(A 2 minute read)
Millennials now represent the largest generational population in the workforce.
These young people, born between 1980 and 2000, bring with them a different set of priorities and values than Baby Boomers and even Gen Xers.
No longer is salary the most inviting carrot to dangle in front of a desirable job candidate. They’re not about money as much as job satisfaction.
A survey of 7,000 recent college graduates showed that only about 25% of millennials considered salary as a priority for choosing a job. Growth and development opportunities placed higher.
Employee development programs are key to attracting and retaining talent in today’s workplace. The cost of replacing an employee is estimated to be the equivalent of six to nine months of the position’s salary, and considerably more for a highly-trained professional.
Here are four reasons why employee development is a big benefit that pays off :
Attract and retain top talent.
People are looking for employers who are committed to offering a career pathway to their employees that includes training and development, like attending seminars, conferences, coaching and mentoring.
Build employee loyalty.
A workforce that feels valued and respected is less likely to look for a career opportunity elsewhere. Ask yourself how do you value your employees?
As you bring them along in your employee development program, keep an open mind, watch for “hidden talents”, don’t pigeon hole anyone, provide your team members opportunities to shine. And that might include a failure in order to succeed.
Build or shift your culture.
A team of excited, engaged, and loyal employees produce better results, and that applies to every single person on your team. (and has nothing to do with age)
The quality of your company is a direct reflection of the quality of its people. Achieve results on both levels by investing in people and their development.
How to you attract and retain top talent? Feel free to share your comments. Thank you!
Learn more in my blog ‘How to Retain Millennials in Your Workforce’