Not All Millennials Leave Because of Their Bosses

“I’m putting in my notice …” The dreaded conversation; the anxiety of the exit interview. Let’s reframe how we view talent attraction and attrition for good.

The Secret Sauce

During a recent trip to Lawrenceburg, Ind., to share Filene Research Institute’s work at the Indiana Credit Union League’s and Kentucky Credit Union League’s collaborative annual leadership conference, something clicked. The first session had participants work in groups to talk about the best and worst leadership traits. Throughout this discussion my favorite qualities in a leader were highlighted again and again. I’ve studied leadership a lot. In both my undergraduate and graduate programs, I’ve studied my favorite leaders by incorporating parts of their style to mine. I’ve read article after article, like many of you have, too. So, hearing first-hand what makes and breaks a leader from the eyes of credit union team members and board members was like music to my ears.

In that room, we heard the secret sauce: Transparency + authenticity + communication + development = memorable, effective leadership; which lead me to this: How might credit union leaders support their talent so they are ready when opportunities come knocking?

The Possibilities

As a person who has led teams, and is currently leading an autonomous and dynamic team, I’ve never liked the saying, “People leave managers, not companies.” It’s a blanket statement that places all the responsibility on the manager and none on the team member. As a proud millennial, I think these comments feed into the negative stereotypes given to Gen Y, and do nothing to develop anyone – neither the manager nor the team member. The best managers and leaders provide the opportunities needed to develop their teams, even if that means developing them for another role at a different organization.

Consider the “power of story” a departing team member has over your credit union. Do you want successful team members to leave sing your praises, which may then attract more talent? Or do you want them to leave and tell negative stories that might deter talent from even considering applying? If we are in a war for talent, why not turn this attrition into a victory and use it as an opportunity for recruitment?

Sekou Bermis, a Filene fellow and professor at the University of Texas, Austin launched a research project to better understand how turnover, an inevitable outcome for any company, might be a useful tool for recruiting in our most recent research brief, “Leveraging Employee Loss for Employee Gain.” We know through our research that employee mobility has suggested that an organization can gain clout when an employee leaves for a well-known organization and/or company. We also know from our Research Event in November 2018 how important experimentation is when it comes to talent attraction and retention. I encourage any HR professionals reading this to think about ways to use employee departure as a positive recruiting tool. Take a look at the research brief for tips on setting up the experiment.

The War for Talent in Real Life

One of my all-time favorite stories to tell is how I got my start at Filene. It sparks joy in my heart and reminds me of my “why.” Why did I move from Huntington Beach, Calif., to Madison, Wis.? Why did I choose a life in financial services? Why do I love credit unions so much? Short answer – because of Filene’s young professional community: The Cooperative Trust.

I was selected to Crash the GAC in 2016. This opportunity for development was supported by my credit union and leadership team, and it changed the entire trajectory of my career. After the amazing week of Crash was over, I called my husband Kevin, and in a state of pure, ugly-face-crying joy told him, “I think we have to move to Wisconsin!” I had been working at SchoolsFirst Federal Credit Union in the member contact center for about seven years at that time and was openly looking for something new at the credit union. Never did I think I could work at Filene, nor did I think I would stay in the credit union industry long term. Filene’s Crash program opened my eyes to the world of credit unions. The program taught me how to network and build professional relationships with my peers, and it showed me that I was ready for more responsibilities and challenges in my life.

I had a couple leaders/mentors/bosses who would ask me, “Cortney, what do you want to do?” And I would reply in typical millennial fashion, “You know, make an impact, and like, go places and talk to people about credit unions, and have an office with white board walls that I can write all over.” The response I got was usually a laugh, and then reality, “We can’t do that for you here.” But, what I did get was continued support to peruse my creative passions that would develop me for my dream job. Here are a few ways my bosses supported me as a young professional after Crash, and after getting turned down for internal roles, to keep me motivated:

• Providing me with volunteer opportunities in the community, which gave me knowledge and experience;
• Giving me public speaking opportunities at my credit union, such as during all staff meetings and department meetings;
• Supported my pursuit of joining local credit union chapter or other community organization boards; and
• Supported my participation in other industry events like Crash and i³.

The Sauce in Action

The level of support I’ve received from my favorite leaders has left an indomitable mark on me and I can only hope to leave the same impression on those who I have and have had the privilege of leading. How is it possible that a millennial beat all the statistics, what Gallup calls the “job hopping generation,” and stayed at the same organization for eight years?

The answer is the secret sauce. It wasn’t just the development opportunities afforded to me, it was the combination of transparency, authenticity and communication from my leaders that kept me. I was part of a solid team that had my back. My boss knew that in order for me to grow, I had to hear the hard stuff. I had to be told when my work wasn’t up to par in order for me to be ready for the work I wanted to do. Last, I was free to be authentically me – quirks and all.

When the time came for me to interview at Filene, I had the full support of my leadership team. As I was sitting on the plane flying to Madison for my job interview, I overheard a conversation I will not forget. Another passenger was telling the person next to him he was flying to a job interview. He was really excited, but he had to make up some lie to his boss. I was immediately grateful for the team of leaders I had, and what a gift I had been given: Transparency, authenticity, communication and development. Memorable, effective leaders.

Leaders, as you look back on the people who have come and gone from your team, ask yourself: Did they leave you? Or did they leave because you made sure they were ready for their next opportunity?

Cortney Angeley is Impact Director for Filene Research Institute. She can be reached at 608-661-3760 or cortneya@filene.org.