By Mark Breslin
www.breslin.biz
Maybe the problem is not that Millennials don’t value meaningful work. Maybe they just define it differently than other generations. – Kelly Pledger Weeks in Harvard Business Review
Our research shows that Millennials who found “special meaning” in their work were six times more likely to plan to stay at their workplaces. – Fortune magazine
More than two million people quit their jobs last year. That number is up 35% in the last five years.
One in three people polled say they are considering leaving their existing position. That is one-third of the workforce. Today.
Over 90% of Millennials expect to stay in their positions for less than three to four years.
In the past, leaders in the construction industry (which my family has worked in for four generations) didn’t care about culture. They cared about production. They didn’t care about “culture” when “authority” is what got the job done. They didn’t worry about retention, because the general idea was “If you can’t do it, I’ll find someone who can.” Well, the evolution of culture in construction is underway in a profound manner. And what is driving it is a simple formula. Here it is:
“In today’s market, talent will flow to where it is valued most.”
Notice I did not say where it is paid the most. Money is certainly a mandatory component of the workplace relationship, but underestimating the importance of value is a dire mistake.
Here’s why. Based on almost every study (and the younger the employee, the more accurate this is) people work at an organization (and stay there) because of two major drivers. Here they are in order:
Culture: what is the prevailing culture around employment? This constitutes elements such as:
How much effort does the company and my boss make to emphasize my value?
How much feedback do I get on my performance?
How interested is my organization in developing my talent and career?
Do my company and supervisor display the commitment, ethics, transparency and work ethic that make me want to emulate them?
Do they display trust and loyalty?
Can I do my best work and be my best self in the environment?
Creating this kind of culture takes work. It means being open to change – driving change – and accepting that you have to meet people where they are, and not where you are. Or you can try to keep them by paying them more money until they leave anyway.
Purpose: a sense of purpose is now often cited as the number one priority for young talent, particularly as it relates to retention. Purpose sounds like this:
Do I understand the real mission of the company and how I fit in?
Does the work I do matter? And how do I know that?
Are the plans and direction of our organization communicated to me effectively?
Am I given the freedom and autonomy to create the best outcomes?
Am I listened to?
Purpose now vs. purpose before? As a Boomer, my purpose was pretty damn simple: work hard, get ahead. Now people want and expect more, and most importantly, they can get it – if not from you, then from someone else.
Of all the things I do as a CEO, with hundreds of member companies and dozens of staff, two interrelated roles make all the difference. One is my role as Talent Picker and the other is Culture Creator/Protector. With the amount of attention paid to talent selection, the reputation of my employees is one of being “A” Players. Not every role, every year, all the time, but on balance for a small business, I hire for culture and fit — not skills. If I want a superstar, then I have to know they will thrive within the culture. It is no mistake that a good number of our “alumni” have gone on to CEO, SVP and other top jobs around the nation. We get ‘em. We grow ‘em. And they jump out of the nest with our encouragement. But for them to thrive, the culture is the platform for talent development and retention.
You note that I wrote not only Culture Creator but also Protector. That’s because it’s not enough to just set up the culture and expect it to thrive and support the best behaviors, growth and outcomes. No. Because people will always test it. People will bring habits from previous employment. People will fill in the blanks if you don’t have a firm framework and they will often be outside the lines. Senior management owns culture and must protect it with all they got. That’s it.
So in a hot talent market, or in an industry of unlimited upward mobility, these are the two starting places for your strategy—Culture and Purpose. The next time someone comes to you and says they got “a better offer,” put aside the money issue and ask yourself if you have put enough effort into these leadership priorities. Culture and purpose are the anchors, and money is often the excuse. What they don’t want to tell you is that you failed. Try not to get pissed at them until you have engaged in leadership self-reflection. It will be worth the time and effort; and not just now, but in your business and market strategy long-term. ß
Mark Breslin is an author, speaker, CEO and influencer at the highest levels of business in North America. His five bestselling books have sold hundreds of thousands of copies and have improved leadership, accountability, profitability, innovation and engagement for organizations and individuals. www.breslin.biz .
