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Want to attract and retain your Millennial employees? You might need to go beyond offering them higher pay packages.
A new study from EdAssist™ found Millennials prioritise tangible learning opportunities over salary levels when applying for a job.
More than four out of 10 (41%) of Millennials stated they would choose a job with a potential for regular pay raises. However, more than half (59%) chose a job with a strong potential for professional development.
In fact, Millennials were found to be so interested in development that most stated they are willing to make personal sacrifices to learn while working.
For example, more than half (52%) stated they would spend half as much time watching TV if that meant spending more time on learning.
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In addition, 48% stated they would cut time spent on the Internet, while 45% of them claimed they would reduce time spent on social media.
Close to a third, (31%) of those polled also stated they would give up vacations for the duration of their programme to take classes while working.
Mark Ward, vice president of EdAssist™, affirmed employers “who support Millennial workers with professional development opportunities, and partner with them on planning financially for the future, reap significant business returns.”
Despite so many Millennials showing a willingness to learn while being employed, the survey found bosses are simply not doing enough with regards to corporate training.
While 58% of Millennials expected employers to provide them with learning opportunities relevant to their job, only 26% stated their employers actually provide them with such training.
The survey stressed companies need to work on enhancing their learning strategies, especially because doing so would lead to high levels of loyalty and commitment among Millennials.
When asked what would make them stay longer than planned at any job, 53% of respondents from this ‘learning generation’ asked for learning new things or having access to learning or professional development opportunities.
“For employers that cater to these needs, Millennials see value in loyalty,” the report stated.
“83% say they would prefer to work for one company for a long time, while 51% of Millennials working today imagine they will stay at their current jobs for four years or longer, if not until they retire.”