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June 2017  Volume 15, Number 6        
 

This Just In ...

Cut Turnover Costs by Offering Millennials Education Benefits

New research reveals that employers can reduce the costs of recruiting and training replacements by offering Millennials—a generation that forms the largest part of the workforce and changes jobs an average of 15-20 times over their careers — educational benefits that they can share online.

“Millennials — the ‘pics or it didn’t happen’ generation — chase external validation through online recognition of their achievements,” wrote Rachel Carlson and Jonathan Finkelstein in an article for Employee Benefit News. “Digital badges and credentials, shared on social media, enable savvy employers to offer currency that younger employees value. Millennials famously eschew the corporate perks that cultivated ‘loyalty’ among their predecessors, but they clamor for education as a benefit.”

Currently, Millennial turnover costs American companies more than $30.5 billion annually. An analysis by Discover Financial found $2.73 in savings for every dollar spent on education assistance for Millennials.

“As credentials make the move from office walls to social networks, they serve as powerful tools for validation, allowing people to showcase what they’ve learned and take pride in the skills they’ve developed,” Carlson and Finkelstein wrote.

For more information about how educational benefits can reduce Millennial turnover, please contact us.


 

 

 

 

In this issue:

This Just In...

How Employers Can Curb a ‘Hidden Workplace Epidemic,’ Save Money and Boost Productivity

Bill Would ‘Alter the Legal Landscape’ for Workplace Wellness Programs

Retirement Policy Likely to Change Radically in Near Future

Benefits Paid to Long-Term Care Policyholders Rise 6 Percent

 

 


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