Millennials and the the Importance of Having a Solid Succession Planning Program

The internet has been responsible for revolutionizing more than just simple communication or the way people shop. Its constant presence and rapid development during the so-called “Millennial” generation has shaped the way an entire group of young people thinks about work, career development, and how long to stay with any specific company after they enter the professional workforce. While most internet-related developments are believed to be positive, this one is actually quite challenging: A large number of Millennial hires won’t be at the same company for more than two years.

This presents a significant problem to many established industries and companies of all sizes. One of the key ways to ensure long-term growth, success, and stability, is to make sure that all employees are encouraged to stick around for the entirety of their careers. This kind of continuity in the workplace breeds strong executives, clear strategies toward growth, and a reputation of retaining the best talent in an industry. So far, however, many companies have been unsuccessful in their attempts to retain top talent from within the Millennial generation.

Succession Planning: The Key to Continuity and Longevity with Millennial Hires

The Millennial generation is different from others because their lives have been dominated by high-tech media tools and the kind of mobility that has been unavailable to any previous generation. They tend to examine their careers in terms of overall satisfaction and fulfillment; and, if they determine their career isn’t entirely fulfilling after just a few months or years, they’re much more likely than older workers to pursue an entrepreneurial track that leads them away from their present employer.

This constant process of evaluation, which leads Millennials to constantly be wondering if they’ve chosen the right career, the right employer, or the right office, can lead a company to experience high rates of turnover if they don’t develop a succession plan. These plans allow for the kind of long-term career vision, and the kind of in-depth career training, that Millennials virtually require in order to keep their interest and their employment.

Succession planning tools, which are all too often overlooked by human resources departments, put in place a system to identify and train the most likely candidates for promotion and executive placement. They engage employees in the company’s mission, and they educate the most promising prospects on how to handle situations as a high-ranking official within the company’s structure. That’s what Millennials need: reassurance, evidence, plenty of tasks, and the knowledge that they’re working toward something bigger.

Beyond Millennial Workers: Company Benefits as a Result of Succession Planning

Human resources professionals often overlook succession planning, much to the detriment of their company’s continued leadership in an industry. Without succession planning, companies of all sizes lack a pool of candidates who can replace anyone after retirement or after they’ve taken a position at a different company. That kind of uncertainty leads to a scramble, with the company unexpectedly interviewing both internal and external applicants for an essential position.

Succession planning virtually eliminates this just by its nature. A company that plans for the departure of its higher-ranking executives will already be grooming someone who can move in and effectively take the place of an individual who seeks retirement or better opportunities elsewhere. That individual will already be well-educated in the company’s practices and overall mission, and they’ll be able to hit the ground running on day one of their promotion.

Conversely, those companies who don’t plan for succession will find themselves going through weeks — or months — of interviews. They might pick the wrong candidate several times, and both their corporate mission and their consistent revenues might get lost in the fray. Combined with the quick departure of younger workers who see no path for advancement or growth, a lack of real succession planning can be a major detriment to most businesses.

Retain Millennials, Cultivate Talent, Plan for Succession

Companies work best when they’re prepared for all scenarios, and when they have the right talent to get the job done. Millennials, increasingly, are the right people for the job. In order to make a job right for this group of people, a company must focus on succession planning, intensive training, and providing young hires with a clear vision of their long-term future with their new employer.