Assignment: MENTORING AND ATTRITION MANAGEMENT AMONG MILLENNIAL EMPLOYEES

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Assignment: MENTORING AND ATTRITION MANAGEMENT AMONG MILLENNIAL EMPLOYEES ORDER NOW FOR CUSTOMIZED AND ORIGINAL ESSAY PAPERS ON Assignment: MENTORING AND ATTRITION MANAGEMENT AMONG MILLENNIAL EMPLOYEES Read instructions in the attached word document, must follow the directions given, written at the level of a PHD response. please provide the paper in the requested time frame. Assignment: MENTORING AND ATTRITION MANAGEMENT AMONG MILLENNIAL EMPLOYEES response_1.docx Response Guidelines Read the Literature review Draft of the learner and respond. In your response, explain why you decided to respond to this particular Literature review Draft post. Provide feedback on the learner’s review of literature. How could it be improved? What questions do you have? Your response must be a minimum of 300 words in length. your post must be supported by citing two peer reviewed an outside source, using APA formatting. Literature Review Draft THE MILLENNIAL EFFECT: EXAMINING THE RETENTION, MENTORING AND ATTRITION MANAGEMENT AMONG MILLENNIAL EMPLOYEES Abstract The future of healthcare will depend on the next generation of leaders who have been adequately trained to carry on excellence within the healthcare delivery process. This capstone literature review will provide a literary framework which will focus in on the unique managerial approaches and challenges that must be considered in retaining and mentoring the millennial cohort within the healthcare work environment. This literature review will also speak to the examination of attrition management strategies that can be implemented in order to combat frequent millennial turnover rates. The goal of this literature review is to synthesize the research sources that have been collected in order to substantiate the capstone project entitled, “The Millennial Effect: Examining the Retention, Mentoring, and Attrition Management Among Millennial Employees.” Evolution of the Workplace Landscape The landscape of leadership within the health care industry is in a repetitive state of constant change. The impending retirement of a large cohort of North American employees, Baby Boomers, has created a crisis in organizations as they strive to recruit and retain the younger generations, who purportedly hold significantly different values, attitudes, and expectations from generations of workers who preceded them, (Economist, 2009). Millennials, also known as Generation Y, can be generally be described as those whose birth years fall between 1980 and 1999 (U.S. Census Bureau, 2015). As reported by the United States Census Bureau in 2015, there were an estimated 83.1 million millennials representing more than one quarter of the nation’s overall population. Of the 83.1 million, 42.9 percent represent a large portion of the United States workforce (Danziger, Ratner, 2010). These statistics leave executive healthcare administrators with the task of implementing measures which will ensure that viable contingencies are implemented which address strategic recruitment, employee development, retention planning, and attrition management of their respective healthcare organizations. By 2020, nearly half of the U.S. workforce will be comprised of millennials (Society for Human Resource Management, 2017). With this statistic holding much relevance, the presence of the millennial work force across all industries should be seen as an ideal opportunity to usher in the next generation of leaders, particularly in the healthcare industry. Gap Analysis The estimation of the U.S. population over the age of 65 will increase by 26%, and that for every two experienced workers that leave the workforce only one will enter it (Eisner, 2005). Healthcare is one of the many organizations that will be adversely impacted by the shortage of qualified workers as the Baby Boomer cohort transitions into retirement. The median amount that organizations spend to replace an employee is about one-fifth (21.4%) of that worker’s salary, meaning it would cost about $10,700 to replace a worker earning $50,000 a year (Boushey, Glynn, 2012). Transforming Workplace Culture The millennials are the largest living cohort who represent the most racially and ethnically diverse group than preceding generations (U.S. Census Bureau, 2015). This trait of millennials in the workforce presents an opportunity for improvements to be made in diversity management which can lead to a higher retention rate of millennials within their respective organizations. By definition diversity is about learning from others who are not the same, about dignity and respect for all, and about creating workplace environments and practices that encourage learning from others and capture the advantage of diverse perspectives (Armache, 2012). In highlighting diversity and differences, the intention is not to separate, but to connect through generational unity (Accius, Yeh, 2017). In order to address the various work ethic and communication preferences that exist amongst the generational workforce, administrators must develop a culture of inclusion that promotes a harmonious environment in which generational differences are capitalized on and celebrated. Due to the sheer number of millennials entering into the workforce, a change in culture is needed in accommodating the millennial cohort. The modern workplace needs to reflect this diversity of perspectives and find ways to recruit and retain this generation. Moreover, research shows how engaging health workers fully in decision making helps improve health outcomes (NHS, 2016). Millennials expect to work in an organization in which the corporation’s mission, values, operations, finances, problems, and conflicts are open and known to all employees (Ferri-Reed, 2014). Therefore, a culture of transparency is both expected and respected by millennials. Routine feedback on work performance and regular dialogue in order to touch base is also a way to keep millennials engaged in their work duties. Bridging the generational gap can be accomplished by pairing millennial employees with a Generation X or Baby Boomer employees. This is a very effective way of merging cultures and building a sense of team spirit among workers from different generations (Ferri-Reed, 2014). One should note that millennial workers hold a very different definition of work than preceding generations. As a result, millennials tend to view work as a function by which they tend to blend their home and work life. Therefore, millennials tend to prefer work areas that have a residential and personalized feeling versus a stark business feel. Assignment: MENTORING AND ATTRITION MANAGEMENT AMONG MILLENNIAL EMPLOYEES Managing the Millennial Attrition Factor The Deloitte Millennial Survey of 2016 revealed that by the end of 2020, two of every three millennials hope to have moved on from their current job, while only 16 percent of millennials see themselves with their current employers a decade from now. This remarkable absence of loyalty represents a serious challenge to any business employing a large number of millennials, especially those in markets—like the United States—where millennials now represent the largest segment of the workforce. Therefore, employing millennials requires an understanding of millennials’ mindset, work ethic and communication preferences. One way to ensure millennial success within the modern day work place is the incorporation of the human relations theory of management. This management theory maintains that organizational success is dependent on three factors: (1) employee attitudes (2) relationships (3) leadership styles. (Oxford Reference, 2017). This theory states that employees are not viewed as machine models, but rather individuals with differing psychological motivations and with distinct and dynamic group behavior affecting performances (Management Study Guide, 2017). This theory serves as a great complement to the millennial workplace mindset. Other indicators of work-related problems which can lead to high attrition rates include overwork, poor job satisfaction, uncompetitive pay and career opportunities, and a lack of effective supervision (Sofia, Guerra-Arias, Buchanan, Pozo-Martin, Nove, 2017). Concluding Remarks The continuity of an effective health care delivery process relies upon the human resources of highly-trained and qualified personnel. In order to keep pace with the evolving workplace dynamics, healthcare administrators will be tasked with creating a work environment that is comparable and inclusive towards the recruiting, retention, and development of the younger millennial workforce. Making such efforts to improve career opportunities, mentorship, and employee satisfaction may increase employee productivity and decrease millennial attrition rates within healthcare organizations. Assignment: MENTORING AND ATTRITION MANAGEMENT AMONG MILLENNIAL EMPLOYEES References Accius, J., Yeh, J. (2017). America must invest in its next generations. Generations, 40 (4), 101- Retrieved from http://library.capella.edu/login?qurl=https%3A%2F%2Fsearch.proquest.com%2Fdocview%2F1866473425%3Faccountid%3D27965 Armache, J. (2012). Diversity in the workplace: Benefits and challenges. Journal Of International Diversity , 2012 (1), 59-75 Boushey, H., Glynn, S. (2012). There are significant business costs to replacing employees. Centers for American Progress. Danziger, S., Ratner, D. (2010). Labor market outcomes and the transition to adulthood, the future of children, 20(1):133-158. United States Department of Commerce Economics and Statistics Administration, United States Census Bureau. Census.gov Deloitte. (2016). The deloitte millennial survey of 2016. Millennials have one foot out the door. Retrieved from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/gx-millennials-one-foot-out-the-door.html Economist. (2009). Public-service careers: A tough search for talent. Retrieved November 6, 2009 from http://www.economist.com/ world/international/displaystory.cfm?story_id=14753826. Eisner, S. P. (2005). Managing generation Y. SAM Advancement Management Journal , 70 , 4-15 . Ferri-Reed, J. (2014). “Millennializing” your work culture. The Journal for Quality and Participation, 37 (1), 21-24. Retrieved from http://library.capella.edu/login?qurl=https%3A%2F%2Fsearch.proquest.com%2Fdocview%2F1523912961%3Faccountid%3D27965 Management Study Guide (2017). Human relations theory of public administration. Retrieved from http://www.managementstudyguide.com/human-relations-theory-of-public-administration.htm NHS Employers. (2016). Staff engagement creates better outcomes. Retrieved from http://www.nhsemployers.org/case-studies-and resources/2014/12/staff-engagementcreates-better-patient-outcomes. Oxford Reference. (2017) Human relations theory. Retrieved from http://www.oxfordreference.com/view/10.1093/oi/authority.20110803095949990 Society for Human Management. (2017). Motivation and the Millennial Mindset. Sofia, C., Guerra-Arias, M., Buchan, J., Pozo-Martin, F., Nove, A. (2017). A rapid review of the rate of attrition from the health workforce. Human Resources for Health, 15 doi:http://dx.doi.org.library.capella.edu/10.1186/s12960-017-0195-2 United States Census Bureau. (2015). Millennials outnumber baby boomers and are far more diverse, Census Bureau Reports. https://www.census.gov/newsroom/press-releases/2015/cb15-113.html Get a 10 % discount on an order above $ 100 Use the following coupon code : NURSING10

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