Today, millennials make up a larger percentage of our workforce than any other generation, so it’s no wonder that HR professionals and business leaders are interested in learning more about what makes this group of knowledge workers tick. And it may not be what you think.
Let’s face it – millennials have gotten kind of a bad rap. They’re labeled as the “everyone-gets-a-trophy-and-I -want-to-be-CEO-right-away” generation. But if we take the judgement out of those stereotypes and start to think about what motivates them, we might learn something valuable for managing this group of highly-educated workers. Here are some fast facts based on recent studies to consider:
- Millennials are willing to job-hop. In fact, 21% say they’ve changed jobs within the past year, which is more than 3x the number of non-millennials (Gallup).
- A full 87 percent of millennials rate professional development as important and 40 percent of those who receive limited opportunities for development will leave their job within 5 years. (Gallup).
- Engaged millennials are 26% less likely than millennials who aren’t engaged to say they would consider taking a job with a different company for a raise of 20% or less (Gallup).
- Millennials who feel they’re at a great workplace are 25 times more likely to plan a long-term future at that workplace (Great Place to Work).
Based on the studies, keeping employees active and engaged is the key. So, how do companies that are increasingly concerned about the hard and soft costs of turnover manage employee engagement? The answer may be in offering robust training and development programs. Here’s how training helps retain talent and keep you competitive!
- The workplace is evolving to become center of professional and personal development. With the speed of innovation and technology, continuous learning is necessary to establish and maintain a competitive advantage. Not only will training and development keep you ahead of the industry curve, a model with an eye on developing ambitious talent enhances employee performance, engagement, and retention.
- You invest in them; they’ll invest in you. Employees that participate in professional development see value in the skill sets being developed. They recognize their organization is investing in their potential and view that investment as a form of recognition for their contributions and potential. In turn, they are more likely to establish an emotional attachment to their job and workplace, which makes for a more meaningful experience.
- Professional development has status. Being invited to share in a training opportunity has status, and highly-motivated employees appreciate the visibility of being included. This is even more important when the training being provided aligns with stated professional goals (see “you invest in them; they’ll invest in you”).
- Learning cultures are future-proof. A robust training and development program is part of creating a strong learning culture throughout the organization. Professional development opportunities bridge departmental silos and organizational tenures. This allows employees to develop relationships, cultivate cross-organizational conversations, and generate the creative ideas necessary to meet tomorrow’s challenges.
Training and development programs are an important element to employee engagement as well as organizational health and performance. Chartwell Agency offers a variety of training sessions and professional development series focused on improving communication, customer service, management, leadership and more.