Business succession planning may need to adapt and evolve to best suit the characteristics of millennial workers. According to the 2014 Deloitte Millennial Survey, this group will comprise 75 per cent of global workforces by 2025.
Taking this into account, businesses need to develop succession strategies to best accommodate the personality traits and work ethos of millennials. This requires being aware of what that entails.
PricewaterhouseCoopers' 2013 global generational study on millennials found this group particularly enjoys being mentored. The guidance and expertise of senior staff is valued by millennials, particularly when working alongside them to learn work skills and professional expertise on the job.
Succession plans need to take this into account, developing mentorship programs and implementing them with millennial workforces. Training and skill-building workshops can be useful activities throughout this process.
Both the Deloitte and PricewaterhouseCoopers studies showed this generation values a work-life balance, alongside workplace culture in support of flexibility such as completing some tasks from home or in off-site spaces. They also enjoy mobility, such as regular opportunities for travelling on the job. Equally, they value collaboration and teamwork to enhance innovation and productivity, enjoying creatively fulfilling work tasks.
Given that a smooth, seamless succession is valuable, businesses can turn to expert legal advice for drafting and devising bespoke succession plans. When developing a succession plan to cater for the needs of millennials, lawyers can help business leaders update workplace policies to entice millennial workers to stay on board with the firm.
It is often more cost-effective to choose someone from within the business for succession than to recruit talent from external sources, and therefore retaining staff can prove beneficial long-term. Commercial lawyers have developed years of expertise working with both large corporations and SMEs, and understand the different approaches required for succession in each instance.