The Real Reasons You’re Struggling to Invest in the Next Generation
In today's competitive business landscape, investing in the development of young professionals is more crucial than ever. Yet, many organizations hesitate to take the plunge. Here’s why you might be holding back, and practical steps to overcome these obstacles.
Why You’re Not Doing It
Perceived Complexity and Scale
The Challenge: Developing training and development opportunities can seem like a massive, complex project. The uncertainty of the amount of time, resources of commitment can deter many from starting the process.
It Sounds Expensive, and How are You Going to Measure ROI?
The Challenge: Training and development offerings can be a costly investment, and many business owners aren’t sure how to create metrics to measure their ROI. The intangible nature of skills development makes it hard to track immediate benefits.
Uncertainty on How to Begin
The Challenge: Knowing where to begin can be one of the biggest hurdles. With so many leadership competencies to develop, pinpointing the right skills can be daunting. The uncertainty of a clear roadmap or strategy to implement development often results in inaction.
Without a clear starting point, even the most well-intentioned plans can stall before they begin.
The Impact of Inaction & The Importance for This Generation:
1. Gen Z Employees Believe They Are More Than Their Jobs Gen Z professionals view their roles as more than just a paycheck. They seek meaningful work and expect their employers to recognize their potential and contributions. They are willing to put in the extra hours, including weekends and evenings, to develop their careers and achieve security.
2. Engagement and Stress Levels According to Gallup, 54% of Gen Z employees are not engaged at work, a figure slightly higher than previous generations. Additionally, 68% of Gen Z and younger millennials report feeling stressed out most of the time at work, a rate higher than that of their predecessors. This stress and disengagement lead to lower productivity, decreased performance, and higher turnover rates.
3. Gen Z Workforce Needs Opportunities for Growth Gen Z employees are driven by the need for security, an entrepreneurial mindset, and a competitive spirit. They actively seek guidance from reliable mentors and value training and development opportunities.
Practical Steps to Get Started
1. Identify Key Development Topics
Immediate Needs: determine the top 2-3 skills critical for your employees to develop right now.
Assess Current Challenges: look at the common and consistent challenges your organization is facing. For example, if misunderstandings are frequent, focus on identifying the key communication skills.
Evaluate Performance Gaps: identify the performance gaps from feedback sessions and consult the managers who interact with employees daily.
Future Needs: identify 2-3 skills that will be beneficial 2-3 years from now.
Industry trends: analyze your industry landscape to anticipate future skill development.
Strategic Goals: align skill development with your organization's long-term strategic goals.
Succession Planning: identify the skills future leaders will need, which as strategic thinking and advanced leadership capabilities.
Employee Input: engage your employees in identifying which development topics or competencies they would find most beneficial and why.
2. Research & Select Development Methods
This task can be overwhelming, given the plethora of topics and delivery formats available however the importance cannot be overstated. Consider different formats (workshops, online courses, mentoring, coaching, formal leadership programs), evaluate the amount your able to invest and take into account whether the method can be scaled to accommodate future growth.
3. Measure Effectiveness, Iterate & Improve
With a clear list of skills and competencies, you develop key performance indicators to assess the progress in those areas. If partnering with an external consulting organization, ensure they can assist you in measuring the investments impact and utilize feedback to assess the effectiveness of their offerings. Regularly review and refine your approach based on these insights to ensure continuous improvement.
Take it a step further
Investing in the development of your young professionals is not just an expense; it’s an investment in the future of your organization. By understanding the challenges, recognizing the impact, and taking practical steps to address these issues, you can foster a more engaged, productive, and loyal workforce.
If you’re ready to take the guesswork out of talent development, reach out to discover how a consultative approach can elevate your team's performance and retention.
