Without a doubt, the greatest resource that you have in your organisation is your employees.
People working with and for you must feel that their best interests are being looked after. This stops them from looking elsewhere to practice their trade.
Loyal team members are the absolute best ambassadors of your brand.
In the "old days," employees sought a life-time job with one company that offered security. Today, employers are pressured from many directions to produce results, and not many can offer that level of security. At the same time, generational differences have come into play. Millennials, who form a very large cohort of employees worldwide, are not interested in working for one company for the entirety of their work lives.
They value experiential growth and don't seem to have the same need for security. This is the reason the attrition rate in many organisations is high. It is reported that some companies are losing around a third of their employee base each year.
Many leaders I consult with argue that millennials are not loyal employees. Social networks and job apps offer unprecedented access to alternative employment and enable people to jump jobs with ease. But the reality is that businesses will need to hire millennials to keep them going. Lamenting about the nature of this generation does not solve the problem.
It becomes crucial to do whatever it takes to stimulate the kind of loyalty required to retain this generation of employees. Someone wise once said that it is important to train your people well enough so they can leave, but to treat them well enough that they don't want to.
It has been my experience with working with millennials that when you show them that you are loyal to them, they will perform wonders for you. The real conundrum for "bosses" is learning how to understand and empathise with this generation of employees.
Many leaders in organisations today are from Generation X. These are people who were roughly born between 1964 and 1979, and this includes me. What we valued and how our bosses treated us no longer hold water with millennials.
So, here are some things that I do to engender loyalty with my younger team members.
Leadership Loyalty
As a leader, you must demonstrate strong loyalty to your team first. When you do this, you will find that the same measure of loyalty gets returned to you. This is the foundational step. When I first got into the job market, it was different. My leaders just expected loyalty from me. Through time, they may have reciprocated it. Today, the millennial mindset is the opposite. Leaders have to start first.
Deep Connections
This is a prerequisite for the millennial generation. They have an expectation that their bosses will connect with them on a social level. Staying aloof does not produce loyalty. It might be time-consuming, but it is important that you do it. It shows team members how valuable they are to your business and that you are trying to connect with them regularly.
Show Trust
If you show that you trust and value your team, they tend to reciprocate those feelings. As much as possible, give your employees the authority to make decisions that relate to their work. This will result in a sense of freedom and responsibility. This, in turn, will inspire them to go above and beyond, improving the work environment as a whole. A loyal and valued member of your team will happily "talk up" your business on their own terms.
Honest Two-way Communication
One of the most effective ways to reach your company's goals is to help your millennial employees set and reach their own personal goals. Goal alignment offers something actionable. This allows you to build trust with your team. It also eliminates any negative workplace hierarchy. And, by openly accepting criticism and feedback on your own management style, it makes it much easier for employees to take your concerns or feedback onboard because you have shown them that there is mutual respect.
Show Genuine Care
Create a supportive work environment that allows millennials to make mistakes without fear. This encourages experimentation and allows your team to push themselves while strengthening mutual respect. Involve your employees in the decision-making process. Young people often have a valuable perspective that is not obvious to management.
Training and Development
If you want your team to be at their best, you need to provide them with the necessary tools to get there. Training your team regularly can be one of the most powerful ways to boost your business. When your employees have the appropriate information and knowledge to do their best work, it will impact your business in positive ways.
This is what I recommend that you do to engender loyalty in the millennial generation.
The writer is managing consultant and executive leadership coach at EQTD Consulting. He is also the author of the national bestseller 'So, You Want To Get Promoted?'
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times