Retaining Top Young Managers
“Today’s most highly-sought-after early career professionals are constantly networking and thinking about the next step,” say the authors of “Why Top Young Managers Are in a Nonstop Job Hunt,” a recent article from Harvard Business Review, July-August, 2012, by Monika Hamori, Jie Cao, and Burak Koyuncu.The authors’ research demonstrates that high-achieving young managers – thirty-ish, with strong academic records from elite schools – are “antsy.” The vast majority of them update and circulate their résumés, contact search firms, research prospective employers, and interview for new jobs at least once yearly while at their first job. On average, they move on after 28 months at their first position. These young managers touched by wanderlust generally earn much more with each change of employer than peers who stay in place. And the job change is the single most significant determinant of increased pay.
What drives top-flight talent to roam? It goes beyond short-term financial rewards. These managers are generally satisfied with their high-visibility positions, increasing responsibilities, integration into global teams, and support from both direct and more senior management. What they find lacking is active mentoring, personalized coaching and, in particular, ongoing formal training.
The competitive environment for top talent requires senior leaders to create not just an effective recruitment program but a high-powered recruitment-and-retention program. The HBR research makes it clear that top young leaders are looking for well-designed on-going leadership development. While such programs may be expensive, those costs must be compared with the considerable costs of constantly recruiting and on-boarding new talent.
The popular press would have us believe that young leaders are attracted and retained by casual dress codes, loft office spaces, and flexible work schedules. While this may be true of some employees, the HBR data suggest that the more important retention factor is employers’ willingness to invest in the on-going development of young leaders. Perhaps they are more willing to commit to an employer when it is apparent that their employers are committing to them.
