Most CFOs have faith in millennial workers’ abilities to become future leaders, recent research from Robert Half shows. Eighty-five percent of CFOs interviewed said they are confident their millennial employees — the swath of workers born between 1978 and 1999 — possess management potential.
The survey also found businesses are offering professional development resources to help these workers prepare for leadership positions. CFOs said their organizations most often provide onsite training (60 percent); opportunities to attend conferences, seminars and webinars (57 percent); and mentoring programs (55 percent).
“Millennials are a highly educated, ambitious group who gravitate toward jobs that provide meaningful personal and professional growth,” said Paul McDonald, senior executive director at Robert Half. “To retain these employees and develop them into next-generation leaders, companies must provide plenty of training and stretch assignments as well as clear paths for career advancement.”
McDonald added, “Managers should also recognize millennial workers’ desire for frequent feedback. Even the best performers benefit from consistent coaching.”
View an infographic of the survey findings.
CFOs were asked, “How confident are you that millennial workers at your firm are prepared to assume leadership positions?” Their responses:
|
Very confident |
28% |
|
Somewhat confident |
57% |
|
Not very confident |
9% |
|
Not at all confident |
4% |
|
Don’t know |
1% |
|
99%* |
*Responses do not equal 100 percent due to rounding.
CFOs were also asked, “Which of the following, if any, is your firm using to train millennial workers for leadership positions?” Their responses**:
|
Onsite training |
60% |
|
Conferences, seminars and webinars |
57% |
|
Mentoring |
55% |
|
Memberships to professional and trade associations |
42% |
|
Online courses |
42% |
|
Subscriptions to trade publications |
41% |
**Multiple responses allowed.
For more insight on preparing millennials for advanced positions, download Creating a Leadership Pipeline: Developing the Millennial Generation Into Finance Leaders from Financial Executives Research Foundation (FERF), Robert Half and author Michael S. Seaver.
Robert Half offers five tips for tailoring professional development to millennials:
- Learn what makes them tick. Millennials commonly seek inclusive and transparent workplaces, and many expect to move into leadership roles rapidly. Capitalize on their problem-solving skills, curiosity and confidence.
- Support their professional growth. Listen to what workers envision for their careers, and give them assignments to help them move in that direction.
- Let them manage. Starting with smaller initiatives, enable them to flex their ingenuity as project leaders. Give guidance, but allow them to set strategy.
- Pair them with a mentor. In addition to sharing insights and unwritten rules of the workplace, mentors can help millennial employees hone their soft skills such as communication and collaboration.
- Be accessible. Research shows millennials often prefer face-to-face interaction with their managers. Help them become next-generation leaders by communicating in person, when possible.
While millennials, like any group, are not uniform in their goals and preferences, research for Get Ready for Generation Z from Robert Half and Enactus provides insights into their work priorities and styles.
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Tags: Firm Management, Staffing
