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Known for its wandering eye, the Millennial generation presents a definite problem for employers who want to attract and retain the era’s best and brightest minds.
At nearly one third of the U.S. labor force (32 percent), the Millennial generation is now the largest group in the labor market, surpassing both Generation X and the Baby Boomers. Millennial workers also are the most highly educated and technologically proficient. Unfortunately for employers, when they don’t experience development opportunities – or feel they are being overlooked for new leadership positions – they start to look elsewhere.
Recent research suggests , however, that employers can enhance retention by actively supporting leadership ambitions and offering extensive training opportunities for workers through an effective career pathing program.
A well-designed and well-implemented career pathing program gives Millennial workers exactly what they want: motivation and overall growth. A career pathing program identifies skill shortages and offers training to fill those gaps, while rewarding the ambitious with opportunities for advancement and progression. Workers feel confident in their ability to have a positive impact in their workplace, and they’re motivated to stay involved. In short, they decide to stick around.
Related: How to Implement a Continuous Feedback Model
At a time when nearly two out of three (64 percent) of surveyed Millennials in the U.S. expect to leave their current positions and companies by 2020, boosting employee retention is every employer’s dream. A successful career pathing program puts that dream in reach. Career pathing programs significantly increase employee engagement , while also increasing retention by about 25 percent. In fact, nearly all engaged employees (87 percent) remain with their current employer – even when offered employment elsewhere.
Harness the retention-driving benefits of a career pathing program by offering one that is designed to identify your employees’ individual career goals and focuses on their individual professional development. Skill gap analyses can identify competencies needed for growth, while learning resources provide the tools employees can use to gain the skills they need to get where they want to go. Help your Millennials grow in a way that matters to them, and you’ll see your retention rates soar.