Cash Bonus or Training, Which Would YOU Choose?
If you are a Millennial you are likely to choose training over a cash bonus. In 2011, PricewaterhouseCoopers did an extensive study of the Millennial Generation, those who came into the workforce around the year 2000, and are now about 30 years old.
“For Millennials, training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is three times higher than those who chose cash bonuses. 98 percent believe working with strong coaches and mentors is an important part of their development.” PricewaterhouseCoopers, 2011
Does this surprise you? Consider this. The Bureau of Labor Statistics, reports that the average length of time with an employer is currently only about 4.1 years. Today’s employees are looking for opportunities to become more effective in their current role, and for insights that will help them advance their career over time as well.
The influence of the Millennial Generation of workers will continue to grow. By 2014, Millennials are predicted to make up 50 percent of the workforce a figure that will continue to increase as Boomers retire. Their values and principles will have profound impact on all age groups. How will your firm rise to the challenge of recruiting, retaining, and inspiring a vibrant motivated workforce?
Beyond job-related task learning, training for personal and professional growth is and will continue to be, highly valued by employees. In addition, training offers many incentives for employers including: improved execution, broadening of views, improved morale and stimulation of new ideas and thinking in the organization and help move teams to the next level of performance.
Options for training are plentiful. There are custom courses, public seminars and on-line webinars, just to name a few. Before you invest, it’s important to think about your organizational goals and how training can positively impact those goals. Also, think about the way your team can best learn and retain information. Aligning training opportunities to the goals of the organization, choosing a format that works for your team, collecting baseline data and then progressively collecting metrics after training, is a strategy that assures training will be worthwhile for both you and your employees.
To assist in the decision-making process, here are a couple of free videos that can help guide you as you think about personal and professional growth for yourself and your organization:
by Anne and Charlie Kreitzberg
Food for Thought: Powerful Questions for Self-Reflection
by Mary J. Lore
Our guest blogger is Maureen Foresman, Co-founder and CEO of Intellimins. Intellimins https://www.intellimins.com/ is a cloud-based technology company offering on-line learning solutions for business, government and education. The website offers 24/7 access to video solutions that users can view on PC’s, tablets and smartphones. Intellimins can produce and host both public and private content for individuals and organizations.