This past June I witnessed many good friends take the leap from the classroom to the real world. Many of these people were fortunate enough to be able to find jobs waiting for them after school. However, of these people only a few of them were thinking long-term about these jobs.
When thinking about my future job, my assumption was always that I would pick my top five companies that I wanted to work for. And I would work my hardest to procure a job from one of them and then work my way up the ranks; during that time, gain some experience and then make a career change, if I so choose to. “According to the Labor Department, “the average person born in the later years of the baby boom (roughly 1945-1960) held 10.5 jobs from age 18 to 40.” In 2006, the most recent year for which there are statistics, 54 million Americans, or 40 percent of the work force, left their jobs.”
In an economic time such as this, where any job is more preferable than no job, it is hard to find solid employees who will want to stay with your company far after more jobs become available. Here are some alarming statistics (Jason Martin and Conrad Schmidt’s research) that can mean high turnover and the loss of capable, future-thinking workforce:
- One in four intends to leave her current employer within the next year. 12 percent of all the high potentials in the study said they were actively searching for a new job.
- One in three admits he is not putting all his effort into his job.
- One in five believes her personal aspirations are very different from what the company has planned for her.
- Four in 10 have little confidence in their co-workers and even less confidence in the senior team.
Here are six ways that the American Express OPEN Forum suggests to keep your rising stars on track:
1. Keep them engaged
Nobody likes sitting around waiting for something to do because let’s face it, as Gen Y we are able to navigate through tasks with ease through our ability to quickly source and synthesize information and apply it immediately to newly learned skills. Your rising stars want stimulating work, recognition for their accomplishments, and the chance to push their career forward and prosper with the company.
2. Assess them for future potential
The three attributes that really matter in the success of rising stars are ability, engagement and aspiration. Rising stars need to feel personally connected and committed to your company and its mission. And they certainly need to want to advance in the company. Gen Y is less money and promotion motivated than their predecessors, highlight the other benefits and perks of a future with your company in addition to a better title, a bigger office and a larger paycheck.
3.Manage them at the corporate level
Senior leaders and general managers must share in the task of developing high potentials. Your star players will be much more willing to contribute to the company if they’re treated like the critical organizational assets that they are.
4. Don’t be afraid to place them in “live fire” roles
Don’t be afraid to place your emerging stars in demanding roles where they have to acquire new capabilities in order to succeed, oftentimes you’ll be surprised how well they react and adapt. Don’t leaving them where you know they’ll succeed.
5. Make them feel special
Martin and Schmidt’s research found that under normal circumstances, high potentials put in 20 percent more effort than other employees in the same roles. Gestures of appreciation, whether generous or modest, show your employees that hard work will be rewarded accordingly.
6. Share future strategies with them
One of the strongest factors in high top employees’ engagement is their confidence in their managers and in the company’s strategic capabilities. Let them know they’re part of the team that is building the company’s future. That’s exactly what you want your rising stars to do, after all.