Many surveys conducted among Millennials reveal that they value the opportunity to continuously learn “new stuff.” The research shows that ongoing learning is more important than formal promotions or titles.
One company (cannot reveal the name of the company) has a program where employees can engage in, what they call, “Stretch Assignments.”
The program was established to counter the turnover among Millennial employees who wanted more opportunities to grow and have impact across the business. The company does not have the opportunity to offer frequent promotions, so they give employees the opportunity for lateral assignments.
Here is how it works. Business leaders submit upcoming projects and initiatives for posting on their internal website, and employees from across the business have the opportunity to volunteer for these projects and use a certain percentage of their time to work on them. This gives employees the opportunity to gain cross-functional exposure and engage in projects that may not normally fall within their normal job functions. It also serves as a development opportunity and means for leaders to leverage innovation.
These types of initiatives are a “win-win.” The employee is able to work on projects that they have a great interest in, managers get extra support and the company wins on many different levels as well. Employees are more engaged so they are less likely to leave. New, innovative ideas are more likely to manifest from engaged employees and from cross-functional exposure.
