How to Keep Top Young Managers
You have spent a lot of time, effort, resources and money in getting the best young managers – but are you managing to retain them?Recent research shows that often they are thinking about the next step, even if they seem fully engaged. Furthermore, it seems that employee-development programs aren’t delivering what is needed to make them want to stay.A survey cited in HBR found that of young high achievers – 30 years old, on average and with strong academic records, degrees from elite institutions, and international internship experience – found the following:
- 75% sent out résumés, contacted search firms, and interviewed for jobs at least once a year during their first employment stint;
- Nearly 95% regularly engaged in related activities such as updating résumés and seeking information on prospective employers
- On average, they left their companies after 28 months.
So why is this?
When surveyed (see below), the biggest discrepancies found are those that cost the resources and time – namely coaching and mentoring where the largest gaps. The need for personalized development and support for the high achiever’s professional and personal ambitions are key – especially in the case of a competitive market for these skills, and where a lack of such skills are being cited as one of the biggest barriers to business growth.
The Career-development Gap
Young managers were asked, on a scale of 1 to 5, how important are these items to them and to what extent their employers provided them.
Why is there this disconnect? Formal training is costly and can take employees off the job for short periods of time. Employers are understandably reluctant to make big investments in workers who might not stay long. But this creates a vicious circle: Companies won’t train workers because they might leave, and workers leave because they don’t get training. By offering promising young managers a more balanced menu of development opportunities, employers might boost their inclination to stick around.
The reality is if you train them you have better opportunity to retain them for longer. If you don’t then they may move or, alternatively, they may “quit and stay” – becoming disengaged and impacting others with their negativity.
Business is about people first and foremost. If people are truly your greatest assets, and you believe it, then you need to invest in them to help them produce a greater return. Look at how you can help them help you by sourcing a customized approach to coaching, mentoring and developing their leadership, management, and commercial skills to grow your business
How do you develop and nurture your high achievers? What has worked for you and what has not?
Share your ideas, insights, and experience! Share the knowledge, share the wealth!