Reaching Millennials: A New World

Millennials are the newest — and largest — part of the workforce. And they have needs and approaches that differ markedly from those of their older compatriots, including how they learn. Those who serve and administer retirement plans are wise to pay attention to, and respond to, their unique characteristics.

Failure to connect with Millennials in a “meaningful and sustainable way” can be a big mistake, says a recent white paper; in fact, the paper says, “it’s costing a fortune.”

“The Disappearing Act: Why Millennials Leave Companies — And How L&D Can Entice Them To Stay,” a recent white paper by the learning technology company Grovo, stresses the importance of using learning and development (L&D) in order to do that.

The paper argues that L&D “holds the key” to retaining Millennials and suggests ways in which employers (and those who serve retirement plans as well, for that matter) can teach Millennials effectively. Among the steps the paper advocates are the following:

• provide daily development opportunities;

• offer personalized training;

• help them to learn by doing;

• teach them a wide variety of skills;

• give them continual access to high-quality training through digital tools;

• make learning part of the workflow;

• teach them in short bursts, such as short video clips or other “micro”

• learning forms to make material easy for them to access, search and consume;

• facilitate informal discussions; and

• make real-time announcements and updates.

Employers also should keep in mind that “contextualized, personalized and on-demand experiences” fueled by technology are part of Millennials’ life experience, Grovo Director of Learning Innovation Alex Khurgin told Chief Learning Officer.