This is the final part in a five part series focused on Millennials.

Here’s the thing: Millennials are already in leadership positions. And the number of Millennials moving into leadership positions over the next ten years is going to grow astronomically. According to the Deloitte global study on Millennials, entrepreneurship is still the preferred path for Gen Y. So what does that mean for organizations that want to be around in 20 years? It’s time to recognize how Gen Y is changing leadership and start adapting to new ways of doing business.

Millennials want to be leaders, but a different type of leader. They’ve seen unprecedented growth in new Internet companies and their quick-moving leadership style reflects that. Given the struggles traditional companies have faced, Millennial leaders are doing things differently. Keep them motivated and committed by giving them the space to create, relate, innovate, and actuate.

Even better? Encourage intrapreneurship in your organization. If you create the right space for Gen Y leaders to act as intrapreneurs, you’ll have a real recipe for success. Give them the chance to own and run their piece of the organization, even the chance to start something new from within. Harness their generation’s natural entrepreneurial spirit. Encourage, recognize and support their energy internally.

Millennials, even more than previous generations, want their careers to have a real impact. Creating intrapreneur programs or simply encouraging it among leaders in general is a great step. Giving your youngest leaders the opportunity to have an impact both inside and outside the company will align with their natural desire to make a difference. Whether you provide those opportunities or not, Millennials are likely to seek them out and create them. Allow them to do so if you want to ensure your leadership pipeline won’t slow down.

It’s important to remember Gen Y leaders value authenticity and inclusiveness above almost anything else. They want to be approachable (no matter what position they hold in an organization), honest, true to themselves, transparent and respectful of others. They want to inspire and motivate the people around them, and it’s important for them to be wholly who they are to do that. They won’t hide the bad and the ugly, they will share those things, along with the good, without hesitation. Traditionally, this hasn’t been the way most organizations have worked. Embrace the change! Gen Y is very community-focused and they feel the more information everyone has, the better off they are. They’ll use that community to help solve problems and open up new ways to fix “bad news”.

Along with authenticity, Millennial leaders thrive on recognition. Not just for themselves; they’ll recognize the people around them quickly and heartily. If you want to develop and keep your young leaders, it’s time to come up with new recognition programs — and relegate once a year performance reviews to the trash heap. Ongoing and immediate feedback, and continuous learning and improvement, is the wave of the future. Millennials want to grow and improve. Robust recognition and feedback systems combined with a customized learning and development programs will give your organization a competitive advantage in the future.

Millennials want to be leaders, but sometimes they lack the experience and capabilities to take on those roles. Provide them with soft skills training that will help them understand themselves better, and improve the impact and influence they have on those around them. Previous generations were content to adopt the “management style” of their predecessors, despite some obvious shortcomings. Gen Y won’t be content doing the same if they don’t see an alignment with their vision and values. Give them the practical training and experience that allows them to put their newfound skills into practice immediately.

This is not an exhaustive list of the traits, characteristics and important considerations for Millennial leaders, but I hope you’ve found it a useful starting point for discussion in your organization.

If you’d like to read the rest of the series, start here and you can read it in order.

Click here f you’d like to learn more about how we can work with you or to book Céline for a workshop or talk.

This is the fourth in a five part series on Millennials in the workplace.

It’s really quite simple: retaining great employees saves you money. Replacing someone can cost anywhere from 20 to 200% of that person’s salary, depending which study you’ve read and the person’s role in the organization. Leaders know a low turnover rate is ideal for their company’s health. Industry and departmental changes aside (for example, Netflix changing from a company that shipped DVDs to one that streamed digital content), the lower your turnover, the better your organization’s knowledge retention, employee happiness, branding, and profitability.

So how do you go about retaining Millennials who have a reputation as job hoppers and not staying anywhere more than two years?

First, let’s dispel that myth. There’s no concrete evidence to suggest Gen Y is any more or less likely to leave their jobs sooner than other generations[i]. That being said, evidence suggests Millennials are less committed to their jobs than previous generations[ii]. While I don’t always agree with the reasons these studies cite, I do agree this youngest generation is the least engaged in a generally unengaged workforce.

At the end of the day, if you engage Gen Y, you’ll retain them. Assuming you’ve attracted and motivated them adequately, what are the keys to keeping them on board?

1. Embrace innovation

I feel this can’t be emphasized enough when it comes to keeping the youngest generation around longer than two years. Whether innovation is through technology or how you do business, embracing change and innovation is vital to retaining Gen Y. These “digital natives” simply won’t understand your reluctance to do so; they’ll feel your company is outdated if it isn’t continuously moving forward.

2. Challenge them

While enjoying challenge isn’t exclusive to any one generation, the Millennials see it as a requirement. If you want to keep them around longer than average, you’ll have to find new ways to challenge them and pique their curiosity. And taking advantage of their fresh perspective might even earn you some unexpected wins!

3. Coaching and Mentoring

More than previous generations, Gen Y understands the value of coaching and mentoring relationships, and their resulting partnerships. While I always recommend formal coaching and mentoring programs for organizations, even an informal one will help you take the right steps to retaining Millennial employees.

4. Create partnerships

A vital component to creating brand or organizational loyalty with Millennials is co-creating the value they see in it. This concept has been talked about in marketing but, when it comes to Millennials, it’s just as important in an organizational capacity. If you allow Gen Y to be a partner in their experience with your company (let them have input, give them control, allow them to customize) you’ll have much more loyal employees.

5. Help them contribute

Contributing, especially to the greater good, is one of the key distinguishing characteristics of Gen Y. If they feel they’re contributing to something beyond the bottom line, you’ll have created the right milieu for top-performing employees. And if your organization has clear policies on charitable contributions that align with employees’ belief systems, even better!

6. Employee experience

Your employee experience is so much more than a paycheque, signing agreements, or interactions with a manager or HR department. If you want to retain Gen Y, you have to start treating their employee experience as a process in and of itself from their first interest in the job to their last day at work (and becoming a potential customer).

Once you’ve created a culture that’s appealing to the next generation of leaders, you’ll be in an ideal position to grow your leadership pipeline and set yourself up for future success.

If you’ve enjoyed what you’ve read so far, I encourage you to read the last part of this series: “Millennials as Leaders”.

[i] http://fivethirtyeight.com/datalab/enough-already-about-the-job-hopping-millennials/

[ii] http://www.payscale.com/career-news/2015/07/millennial-workers-are-less-engaged-and-less-stressed-than-other-workers