The research on the impact of L&D is clear and it has become clearer to me throughout my eight years of studying how to attract, engage, and lead the emerging generations.
The entrance of Generation Z into the workplace and Millennials stepping into leadership positions are quickly exposing how irrelevant, antiquated, and inefficient many organization's training is.
Considering only 29 percent of Generation Z believe they have the skills and knowledge to thrive in the workplace, the importance of learning and development will accelerate.
The New Challenges of Training
- Millennials and Generation Z need new skills.
Training has to deliver cutting-edge content to equip them. (For example, 21mill.com provides content specifically built to help Millennials and Generation Z overcome the new workplace challenges they face.)
- Millennials and Generation Z learn differently.
Training must be reimagined to ensure they use, apply, and enjoy it. (Read this to learn how to train Millennials and Generation Z.)
Organizations are falling behind fast in their ability to offer learning and development programs that prepare and engage Generation Z workers and transform Millennials into organizational leaders.
The stakes of bad training have never been higher than they are today. Long, antiquated, and non-transformative training harms the recruitment, engagement, and retention of Millennial and Generation Z employees.
Training Millennials and Generation Z can be challenging but the payoff is worth it.
6 Bottom-Line Boosting Benefits of Better Training
1. Improved Recruitment
The #1 factor emerging generations consider when starting a new job is sufficient training. (It's also the top factor for evaluating whether or not they made the right employer choice.)
2. Enhanced Engagement
Eighty percent of the emerging generations say an emphasis on personal growth is the most important quality of a company's culture. And employees are 3.5x more likely to be engaged at work when given meaningful weekly feedback.
3. Decreased Turnover
Seventy-one percent of the emerging generations who are likely to leave an organization within 2 years are dissatisfied with how their leadership skills are being developed.
4. Increased Market Position
Sixty-six percent of organizations that view L&D as critical to success had a stronger market position than their competitors.
5. Equipped Employees
Sixty-two percent of Generation Z want to learn in order to improve at their jobs.
6. Developed Leaders
Every person deserves to work for a great company. Great companies require great training.
Be the hero your next generation employees need by offering robust learning and development opportunities.
[Full Disclosure: I am a Partner at 21mill.com.]