We've already discussed how CHROs need to evolve their talent management strategies in order to attract, retain, and develop their growing millennial workforce. You know that company culture is a big part of recruiting these top young professionals; now, in order to keep them within your organization, you should know how important feedback and coaching are to motivating and retaining the Digital Generation.
Performance reviews aren’t dead, but they’re not enough
Recently, HR industry press and analysts have been preaching that performance reviews are going away. Many HR leaders in the trenches disagree. Reviews may evolve but they are likely not going away completely. Which is good news for Millennials. Recent research validates that a majority (58%) of millennials believe traditional performance reviews are effective in boosting their performance.
But there’s something more that they want from the performance management process. When asked, most millennials requested more feedback and coaching – at least monthly if not more often.
Coaching is more than just their manager
Millennials value their direct manager’s feedback the most. However, they are very open to feedback from a variety of professional sources. Mentors, indirect managers, peers and even customers are all sources of valuable workplace feedback for millennials. So embrace and expand your 360 reviews into a regular, consistent feedback cycle.
Keep it real – tell it like it is
Don’t sugarcoat your feedback. Millennials have thick skin. They want direct, to-the-point feedback on how they are doing. Managers, tie your feedback directly to goals. Personal goals and company goals. Also competency and skill development. Remember, they want to be challenged and aspire to be leaders. Coach them with feedback that makes an impact.
Check back next week to learn more about effectively communicating with your millennial employees.
Want to see the entire research report on the Digital Generation and talent management? Download it here.
Also, join us and New York Times bestselling author Dan Schwabel on October 29 for our exclusive webinar, "Millennials and Motivation: Management Strategies for the Digital Generation" to discover what elements of your talent management strategy could use a little tweaking in 2016.