TIPS FROM YOUR TRAINING COMPANY
We’ve all heard it. Millennials are changing the world. When taking a step back to evaluate the statement, it could not be truer as we get set for the decade ahead. Here at TrainingFolks, we continue to work with clients on updating and adapting their corporate training and development programs with this reality in mind.
As a group that will make up almost one fifth of the US population by 2020 this generation has begun to transform the way companies are doing business.
For example, marketing has become more participative in nature meaning the launch of attractive loyalty programs that provide more immediate rewards.
Retailers have become more aware of the importance of online shopping and created robust online experiences for this group that are fully responsive in nature.
The travel industry has changed its offerings to reflect a more customizable experience versus pre set vacation packages preferred by older demographics.
And the banking industry is now trying to deal with attrition of 33% within the first ninety days as Millennials look for other options and offerings.
In addition to changing industry offerings the Millennial generation is also significantly altering the way organizations function internally. From on boarding to training to work-life balance, business leaders and managers continue to work to try and adjust to the unique workplace expectations of this group.
Download this free guide to Training Your Millennial Workforce today and read through key areas that require adaptation in order to continue to be successful with this generation.
Learning and development programs and policies can be developed for any area of the business that may be of concern. The following are key issues that our clients continue to be faced with.
It has become increasingly difficult to keep Millennial team members loyal to their job. Statistics show that 58% of Millennials expect to leave their jobs in 3 years or less. In order to retain them, managers need to understand how to provide growth opportunities, alignment between company values and their personal values and provide mentoring which all begins with a strong on boarding program.
Work From Home
The nine-to-five familiar to previous generations no longer resonates with the Millennial workforce. Instead they choose to work when they want and from where they want. It’s not that they are lazy or won’t complete their jobs; it’s that they don’t enjoy the routine or planned structure. Effective managers must understand how to manage remote employees for optimum results.
Perhaps one of the most important factors when choosing what company to work for is the organization’s mantra on work-life balance. Forty-five percent of Millennials will choose workplace flexibility over pay according to a recent Millennial Branding report and be more willing to relocate based on work-life balance opportunities.
Companies that may be accustomed to having employees working six days for 12 or 13 hours must be proactive in their approach for scheduling and balancing options for valued Millennial team members if they want to keep them around.
Mentor Don’t Manage
While generations prior to the Millennials are used to hierarchal management, the new generation gravitates to mentorship over management. They want to be able to share their ideas in meetings, have the ability to talk to anyone and everyone in the company about these ideas regardless of title and see how they are making a difference in the day to day operations of the organizations that they choose to work with. Creating this culture is easier said than done in some organizations and can benefit greatly from input from external corporate training experts like TrainingFolks.
Be a Good Boss
Research suggests that the number one reason that Millennials leave their job is because of their boss. This is tied closely to all other areas of training and development starting with the on boarding experience. Bosses that exemplify leadership through supporting their Millennial workforce will reap the benefits.
Key areas that successful managers can focus on include investing in further corporate learning to show them how important their growth and development is for the company. On the flip side, organizations should also look to invest in leadership development to help provide managers and leaders with the right skill set to best manage their Millennial teams.
Changing the structure of an organization is no easy task but is not impossible with the right insight and expertise.
Get in touch with the global training experts at TrainingFolks for more questions and assistance with your upcoming organizational training and development needs.