Employee Development, General Training

Training for Retention: Millennials Are Looking for Companies that Offer L&D

With Millennials making up the largest generation of workers, employers must adapt to meet Millennials’ needs in order to attract this group of workers to their companies, say the findings of a new survey report released by Udemy, an online learning platform. 

Millennials

Over the years—and let’s face it, Millennials have been in the workforce for a while now; the oldest one is 37 years old—Millennials have gotten a bad rap as being lazy, entitled, and idealistic. When employers let these preconceived notions be their guide, they end up missing out on the opportunity to find loyal, hardworking individuals who find value in their roles, are willing to do whatever it takes to get the job done, and want to learn more and keep learning.

According to the findings in Udemy’s 2018 Millennials at Work Report, Millennials want to be invested in, they want to keep their skills current, and they want flexibility. Udemy reports that in return, you’ll get loyal, long-lasting employees who “rise to the demands of a changing workplace” and will use their “native comfort with technology to work smarter for you.” But you have to make the investment.

L&D for Attraction; L&D for Retention

According to Udemy’s findings, 42% of survey respondents say learning and development (L&D) is the most important benefit when deciding where to work—only second to health insurance (48%). Millennials also value flexible schedules, remote working opportunities, and generous vacation packages.

Millennials crave flexibility because it allows them to work in whatever way is easiest for them to do the best job. You can also win them over by offering skills training and career development, a healthy and productive work environment, and supportive managers.

Udemy research says that Millennials are well aware they have more to learn in order to maintain job performance, and they’re prepared to put in the work. However, 34% feel it is the employer’s responsibility to pay for the training. Fortunately for 42% of Millennial survey respondents, their current employers do provide learning, development, and training opportunities.

Myth Busted

Contrary to popular belief—if you haven’t guessed by now, the Udemy report is blowing myths out of the water—Millennials were less attracted to health and wellness benefits, student loan assistance, and office perks like free snacks.

Another dispelled notion is that this generation wants a prize just for showing up. According to 73% of Millennials who expect they’ll need to pursue additional education or training to advance in their careers, these individuals clearly value the results of hard work and dedication.

“This research underscores the value millennials place on trust in the workplace,” says Aaron Levy, Millennial management expert. “Millennials don’t want companies to swap dollars for hours. They want to work at organizations that place value on outcomes.”

Udemy survey findings also cast doubt on the generalization that Millennials are job-hoppers, with 59% of respondents saying they’ve been with their current employer for more than 3 years—and among older Millennials, ages 30–37, 22% have been with their current employer for more than 7 years.

“Our research shows that millennials don’t actually want to job hop; in fact, 38% only expect to have one or two jobs during their entire careers. So what should employers offer to get the most out of their long-term talent? Learning and development benefits,” said Shelley Osborne, head of learning and development at Udemy. “Along with a positive culture and fair pay, millennials want to work for companies that are invested in their career growth. Employers that show long-term commitment to employees with programs like L&D will surely receive the long-term rewards in retention.”

Udemy researchers say that contrary to the stereotypes of being coddled and entitled, Millennials are looking for stability, loyalty, and opportunities to learn and grow. They’re motivated to do the work but also expect employers to share the load, both by providing relevant training and by funding their employees’ ongoing learning needs. Employers would be wise to invest in more training opportunities to attract and retain this generation.

To learn more about Udemy’s 2018 Millennials at Work Research Report, click here.