7 Reasons Why You Should Mentor Millennials For Better Result?Mentoring Best Practices
It's no secret that Millennials are the most educated and tech-savvy generation in history. The millennial generation is primarily seen as the "entitled" generation instead of hard work and shows no loyalty to any brand or corporation.
As the generation continues to grow, the world cannot miss the waves of change being brought about in every industry sector. The need for continuous feedback, on a subconscious level, goes back to the very beginning. Research has identified that Millennials were raised heavily on structure and aligning systems, constant honing, and feedback. Aligning oneself with an influencer or a set of influencers can make a lot of difference for having a smooth career growth filled with disappointment and stress.
The workforce of today is complex and dynamic. The workplace can be intimidating and downright terrifying for a twenty-something starting the first professional job. Understanding the benefits of a strong mentor relationship going into this situation is often enough to minimize the sting and allow for a smooth transition.
According to the 2016 Deloitte Millennial Survey, 63% of millennials say their leadership skills are not fully developed. It also found that those intending to stay with their organization for more than five years are twice as likely to have a mentor (68%) than not (32%). The millennial generation is the biggest in U.S. history, surpassing the baby boomers.
They makeup 40% of the workforce and are set to grow to 75% of the workforce by 2025.
Here are seven reasons why should you mentor Millennials?
Reasons Why Should You Mentor Millennials?
As per Gallup, the high millennial turnover costs the U.S.U.S. economy $30.5 billion every year. 71% of Fortune 500 companies invest in mentoring employees. From Boeing to Google, organizations are growing by investing in employee development.
1. Reduce turnover rates
According to a Deloitte survey, mentored millennials are twice as likely to stay at a company for more than five years. Retained talent reduces recruiting costs, and overall, reduces the "job-hopping" of employees.
2. Impacting the bottom line
An organization that invests in it the development of its employees is proven to grow to new heights. Mentored employees exhibit higher job satisfaction that translates to improved job performance. Mentoring also keeps your workforce engaged, reducing boredom and improving work outcomes.
3. Improves collaboration
Mentoring involves collaborating in a formal/informal developmental partnership. A good mentor-mentee relationship helps in improving employee morale and bridge the gap between senior-junior management levels.
4. Mentor satisfaction
Through reverse mentoring, mentors understand how millennials work, address the digital divide plaguing workplaces, and help navigate through evolving technological trends. As per a study by Sun Microsystems, mentors are seen to be promoted 6X more as compared to their peers.
5. Knowledge transfers
Baby boomers reach their retirement age; companies are preparing the younger workforce to take charge. Pairing senior executives with recruits would ensure crucial information is passed onto the next generation of workers. Having a mentor who understands your background and career path will allow you to develop a focused roadmap towards your career goal. A good mentor will help you know where to align your focus best to ensure you apply your strengths according to your organization.
6. Developing leadership skills
While millennials are taking charge of the economy, Gen Z is prepping to be their successors. Senior executives should be grooming leaders of tomorrow. As 1000s of baby boomers retire every day, millennials are filling the C-Suite roles. Millennials would be able to fit in better for these roles as they'll have a better understanding of the changing work landscape – one that is agile and purpose-driven. They enable us to unlock and un-tap potential, set new goals, and provide a crucial role to the organization, Ambition. That's the power of mentorship.
Mentors will help you get out of your comfort zones. If you hate speaking in but talking in front of a huge crowd is a part of your job, then find a mentor who challenges you and brings you out of your zone. Influential mentors repeatedly challenge and stand as pillars for their mentees, building their skills and knowledge to succeed at the workplace. The generation that grew up as 'digital natives is changing how businesses function, challenging the status quo, and reshaping work cultures. With proper mentoring, millennials would take over every industry sector with ease.
MentorCloud delivers a cloud-based, white-labeled platform shown to increase employee engagement and satisfaction by promoting intentional conversations between company-identified mentors and your workforce. Used by companies like Airbnb, Nvidia Corporation, and Marriott International, MentorCloud enables the rapid transfer of mission-critical skills and institutional wisdom across the force. It raises productivity and increases employee engagement at a fraction of the cost typically spent on employee learning and development.