The Millennial Challenge: Can We Make Them Stay?
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?
Benchmark Your L&D Strategy
At Towards Maturity, we have identified six workstreams that characterise successful, high performing organisations. From these workstreams, we have developed a common framework of effective practice.
Benchmarking against that framework helps L&D pinpoint the strengths and weaknesses of their own organisation, work out what needs to change and map out actions. In short, the Towards Maturity Benchmark is a structured framework that helps learning leaders under pressure identify the actions that will bring tangible results in the workplace. It helps you to work out how to get from A to B!
Jenny Lycett thinks it’s high time that everyone owns learning, not just the L&D department. “I think there are plenty of benefits from organisations seeing L&D as a shared responsibility and I think this is a huge change from what we’ve seen in the past,” she says.
Some avoid it like the plague, many are ambivalent and others embrace it fully. Whatever our position, we can’t avoid the L&D ‘F’ Word.
“When they revealed ‘The Transformation Curve’ and I saw how they had interpreted the data into a model of maturity, I was blown away,” says Stephanie, director of learning solutions at Bray Leino Learning and a Towards Maturity ambassador. “It left me feeling excited for the future of learning and development”
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Something that Clive Shepherd really likes about ‘The Transformation Curve’ is the fact it highlights that the road to transformation is not a straightforward, predictable or smooth one. “The report recognises that progress occurs in waves,” says Clive, founding partner at the learning organisation, More than Blended, and one of Towards Maturity’s ambassadors.
Although we would all like progress to be linear, constant and straightforward, it rarely is. Sometimes – often even – we need to stop and take a step back in order to go forward. Robert Wagner, Director at the CIPD Qualifications & Apprenticeship provider DPG plc tell us more.
Are you taking the right next steps in your transformation journey? Digital transformation is at the top of most business agendas and for some time L&D leaders around the globe understand the need to change to keep up.