Millennials now make up the largest percentage of the workforce--around 35% of those currently employed or looking for work--which means that millennial employees are shaping the way many employers handle recruiting, training, and employee retention. If you're hoping to increase employee retention levels at your workplace, there's one key factor that you'll need to take into consideration: providing adequate learning opportunities. Millennials don't just view their jobs as a stopping place. That is, the goal isn't to simply attend college or training, get a job, and stay in it permanently. Rather, millennials look at jobs as opportunities to further their professional capability. Each job is a stepping stone: an opportunity to learn more, gain more knowledge and learning, and further their employment potential. For employers, understanding this mindset is critical to keeping millennials on their team.
Part one of this topic examined the main reasons for employee turnover and how much it's costing organizations; it also concluded the root problem was poor leadership and briefly touched on how improving leadership will improve employee retention. Let's continue this discussion by elaborating on how effective leadership positively affects an organization and improves employee retention, as well as how to acquire these types of leaders.
Companies typically want the same things their employees want: a stable work environment, a well-defined career path, and the opportunity to make a difference. And while it's normal for some employees to move on to new opportunities or to eventually retire, companies generally plan for this workforce attrition by following an established hiring plan. But what happens when new employees decide to leave soon after they're hired, and long-time employees start to pack their bags, too? This trend may point to a more serious issue: a high employee turnover rate.
As online technology continues to transform enterprise systems and expand markets, organizations can easily find themselves neglecting leadership training while focusing on technology upgrades. While adopting and integrating innovative technology systems is important, organizations still need effective leadership to manage and optimize their potential. In an effort to help, let's examine 4 benefits of providing leadership training.