Recession, many candidates gratefully accepted any offer — even ones that dramatically cut their compensation — to simply have a job. Since the upturn in the building market, the pool of top talent has shrunk and companies now offer competitive compensation packages and opportunities to bring candidates on board, including poaching from other firms. This “war for talent” has created greater expectations of what companies can and should offer a candidate, both in hiring and retaining. Because strong talent is at a premium, companies must “bubble wrap” their employees by providing growth opportunities, approximate timelines for promotion, and competitive compensation packages. Those companies that provide top-tier packages for strong performers will be the ones who employ and groom the next generation of leaders.
