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The average Millennial employee only stays with a single employer for an average of three years. A business that isn't making the most of the opportunities that this bright new talent provides will ultimately fall behind, so being able to overcome the Millennial challenge is vital. What can L&D do?
The Millennial mindset has shaped and continues to shape our world. By 2025, they will make up 75 percent of the global workforce - but businesses are still struggling to meet their needs and expectations.
The Millennial generation is defined as those people born between 1982 and 2004, falling between generation X and Y. They are the largest cohort since the baby boomers and approach their lives, and their professional development, in a vastly different way to those that came before them. The term itself was coined by Strauss and Howe in their book published in 2000, Millennials Rising: The Next Great Generation, the first in-depth examination of this group.
Harnessing the value of the Millennial generation is key to business transformation. A business that isn't making the most of the opportunities that this bright new talent provides will ultimately fall behind, so being able to overcome the Millennial challenge is vital.
The Millennial challenge
Keeping Millennials engaged is the main challenge businesses face. The average Millennial employee only stays with a single employer for an average of three years, and costs valuable time and money to replace. A ‘job for life' is no longer the norm and it's therefore difficult to develop a Millennial employee's loyalty to a long term business strategy. Not only that, but each Millennial that leaves takes their valuable talent and potential with them, often to a direct competitor.
What can we do to make them stay?
Evidence shows that when employees are engaged, they stay, and the most effective way to engage Millennials is by utilising the power of learning and development in the workplace.
This generation are used to having their attention drawn in many different directions at once, so their learning must be designed in a way that suits them and their behaviours in order to make it deliverable and effective.
Factors like accessibility and flexibility of course come into play, but the type of content itself and the level of decision making allowed can also make a very big difference to success.
On Thursday 14th July at 3pm BST, LEO's Kath Fleet (Learning Consultant) and Andy Costello (Solutions Director) will be hosting a webinar to explore this topic and the solutions in detail.
Register today to secure your place: The Millennial Challenge: can we make them stay?