Every third German employee planned to change jobs last year. Remarkably, millennials are particularly vulnerable to changing jobs. A phenomenon that only occurs in this country. The so-called great resignation leaves its mark all over the world. American companies have complained of laying off 4.5 million workers in 2020. According to Konono, the wave of layoffs in India and China is already adding to the problem of massive shortage of skilled workers.
Millennials are demanding
The English term Great Resignation describes the root of the problem well. It turns out that millennials place high demands on their employer. They attach great importance to the fact that their work creates added and meaningful value – for themselves and for society. You want to evolve more and not stay in the same situation forever.
For many of them, it is frustrating to feel that their work is wasted, that their work is not valued, and that they themselves are not making a meaningful contribution to this world. Stagnation in your professional and personal development is equally frustrating. Diverse and varied tasks in professional life are of great importance.
A person spends 80,000 hours of his life at work. Highly qualified people can choose the company and the task to which they want to devote a lot of their time. So the shortage of skilled labor is now on everyone’s lips. And since they make up the largest group in the job market, it’s more urgent than ever for companies to ask themselves how they meet the values and aspirations of millennials.
It empowers people instead of constantly looking for new employees
Empowering people makes more business sense than having to constantly look for new talent. It can be difficult to find a direct translation into German. Empowering individuals means as much as empowering individual employees to be more productive in the workplace and to continually develop themselves.
However, there is still a long way to go: According to Gallup, only 15 percent of all employees worldwide are currently truly motivated. The potential for improvement is huge. But where can you start transforming the business? Four main factors can be identified for this.
Factor 1: OKR
OKRs – Objectives and Key Results – are a tool not to leave employees in the rain, but to give them the direction they need to do their job successfully. Only when each individual knows how they contribute to the success of the company can they find ways to achieve these goals independently and with other team members. OKRs ensure transparency – both in terms of overall corporate strategy and in collaboration between managers and team members.
Factor 2: Feedback
The success of OKRs – and whether they help the individual – depends on a culture of constructive feedback. Then the goals ensure that we learn from each other and develop further. The team manager is seen as a coach and sparring partner rather than a moderator.
Remember: many millennials want to develop more. They are grateful if they are supported in this. So the comments are about objective help and not negative criticism.
Factor 3: Learning
In order to achieve new goals, employees must have the opportunity to learn. Very few of us will spend our entire working life in a single position in a single industry. So curiosity and creativity are essential.
However, managers must support their employees to develop. Tutorials, orientation sessions, workshops and digital educational materials, which not only exist in theory, but are actively offered to individual employees – individually adapted to each individual’s progress – help with this.
Factor 4: Commitment
Finally, what does it mean to be excited? This means that each individual is looking for creative solutions to challenges and wants to achieve their goals. When employees stand behind what they do, realize that they are successful, and when they feel that what they are doing is certain, they are motivated.
Thus, the empowerment of individuals does not depend on the parallel operation of several processes. Companies that successfully retain and develop their employees create a holistic interaction of the factors discussed.