Use them or lose them…how to keep the best talent and develop future leaders
“Two-thirds of millennials express a desire to leave their organisations by 2020. Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces.”
“63% of millennials believe their leadership skills are not being fully developed…but the ability to progress and take on a leadership role is one of the most important drivers when evaluating job opportunities.”
Millennials or ‘Generation Y’ (people aged 18 -34) are forming an increasing proportion of the workforce. According to a recent report by professional services network PricewaterhouseCoopers (pwc): “By 2020, millennials will form 50% of the global workforce.”*
These are the people who will replace the baby boomers or Generation X (people born in the years immediately following the Second World War) when they retire, and CEOs are keen to make sure they find and retain the best talent. However, loyalty to an employer seems to be in short supply, with 71% of millennials in the UK expecting to leave their current jobs in the next five years – and this includes those who have already achieved a senior position.**
Uni@Work students graduate in April 2016.
So what might persuade a millennial to stay? According to the above Deloitte survey, loyalty is promoted by investing in their leadership ambitions, with 68% of those who intend to stay with their current employer beyond 2020 agreeing that “there is a lot of support for those wishing to take on leadership roles” and that “younger employees are actively encouraged to aim for leadership roles.”
One way to develop future leaders and build loyalty is to offer a workplace degree. In England at present these are typically two-thirds funded by government, with Degree Apprenticeships to be funded by the apprenticeship levy from April 2017. The Uni@Work Chartered Management Degree Apprenticeship, developed in partnership with the Chartered Management Institute (CMI) leads to a BA Honours degree as well as Chartered Manager status – the highest UK professional qualification in this field. Uni@Work also offers a Management and Leadership BA Honours degree programme.
A work-based programme means that learners are able to apply their increasing knowledge to their own job responsibilities, building experience as well as expertise. Uni@Work programmes are also designed to meet the business needs of an individual employer, so that they can effectively ‘grow their own’ future leaders. Learning is delivered on the employer’s premises, so time away from work is kept to a minimum, with no extra time taken up with travel.
Do contact us if you would like to know more. Uni@Work can provide information on work-based learning, higher and degree apprenticeships and the apprenticeship levy.
NB The announcement on the apprenticeship levy expected this week has been postponed, date TBC. We will keep you up to date with any further developments.
*Millennials at work Reshaping the workplace – pwc
**The Deloitte Millenial Survey 2016