Millennial workers often leave a position within a year, or shortly after a year has passed. Companies that lose parts of the workforce that quickly are at risk of losing nearly $5,000 per employee; so applying tools that speak to a younger generation can increase retention rates and employee satisfaction.
Use autonomous training The Aberdeen Group reported seventy percent of workers choose to leave in the first year, and the majority of those cite poor employee training as a primary reason for leaving a position.Lesson.ly, an easy-as-email online training platform enables employees and managers to learn and improve skills more quickly than the more archaic continuing education methods. By building, sharing, and tracking training procedures in an autonomous, easy-to-use platform, managers can address where employees need more direction or increased attention.
Deloitte Research Firm recently outlined factors a business should consider in calculating the "real" cost of losing an employee. One such factor includes the cost of training an employee. Over 2-3 years a business likely invests 10-20 percent of an employee's salary or more in training. So what if your company takes the time to on-board an employee that ends up leaving? It might be time to take a look at your training program. New hires that received proper and thorough training were 69 percent more likely to stay at least three years.
Increase online internal communication Software that allows employees to engage with the entire company as a whole not only makes them feel empowered, but it keeps communication in one place online with access from any location. Programs like Slack keep everyone notified of changes to projects, while enabling a chat function to instantly get up-to-speed from managers and colleagues.
Use talent science A new hire that has a creative streak might be a better fit for long-form stories or features, rather than say, a breaking news department. Managers can highlight team members’ strengths and make educated decisions about placement for happier and more productive employees. Infor, a human capital management software, enabled car rental company Hertz to increase their return on investment by 450 percent.
Surveys by consulting firm Millennial Branding found that this new generation desires work that is impactful, even if that means it’s not the highest paying position. As companies experiment with tools and solutions that help make that work impactful, they should also look to manipulate archaic procedures like employee training, internal communication, and on-boarding procedures and placements.