Change is coming one way or another. That was the conclusion of a recent report from Major, Lindsey, and Africa, a leading attorney search firm, in which they detailed their findings after surveying over 1,200 millennial attorneys. And while their survey was exclusively focused on law firms and the people they employ, we’ve noticed similarities about our clients inside law as well as those we work with across all kinds of industries.
There are three things we’ve deduced from the survey as being absolutely critical for employers to understand: 1) Work-Life Balance Rules 2) Lack of Authenticity and Transparency is a Non-Starter 3) Career Pathing is Your Duty
Just look at these results:
-Less than 30% of respondents described their firms as being very transparent about an associate’s career path. Yet more than 80% of respondents still described transparency surrounding their individual career paths as being important to crucial to them.
-Only 20% of respondents classified themselves as being highly loyal to their firms. And of those, 54% still said they were not open to new job opportunities. It seems these things go hand in hand!
-When evaluating prospective employers, respondents cited these three factors as being most important in their decision: the employer’s commitment to fostering work-life balance, compensation, and professional development.
-If a respondent was open to new job opportunities, it’s usually because they were seeking better compensation, looking for a change in management or company culture, or wanted more work-life balance.
-More than 60% of respondents said informal mentorship has had a significant or crucial effect on their career. And almost 30% indicated that formal mentorship was irrelevant.
Did any of those results surprise you? They surprised ME and I do this for a living!
Like it or not, change is coming to your organization. So the question is: are you ready?
We’re going to break down how you can prepare your company to meet the needs of the worker of the future so that your organization can survive and thrive. After all, a company is only as good as its people. And if you can’t figure out how to give your best people what they want, they’ll find someone else who can – like your competition!
WORK-LIFE BALANCE RULES
We’ve been fighting to achieve work-life balance SINCE THE BEGINNING OF WORK.
Can we actually achieve work life balance or is it a myth? And what the heck does work-life balance even mean? Because it’s different for every single employee.
One hack is to turn your organization upside down and ask each employee what work-life balance means to them. Understanding what your audience wants, a novel concept. Does it mean coming in early so they can leave early? Does it mean working from home a few days a week? Or does it mean not working a weekend, ever. Whatever it is, you’ve got to figure out what your employees need from you and then figure out how you can deliver it in a way that still serves your business goals.
There, now you have a system to find a way to help your employees achieve the work-life balance they crave. Remember, it goes both ways. You can give employees the better balance they want, in a way that meets your expectations.
LACK OF AUTHENTICITY AND TRANSPARENCY IS A NON-STARTER
Ah, transparency. Seems everybody and their brother wants the people, the government and the companies in their lives to be more transparent. Science and data demonstrate people want the truth, as in can you be trusted.
So, you need to figure out how to be really real with your employees. And not just raw and authentic when it suits you – it needs to be baked into your company culture. So entwined with the day-to-day operations that it is embedded in your culture.
How do you get there?
Friggin connect with your employees. Learn their story, find out what they want out of their job and their life, and understand what really matters to them. If you can achieve that you will create Trust. Having a culture of trust and transparency and communication is what creates results. See The Speed of Trust by Stephen M. R. Covey: (Strategy x Execution) Trust =RESULTS . And not just any results, exponential results!
CAREER PATHING IS YOUR DUTY
In a world of on-demand learning, is it really any surprise that formal and forced mentorship is on the decline? We all want to learn at our own pace, on our own schedule, and with who we trust – which just doesn’t gel with a rigid mentorship structure.
Which isn’t to say that formal mentors themselves are out. We just want advice delivered in a more informal, of-the-moment way. So rather than formally defining our relationships with our employees in the workplace or relegating their career development to some far-off date on your calendar, practice delivering real-deal, authentic feedback. That means correcting the behavior when it happens, not during their annual review. It means taking time out of your busy schedule to commend an employee on a job well done – even when you’re so busy you can’t think straight.
We have to find a way to build more mentorship and professional development into the day-to-day culture of the workplace. And while you may be rolling your eyes and thinking, “Sure Dan, I’ll be sure to add that to my never-ending to-do list” the truth is, it’s critical you get this right. Employees who are listened to, supported in their role, given the tools to succeed, and encouraged to bring new ideas to the table do better work and STAY! It’s that simple.
Here’s the bottom line: if you want to survive in the years to come, you’ve got to figure out how to create and deliver:
1. Work Life Balance
2. Authenticity and Transparency
3. Career Pathing
It’s the only way.
Need help figuring out how to give your employees what they want in a way that still serves your company? Reach out to us for coaching – we’ll equip you with the tools you need to succeed! Click here to sign up for your free coaching session.