We are a few days away from the SHRM 2014 Annual Conference & Exposition. This is one of the premier events for human resources professionals. And session titles reveal the current workplace climate:
- Love ‘Em or Lose ‘Em: Getting Good People to Stay, by Beverly Kaye
- Coaching is the Key to Empowering Your Workforce, by Jared Olsen
- Creating Executive Presence: Thinking on Your Feet in the C-Suite, by Dianna Booher
- Leadership Development Reloaded: Global Trends and High-Impact Approaches, by Loren Walsh
- HR Leadership in the New Economy: Developing & Empowering a Workforce of Future Leaders, by Andy Masters
These are consistent with the intense pressure to identify, support and retain the very best people within an organization. In a knowledge-based economy this is the key determinant of competitive success.
Yet it is often a struggle to determine the right programs for emerging leaders. Meaningful development programs are key to bridging the gap between our suppy of – and demand for – top talent.
Just as the world economy is entering a process of recovery and job growth, massive generational shifts are occuring in the workforce. Soon Baby Boomers will begin retiring en masse and the supply of appropriately experienced managers will dwindle. In fact, more than 60% of senior executives across all major industries in developed economies cite “leadership gaps” as their top business challenge.
But Baby Boomers are being replaced by Millennials, a generation with markedly different perspectives from their predecessors. Whereas Boomers embodied more traditional values that emphasize company loyalty, Millennials are willing to hop from job to job if their needs go unmet by their employer.
So why should organizations invest in people who are likely to leave? The fact is, employees crave professional development and restless Millennials – who express unprecedented desire for personal growth and finding purpose in their careers – demand development more than most.
Traditional job training programs only go so far in providing employees with meaningful development opportunities. Research has shown that many such programs ultimately prove ineffective, with participants only able to retain about 10% of what they’ve learned by the time they return to their jobs.
Mentoring, however, is one approach which not only increases workers’ competence and productivity, but improves their engagement and overall satisfaction as well. A Gartner workforce research study found that employees who were mentored were 5x more likely to be promoted and 44% less likely to leave the company over a five year period than their peers.
Our whitepaper, Why Your Emerging Leaders Need Mentors, takes an in-depth look at the importance of talent development, as well as how the implementation of mentoring programs can help build your company’s leadership pipeline.
To learn more, download the white paper here.