How to Retain Millennial Workers in 10 Steps
Years ago, employees could expect to work for the same employer for decades. New employees were trained, but furthering their education for potential work opportunities from within the business was limited. It wasn’t unusual for employees to remain in their positions from their first day on the job until retirement. In the event of a promotion, internal training on the specifics of the position was given.
But a lot has changed in recent decades. There are many reasons why today’s employees are less loyal than they were decades ago:
Chiefly, both employers and employees can expect technological advancements will be continuous and even distributed at a faster pace. To keep up with this rapid pace, employees need to continuously acquire an array of new skills just to maintain their current positions. Education and training paid out of pocket by employees means they’re more likely to seek other career opportunities to offset the expense of their new skills.
Businesses of all types face increasing competition for the best talent. Preferably, potential candidates that already have experience and training.
Single-income families are more rare. Employees with dual-income households have a lot more options for career advancement and help at home than in the past.
Retaining long-term employees is expensive. Think about health insurance, retirement benefits, and other expenses.
Millennials expect more than the previous generation. Millennial worker is interested in furthering their career potential and learning new skills. Their priority is to be as agile as possible and pivot into any position along the corporate ladder at a moment’s notice
Most employees, regardless of their respective generation, support lifelong learning goals. In their minds, training, and education open doors to work opportunities and are crucial for improved salaries. In fact, career development ranks high among all employees when asked about their expectations from employers.
Education and training are not just beneficial to employees. These investments also provide perks for employers:
When employees feel valued by their employers, it inspires them to do better on the job. It also creates a sense of deeper loyalty.
When employees are fulfilled with their jobs, it makes them productive team members and also reduces absenteeism.
When employers provide educational and training opportunities it enhances their brand and image. With praise from employees, the word is likely to spread among their friends, family, and industry colleagues from other companies. This kind of word of mouth helps keep potential candidates in the pipeline.
When employees feel valued by their employers they’re less likely to look elsewhere for job opportunities improving employee engagement. According to a Work Institute retention study, three out of four employees who leave could have been retained by business owners citing career development as a major factor for leaving their positions.
When employees receive educational opportunities, it lowers employee turnover and saves businesses money. Investing in training and education saves employers the expense of onboarding a replacement when an experienced employee leaves. It can save employers tens of thousands of dollars to retain a good employee. This is important if employers want to reduce or limit turnover among departing higher-paying employees who have confidential knowledge about vendors, projects, or clients.
Employer-provided training and education increase productivity and employee morale. Overall the goods and services you provide your clients will improve ultimately increasing profits.