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!
Learning can be defined in many ways, but most psychologists would agree that it is a relatively permanent change in behaviour that results from experience. The three major types of learning described by behavioural psychology are; classical conditioning, operant conditioning and observational learning. In order for learning to stick and becomes the new normal, all three types require self-driven will. Therefore, how people view the world through their lens matters.
It’s that time of year again—the annual Speexx Exchange conference in Berlin is right around the corner! This leading industry event on talent management practices brings together learning and development (L&D) practitioners from around the world for a full day of networking, sharing and learning.
The UK’s most comprehensive learning event takes place on 15 and 16 October at Birmingham’s NEC.
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When it comes to organisational culture, performance and learning, blind spots (or as they are often referred to ‘not seeing the light’) are usually found at the root of most of our problems with work today. These problems shape our day to day conversations, thinking, mood, judgement, decisions-making, or fundamental lack of them. These issues can make or break your workplace experience.
In Deloitte’s 2019 Global Human Capital Trends report, their top-rated trend for 2019 is the need to improve Learning and Development (L&D). 86% of respondents to their global survey rated this issue important or very important, with only 10% of respondents feeling “very ready” to address it.
Every year over $400billion is spent on corporate learning globally, yet only 15% is proven to stick. Investments in learning are continuing to grow year on year but performance impact is not changing. The industry is still struggling to provide real proof of impact, in fact, for the first time our Index is tracking a significant decline. This is causing leaders to have low confidence levels in L&D.