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Are you wondering how to attract and retain high-performing millennial employees? Not sure how to keep them engaged, productive, and satisfied once they’re on the job? These questions loom even larger when would-be bosses realize they can’t necessarily ‘buy’ these millennials. While competitive pay will always be a driver for many employees, other elements make a workplace desirable to millennials, sometimes more than money.
Generally speaking, millennials are in the beginning phases of their careers, and they’re most likely looking to climb the career ladder eventually. Because their current skills might not get them to where they want to be, millennials are seeking out companies that offer professional development opportunities. According to a recent survey by EdAssist, 60 percent of millennials would prefer a job that offered regular opportunities for professional development over one that offered regular pay raises.
Putting the framework in place to help employees grow internally can benefit your company. Companies that invest in training and development will not only be more attractive to top talent, but will also save on turnover expenses; it costs an average of 33 percent of an employee’s salary to replace an employee.
Promotions Over Pay
While millennials have developed a reputation for job-hopping and being unattached to large corporate institutions, there do exist ways to retain them. Almost 90 percent of millennials surveyed said that they would choose to stay in a job for the next 10 years if they knew they’d get upward career mobility.
In fact, 73 percent of employees said that their principal driver is the belief that their work has purpose and meaning. As we move more into a project-based work environment, a bigger title means you can run and lead more projects. The addition of new skills, such as learning a new language, can lead to those promotions.
Quality of Life
When it comes to job searching, the majority of millennials say a better quality of life at work is more important than a larger salary, according to a survey by Fidelity. Furthermore, 25 to 35 year olds said they would be willing to give up an average of $7,600 in pay for a better situation at the office, such as more professional development and a healthier work/life balance.
Millennials were the first generation to grow up with steady access to technology. Therefore, they don’t think of the office as the only place to be productive and successful. They wish to take advantage of technology in order to improve work-life balance and choose an environment where they can be most productive.
Take the first step
Mondly is here to help you attract and retain millennials by offering not only professional development, but personal development. Language is a skill that not only benefits employees professionally, but can have a great impact on their personal lives as well. MondlyWORKS also offers great potential for a positive work-life balance due to the flexibility of using app-based learning. Employees are not restricted to one language; Mondly provides access to 41 different languages.
MondlyWORKS is here for you. Send us an email at firstname.lastname@example.org today.