In today’s economy, developing and retaining high performance employees is more critical than ever before, according to leadership development expert Ned Ellington and former Southern Company executive Anthony James. The duo addressed nearly 40 community business leaders today at the Georgia Tech-Savannah Learning Series about ways leaders can develop top talent, plan for succession and identify problem solvers and innovators.

“When we talk about multigenerational issues in the workforce, what we really mean is how companies should handle millennials,” noted Ellington. “In reality, though, there is not much difference in workplace outcomes between baby boomers, Gen Xers and millennials. The key is to harness what motivates each generation, especially the up-and-coming one, since that is where our next generation of leaders will originate.”

Ellington also noted that in order for businesses to recruit and retain talented millennials, company leaders must be honest during the recruiting process; offer value-added training and development opportunities; hold regularly scheduled performance review sessions with open discussion; and ensure employees’ values fit with the organization’s culture.

“Millennials value purpose more than money,” Ellington said. “In fact, the vast majority -- 85 percent -- believe success is measured by more than the bottom line.”

James, who also served as president and CEO of Savannah Electric and Power Company from 2001 through 2005, discussed the importance of succession planning by identifying and developing high performance leaders within your own company.

“The most important thing in your business is your employees -- they are the backbone of your business,” he said. “Treat them with the utmost respect and understand how important they are. After all, your best employees are the most desirable to other companies.”

James added that in order for company leaders to retain the best employees for the future, they must understand generational differences, provide regular feedback, allow them to grow and advance faster, welcome flexibility in work schedules and let them learn.

“Companies spend anywhere between $25,000 to $50,000 recruiting, training and retaining a new employee,” he said. “They can’t afford to make a bad decision.”

Ellington and James spoke as part of the Georgia Tech-Savannah Learning Series, an initiative launched last October in an effort to help companies in the coastal region stay up-to-speed on new technology, leadership issues and more. The September 17 session will focus on how leaders can create employee ownership, embrace responsibilities and celebrate success. Learn more at https://pe.gatech.edu/savannah-campus/courses/learning-series.