In May, an impressive statistic was released from the Bureau of Labor Statistics. Unemployment hit an 18-year low at nearly 4% across the country. While there are plenty of workers finding jobs that make them happy, there are also plenty of business suffering from employee retention issues. However, simply fixing their strategies for coaching millennials can really help businesses across the country!
Members of the Millennial generation were born between 1981 and 1996. Some people think that millennials are hard to understand but that is not true at all. So it is quite wise for businesses to invest in some serious retention speaker strategies for coaching millennials. After all, there are some multigenerational workforce challenges ahead.
Across the United States, nearly 40% of the workforce is comprised of Millennials. As a result, there is a huge group of people misunderstood and underappreciated by workforces and business. Therefore, businesses need to know how to deal with millennials in the workplace through coaching millennials and more!
Coaching Millennials Can Help Retain Employees
A recent study shows that adults between the ages of 18 and 34 desire feedback in the workplace. Also, almost 80% of all millennials prefer frequent feedback as opposed to traditional performance reviews. Therefore, workplaces need to understand how to integrate these strategies. After all, this makes coaching millennials so much easier!
According to PwC’s, PricewaterhouseCoopers, 18th Annual Global CEO Survey, 85% of the CEOs whose organizations have a diversity and inclusiveness strategy say it’s enhanced business performance. So there are businesses across the United States enjoying the benefits of integrating millennials into the workplace. This is a hard-working generation willing to go above and beyond to produce great results for their employers.
PwC’s 18th Annual Global CEO Survey also reported that while 64% of companies whose CEO participated in their study had adopted strategies promoting diversity and inclusiveness, only 8% included age as a factor in their DandI strategy. While this may be a surprise to some, age is a serious factor that CEO’s need to understand and consider. After all, if 40% of the workforce is made of millennials then that means they need to appeal to half of the workforce by coaching millennials!
Understanding Millennials and Coaching Millenials Go Hand In Hand
A study was conducted in which workers of all age groups were asked what kind of benefits they prefer and want. This revealed that 34% of all millennials and 40% of all other age groups believe healthcare is the most important benefit a business or job can offer. So this is one way that coaching millennials and understanding millennials are basically the same concept. Businesses can entice millennial by providing them with benefits that they want!
An international study across multiple generations of almost 1,800 employees discovered that 25% of all millennials want to make a positive impact on their organization. However, only 23% of all baby boomers and 21% of all gen xers want to do the same. This stat goes to show that businesses can benefit from working on getting millennials into their work safely and properly.
It is not hard to understand the best approach for coaching millennials. As a matter of fact, the return on this investment is absolutely worth the work. Therefore, it is recommended that businesses work towards engaging with millennials to get the most out of their workforce situation and more.
In Conclusion
For the first time in history, five generations are working side by side in the workplace. Business and companies across the country need to use this to their advantage. While some people foolishly believe in myths about millennials, other workplaces are thriving because of their strategies for coaching millennials. Therefore, any business that wants to truly succeed needs to integrate workers of all ages and more. That way, they have a group of employees engaged in their work with all kinds of different perspectives.