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AcctTwo Blog

Succession Planning: Best Practices for Managing Millennials at Work

Back-Office Succession PlanningFaith-based organizations hire with their heart and people stay long-term because of their belief in the mission. Career longevity is often expected and frequently rewarded – especially within certain generational circles. A recent report on the millennial generation reveals that 21 percent of millennials say they’ve changed jobs within the past year, which is more than three times the number of non-millennials who report the same. At the same time, Generation Z is growing into the workforce quickly and many who are in this generation are drawn to opportunities for service.

When thinking about the future of your organization, keep in mind the best practices for managing Millenials at work. Consider what leadership roles are (or will be) available, how to keep your younger workforce engaged, and how you can implement a successful succession planning process. “Engagement is absolutely the answer to employee retention, and the best way to engage your employees is to let them know you’re invested in them,” said Ryan Ross, vice president of Global Alliances at Hogan. “Tell them your plan for them within the organization, assign them mentors, and give them learning opportunities.”
Succession Planning“We were growing at an exponential rate, and in our early years, we overlooked the benefits of structured professional development,” says Allison Patterson, Head of Learning & Development in the Center of Excellence at AcctTwo. “Each department had its own standards, and we wanted to streamline the process and make on-boarding, performance reviews, and training more accessible, engaging, and meaningful. We also realized that now more than ever, we must adapt to the learning styles and motivators of a multi-generational workforce. What works for one group may not for another, so it’s essential to develop training in a variety of modalities.”

According to Forbes, in less than 10 years, millennials will make up 75 percent of the workforce. If you don’t have a Millennial recruiting strategy, now may be the time to implement one. Gen Z will not be far behind them, and the recruiting strategy for the two different generations may require two different approaches.

Common Millennial Traits in the Workforce:

  • Entrepreneurial spirit
  • Mission oriented: improving the greater good is very important to them
  • Work life balance is essential – more than other generations before them, they want to spend time with friends and family
  • Bright and adaptive personalities
  • Team-oriented and collaborative
  • Open to feedback

Common Generation Z Traits in the Workforce:

  • Entrepreneurial spirit
  • Independent and self-directed
  • Creative problem-solvers
  • Comfortable with minimal instructions
  • Eager for stability
  • Comfortable receiving feedback

These two up-and-coming generations have many positive attributes that often get overshadowed by negative perceptions. According to The Connected Generation, Millennials are longing to make a difference – when young adults engage with a community of worship, they’re looking for concrete teaching, opportunities to fight injustice, and friends to join them along the way. Generation Z wants to do something that matters, but they also are finding new and faster ways to accomplish the same goals, creating opportunities for more time and energy to be poured more into your mission than just your back office. Your organization could be that cornerstone in their mission as it has been for you.

Perhaps what’s best about these two generations is that they will reach any bar you set for them, and both generations will want to grow with you. If you tell them how they need to grow in order to build their career and further your mission, and you provide honest and clear feedback, they will find a way to prepare themselves, making succession planning a more collaborative and transparent process.

Download the full eBook: Succession Planning for the Back-Office

Succession Planning Cover

In our eBook, we dig into succession planning and discuss why it is so important. We provide stories and statistical data to help you clearly understand the necessity of succession planning.

In our eBook we cover the following topics:

- The Purpose of Succession Planning
- The Importance of Good Leadership
- Culture Really Matters
- What You Need to Know About Hiring Millennials
- Hiring from Within
- Succession Planning for the Back-Office
- Red Flags to Watch Out For
- What’s Next?

Download here >
Topics: back office succession Planning Not-for-Profit and Faith-Based