Can your business afford to lose £15000 pounds this year?
Whether your business is an SME or a blue-chip no business wants to lose £15000. Yet I regularly talk to people who are denied training or development courses. So how does the denial of a training course your organisation to lose a chunk of change?
It’s simple. If you employ a millennial, a staff member aged between 18-34, this demographic is most motivated and therefore retained by learning and development. In fact in a recent study, 71% of millennials are motived by training and learning and being denied learning and growth opportunities was their signle biggest factor in looking for other jobs outside of the business.
So why would your business lose £15k?
That’s what it costs on average to replace a member of staff including recruitment process, set up, training and probation periods.
Why do Millennials like learning?
- They know it increased their career prospects through training internally and externally
- They want to apply new skills in the work place
- They enjoy the feedback that a training environment offers them
- Training courses particularly external courses provide the millennial the opportunity to bounce their ideas off new people which they find stimulating. The result is often they come back to the business with a renewed vigour.
Give your staff ownership
Many companies don’t consider training budgets or offer bespoke in house mass training and that’s great. However when you have a bunch of knowledge hungry staff with different needs that could be expensive and therefore not viable. Millennials are used to debating, justifying their conclusions and presenting. Use this style to help them.
- Allocate them a budget for the year.
- Encourage staff to put a business case forward for their training.
- Don’t insist that it is qualification based
- Encourage them to look for quality providers
- Schedule time in their annual/regular review to listen to their business case.
So £15000 or a budget of £1000 a year? Be smart and retain your Millennials!
Claudia Jordan is involved with and learning and development and also works closely with clients as an executive coach. Claudia firmly believes that if you invest in people, the investment will be what grows your organisation.