Millennials are not happy with business these days. A new survey out from Deloitte shows that millennials’ confidence in business, as well as loyalty to employers, is deteriorating. And, only 36% of millennials surveyed believe they have the skills required for the technology transformation of Industry 4.0.
That’s a bleak outlook, but there is a silver lining: millennials and business are finding common ground when there’s a focus on stimulating work environments and talent development, according to the report. Other good news: Peoplefluent found that 89% of millennials think it’s important to be “constantly learning” at their job, which is something employers can work on.
Why does making the millennial workforce happy matter so much? Because soon they will be the workforce--by 2025, 75% of global workers are expected to be millennials. And, right now, they aren’t feeling so loyal. According to the Deloitte Millennial Survey 2018, 43% of millennials envision leaving their jobs within two years and only 28% seek to stay beyond five years. This millennial churn is costing U.S. companies billions of dollars annually.
What can impact this trend? Forward-thinking companies are turning to learning, development, and recognition technology like digital credentials, which make learning and training more tangible, more empowering, and more engaging.
More staff training is a now a vital componant to the modern workplace. IBM, who offers free courses for staff, and then issues badges to verify the achievement, says that the need for digital skills has risen from 30% to 80% in the last five years alone. Digital skills encompass everything from IT, Internet of Things (IoT), Artificial Intelligence, and cyber security.
“In a 21st-century career, the individual and his or her experiences take center stage. Instead of a steady progression along a job-based pathway, leading organizations are shifting toward a model that empowers individuals to acquire valuable experiences, explore new roles, and continually reinvent themselves,” according to the 2018 Deloitte Global Human Capital Trends report.
Digital credentials help individuals gain recognition for their achievements--and make those achievements portable, verifiable, and discoverable. Digital credentials live with the earner, regardless of when or where they earned the credential, and the earner always has access to the credential and control of when and how it’s put to use.
This shift in focus to learning and development can also help millennials feel more prepared for the technology, automation, and artificial intelligence advancements transforming business for Industry 4.0. Soft skills--critical thinking, communication, problem solving, leadership--will be in high demand, and millennials think businesses should take a lead role in getting people ready, according to Deloitte.
To learn more about how digital credentials can help engage and retain the millennial workforce in your organization, contact us using the form below.