Think about the best job that you’ve ever had.
What made you love it so much? The people? The service or product you created for the world? The challenges you learned to overcome?
During your time there, how did your employer make you feel? Valued? Cared for? Invested in?
Had you not felt those things, would you have enjoyed it as much? Would you have stayed as long?
My guess? Probably not.
For me, my favorite jobs have been those in which I have felt like a valued member of the team; someone that the company and the leadership are eager to invest in and develop. I am growing constantly, learning how to conquer new challenges, how to do my work better and more efficiently, how to provide innovative solutions for my clients, and how to communicate better both internally and externally. My boss makes it clear that my personal and professional development is important to him and good for the company.
I feel important.
I know – what a millennial.
As the workplace gets more saturated with millennials (supposedly 50% by 2020), organizations must figure out what they’re going to do to attract, and more importantly, keep millennial employees. Considering it’s been projected that millennials will have 3-5 different careers—not just jobs, but actual careers, in our lifetime—it’s easy to see that millennials will jump from a job pretty quickly if they don’t like it.
Employees jumping ship is costly to organizations. HBI analyzed the turnover cost at one 5,000 bed organization – expenditures of training, productivity losses, backfill, and recruitment cost between $27,000 and $32,000 per position for patient access representatives. Yikes.
How can organizations keep these costs under control? How can we keep employees, millennial or not, from jumping ship? One solution is to make them feel valued and important by investing in their personal and professional development. When the organization sends the message to its employees that their growth matters, those employees will be more likely to reward the organization with their loyalty.
Providing effective, engaging learning opportunities that meet the needs of staff will help organizations retain their employees, contain costs, and improve satisfaction.
Contact HBI to hear about the innovative ways we’re helping organizations develop their staff.