Turnover in the workplace is a growing issue. The youngest and largest cohort of workers--millennials--are frequent job changers. Some forecast that millennials, who are between the ages of 22-37 in 2018, will change jobs 13 times over the course of their careers. This trend of high millennial churn isn’t just a challenge for HR and hiring managers—it hurts the bottom line for businesses.
According to a Gallup report on the millennial generation, millennial turnover costs U.S. companies more than $30.5 billion annually. Yes, that’s thirty billion dollars every year. So, what can companies do to make a difference?
Using technology to reduce millennial churn
While the majority of millennials (55%) are not engaged in the workplace, according to Gallup, they are interested in career opportunities where they can learn, grow, and advance. According to Peoplefluent, 89% of millennials think it’s important to be “constantly learning” at their job.
Forward-thinking companies are turning to learning, development and recognition technology like digital credentials, which make learning and training more tangible and engaging for millennials. These are a few of the benefits of digital credentials:
Digital credentials are highly visual and shareable. Credly’s digital credentialing platforms are integrated with social media channels, including LinkedIn and Facebook, making achievements easy to share.
Digital credentialing programs help identify existing talent. When companies are ramping up new initiatives, millennials can stand out by the digital badges they’ve earned for skills mastered.
- Recognition technology gets results. Companies that incorporated employee recognition technology saw a 48% increase in employee engagement across all stages of workers, according to a report from O.C. Tanner Institute.
Credly works with thousands of organizations to create and manage digital credentialing programs that get results. Fill out the form below to learn more about how digital credentials can help your organization reduce millennial churn.