Employees Will Work for Less $$$

By 2025 most projected models state that about 75% of the workforce will be . . . MILLENNIALS! I know a couple of business owners that are terrified of that thought. If that’s you, let me share a few facts and suggestions to help you prepare for the inevitable.

TRUUE reports that millennials rate work culture 8.5/10. If that stat doesn’t get your attention, this TRUUE quote should, “What’s more, millennials on average are willing to give up $7,600 in salary every year to take a job that is a better culture fit for them.”

In the Gallup report, “How Millennials Want To Work and Live,” the survey states 87% want professional growth and development. Professional growth and development is a crucial element in creating an influential and healthy corporate culture.

Here’s why businesses should create a strategy for developing their leaders and team members:

• There is an increase in job satisfaction
• Morale is boosted when employees feel the company is investing in them
• Employees are more motivated
• Training and development creates the mindset that the employee is valued
• Efficiency in the business is increased leading to more productivity and lower costs
• Regular training and development creates an atmosphere where new ideas and change are more readily accepted and applied
• When good employees feel stagnant, they leave

There is a cost for training and development.  BizLibrary, who also quotes the Gallup survey, states, “When employees don’t feel valued and developed, they become disengaged, and loss of engagement always equals loss of money. Gallup estimates that $300 million is lost each year due to actively disengaged employees.”

A quick summary, a TRUUE survey tells us that millennials would work FOR LESS in a culture that fits them. And BizLibrary states that when employees don’t feel valued or developed, they disengage, which costs the business money, lending to Gallup’s $300 million estimate.

• What is the value of a healthy culture to your business?
• What is the cost of recruiting and training a new employee?
• More importantly, what is the cost to your business in time and money when an experienced employee leaves?

As a Dual Track consulting firm, DREAM4 is in a unique position to work with everyone in your business, both top-down and bottom-up. We understand how vital a healthy culture is to the entire workforce and your clients.

Currently, 88% of our professional and personal participants have improved or achieved a goal. We also carry a 100% client retention rate. 

Are you prepared for the MILLENNIALS? Read our blog from last week for more employee retention strategies and let us help you answer that question with a confident, “Yes.”