If your goal is to retain more Millennials, here's your answer.
In 2018, Millennials will make up approximately 42 percent of the U.S. workforce. Retaining Millennials has never been more critical to an organization's sustainability than it is today.
So what's the key to engaging and retaining Millennials as they enter your workforce this year?
Training.
The number one factor Millennials consider when starting a new job is "sufficient training" according to a recent survey of 1,500 Millennials conducted by the software firm, Qualtrics, and venture capital firm, Accel Partners.
Training rather than company culture, workplace flexibility, salary, or company perks is what Millennials want most when starting a new job and what they use to evaluate whether or not they made the right employer choice. (Read this to learn how to attract Millennials using company perks.)
Training is an organization's strongest strategy when it comes to retaining Millennials.
Seventy-one percent of Millennials who are likely to leave an organization in two years are dissatisfied with how their leadership skills are being developed. Sixty-nine percent of Millennials aspire to be leaders in the next five years and 60 percent of Millennials want training to develop their leadership skills.
According to the Qualtrics survey, roughly 80 percent of Millennials said that an emphasis on personal growth is the most important quality of a company's culture. Training solutions like 21Mill.com (an online microlearning platform built to help Millennials succeed in the workplace as young professionals and emerging leaders) will help to satisfy Millennials' desires for personal and professional growth. (Read this for the six elements needed to professionally develop your Millennial employees.)
Also according to the Qualtrics survey, 67 percent of Millennial workers said they would be willing to take a pay cut to work at a company that offers good mentorship opportunities. Training that offers a blended approach where Millennials can access online content and offline coaching is ideal.
For example, 21Mill.com offers a blended approach to training Millennials where learners execute their online learning through real-world assignments; all the while tracking their accomplishments and receiving mentoring/coaching support from 21Mill.com professionals.
To retain Millennials, train Millennials.
Full disclosure: I am a partner of 21Mill. Contact us for your free demo.
I help companies better lead, engage, train, and sell to Millennials and Generation Z. If you’d like help solving tough generational challenges inside your organization, click here.
