One of the biggest resources of a company is its people. And if an organization is only as good as the people behind it, then it’s in the company’s best interest to keep its employees in tip-top shape. This does not simply mean attracting the best talents in the market. It’s rare that applicants prove themselves to be the perfect employee from the get-go anyway. More importantly, it means continually investing in the organization’s current pool of people by expanding their knowledge base through proper training opportunities.
Training improves an employee’s performance by increasing their productivity and self-awareness in their shortcomings, which will ultimately be beneficial for the company. And no other generation appreciates the value of training like millennials do. Millennials are found to actively seek additional training from their employers more with 60% of millennials believing that the opportunity to learn and grow is extremely important.
To answer why exactly that happens, here are some of the notable reasons as to why training is important to millennials:
Millennials know that skill requirements are evolving.
Millennials are first-hand witnesses of how technology is quickly shaping the world around them, especially their workplace. The pace of how work is continuously evolving and puts most millennials at a state of unease with 49% of them sharing that they believe new technology will eventually augment their current job. This belief isn’t unfounded either. A recent World Economic Forum report forecasted that 54% of all employees will need upskilling or reskilling in just three years.
It’s not just currently employed millennials who seek to continue growing in their current position who are worried. Millennials are also worried that the constant evolution of work will make looking for or changing jobs a lot more difficult. Training millennials in the workplace isn’t only meant for improvement but it’s actually vital if an employee was to remain competitive within his field.
Millennials believe that what they learn in college isn’t enough.
When it comes to who will prepare millennials for the changing nature of work, millennials believe that businesses should be the one with the greatest responsibility. Colleges and other educational institutions only come second. As work becomes more specialized, millennials believe that what they learn from school is no longer enough.
Now, unfortunately, leaders disagree. Those who were surveyed believe that individuals themselves should bear the biggest responsibility when it comes to acquiring new skills. Thus, millennials are left dissatisfied as the training they’ll need isn’t provided.
Millennials prioritize career development.
Two of the highest-rated reasons for millennials leaving their jobs were reported to be not enough opportunities to advance and the lack of learning and development (L&D) opportunities. Millennials are not only looking at financial benefits or the workplace environment. They are also placing higher value on factors that directly involve their professional development.
Millennials are keen to move forward in their chosen careers and are prioritizing companies that can offer them a space in the long run, contrary to popular belief. Allowing them avenues wherein they can grow into the shoes they would want to fill will also assure them that the company is investing in them as they devote their time, energy, and skills working for the company. Otherwise, these employees might feel neglected, pushing them to look for better opportunities and quit their current jobs. True enough, LinkedIn’s 2018 Workplace Learning Report showed that 94% of employees would stay in a company longer if it invested in their career development.
They’re looking to supplement their skills.
Millennials are looking to learn beyond the usual needed skills for their tasks and responsibilities. Cut and dried orientations preparing them for the job at hand are no longer enough. They prefer a holistic approach to learning which means not only acquiring hard skills through one-sided lectures or essay type modules but also supplementary soft skills learned through collaborative and cooperative learning, active and service learning, experiential interactions, and simulations to name a few.
Millennials are also very much aware of how their skill sets can be directly proportional to their income. They know that the learning curve is the earning curve. This means that they recognize that the more they absorb new knowledge and learn new skill sets that are applicable to their current field, the more valuable they will be deemed by companies. And the more they appear valuable to employers, the more likely they’ll be rewarded with raises or a promotion.
Training makes work more meaningful
As millennials focus less on immediate satisfaction and focus more on their professional development, likewise a high salary isn’t enough to motivate millennials. Compared to their elders, millennials are more so motivated by meaning and purpose. More and more millennials are becoming mostly driven by their perceived purpose of their own work. While pay remains to be an important factor, the work they are doing must be meaningful too.
Companies can aid their employees in finding meaning and purpose in their work by giving them training filled with relevant information and frameworks that they can immediately apply in their own work. Courses that teach new skills also reinforce that employees can never stop learning when it comes to their tasks and responsibilities. Lastly, providing formal training in line with the company’s values and goals for all employees can help remind them of the company mission.
A recent research also found that employees who are heavy learners, or those who spend 5 or more hours a week learning, are 48% more likely to find purpose in their work. Training creates an environment that prevents them from feeling like they have reached a plateau within their careers. It gives them meaningful goals aligned with their work which is to constantly improve and increase their skill sets.
Now unfortunately for millennials, most organizations do not keep the aforementioned factors in mind when formulating their learning and development opportunities. Instead, companies tend to stick with their old tried-and-tested training modules, leaving employees, particularly millennials dissatisfied. Obsolete courses no longer fit their learning styles, nor do they cover current trends and technologies that are already making waves in the industry. Most of the older generation will simply dismiss their dissatisfaction as a case of millennials being entitled.
Ignoring the millennials’ need for training can deter millennials from your company. Companies can avoid this by providing enough training opportunities for their employees. Not only will the company be addressing the turnover rate within a company that is vastly affected by millennials job-hopping, it will also be strengthening the foundation of its company by building its employees up.
Corporate training here in the Philippines is no different. Companies need to start looking into how Filipino millennials value training as they enter the workforce. Is your company prepared to make the necessary adjustments when it comes to training millennials in the workplace? If so, SkillBean might just be able to give the help you need!
SkillBean improves corporate training in the Philippines by providing a learning experience platform where companies in the Philippines can build customized learning and development plans, connect their teams with a robust library of training resources, and assess employee training programs.
If you’re ready to reevaluate the importance of training and development in your company and address its needs accordingly, book a meeting with us by sending an e-mail to [email protected] and know how you can empower your millennial workforce by reinventing the company’s training.