12 Jun Retaining Millennials with Mentoring
Sixty percent of millennials leave their jobs in less than three years because they don’t think they have the opportunity to advance.
With replacement costing up to six times an employee’s annual salary, that lack of retention has a significant effect on a company’s bottom line. Increased turnover equals less profitability — always. Thankfully, voluntary turnover rates are within management’s control.
The most effective way to increase retention rate among millennials is to offer a digitalized mentoring program. Nearly nine out of 10 (87 percent) millennials expect their companies to invest in training opportunities for them, and three out of four want a mentor. These employees are looking for connection, guidance, and a clear path toward advancement. When they receive what they expect, retention rates soar.
Our upcoming webinar describes how to better retain employees, including Millennials. Register here.
Automated mentoring has been shown to increase employee retention by as much as 20 percent. This is because corporate mentoring helps employees connect with peers, learn new skills, and reach their career goals. An effective mentoring program also can improve productivity by 88 percent, confidence by 62 percent, and interpersonal effectiveness by 63 percent. But not just any corporate mentoring program achieves these kinds of results.
Mentoring that Works for Millennials
The best mentoring programs take into account employees’ attitudes, desires, and preferences and offer a variety of options for connection and interaction. For millennial workers, that generally means an automated mentoring software solution.
“Millennials are digital natives,” explains Trish Jones, Principal at eMentorConnect. “They were born during a time when digital technology was ubiquitous. They don’t know life without it. It’s an integral part of everything they do. So they bring into the workforce the expectation that they will have digital technology that supports them in all areas of their career, including mentoring. And, importantly, they choose employers who have easy-to-use mentoring tools to help them find an advocate at work.
“A digital solution like our KNOX® platform gives millennials what they want. It’s intuitive, easy to use, and available on all their devices. Critically, it’s also ideal for program administrators as it makes setting up, running, and scaling mentoring programs seamless.”
Reaping the Benefits from Day One
While 60 percent of millennials voluntarily leave their jobs within three years, nearly 35 percent start looking for a new job within 12 months . The right mentoring technology helps companies retain those employees from day one.
“The marketplace data is clear that, in the past, the primary impediment to organizations running mentoring programs was that they were time intensive and hard to scale,” says Jones. “KNOX changes that.”
Automated mentoring software like KNOX enables program admins to pre-build customizable mentoring programs that suit a variety of employee and corporate needs, including mandatory onboarding programs, voluntary skills programs, leadership development programs, and diversity inclusion programs. When employees have access to these kinds of programs at all times — and from wherever they are — they feel supported and motivated, from their first day of work onward. That’s the kind of engagement that ramps up retention.
Schedule a demo to learn more about the power of an automated mentoring program to help you better retain and prepare your millennials to lead your company.