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!
Having clear evidence is a vital starting point in identifying where improvement is needed and backing up your business case for change. We spoke with Emma Smith, Head of Talent at FirstPort Limited, a residential property management company. She had used the Towards Maturity Learning Health Check in a previous role and has now brought this tool to her new organisation in order to help transform their workplace learning culture.
Towards Maturity Learning Health Check provides an ideal starting point for organisations wanting to improve their development, by giving clear evidence and comparisons with high-performing learning cultures. To get a real idea of how the Health Check has a proven business impact, we spoke with Robin Lilly, Capabilities and Leadership Development Director of Coca-Cola Hellenic Bottling Company, to hear his experiences.
The L&D profession is under pressure to transform and become future-fit in order to stay ahead of the demands of work and workers. The profession is finding it hard to influence and allow their expertise to gain traction, with 78% of L&D professionals saying that their leaders have traditional expectations of L&D that are difficult to challenge.
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Today, over 98% of organisations are on a mission to transform the impact of their learning strategy and the majority of L&D leaders are focusing on accelerating digital because they believe it holds the key to help more people increase their performance.
In 2018, 93% of learning practitioners wanted to increase employee engagement with learning, but only 27% were successful. With less than a third meeting this goal, it is important to explore how an exemplar organisation turned their learning strategy on its head to achieve just that. Read more about how Mitchells & Butlers teamed up with Kineo to become Gold award winners at Learning Technologies Awards 2018.
With only 21% of learning professionals successfully harmonising learning across their organisation, it is clear that whatever methods we are using at present to take learning to scale are largely failing.