Are you constantly feeling like your Millennials are one bad day away from walking out the door? A lot of employers are. Lately, it seems that companies have to offer every benefit under the sun in order to make their company seem more attractive to top talent. Attracting Millennials these days is no easy feat, especially with such fierce competition for jobs.
Well, there might be one solution that you haven't considered yet.Ever thought about offering Massive Open Online Courses (MOOCs)?
Software Advice surveyed 1,500 job seekers (detailed results can be found in their full survey) and the numbers speak for themselves. Software Advice's survey shows that over half of the workforce between the ages of 18-24 said that having access to MOOCs for further development in their field would affect their decision to apply at a company. Additionally, 58% said that this would also affect their decision to stay with a company long-term.
See the charts in the below SlideShare for a more detailed understand of the statistics surrounding MOOCs.
Anything that can help you with your employee retention is going to be an invaluable tool. The amount of time and resources it takes to hire and train a new employee is something I'm sure many of you are familiar with - and if that employee decides to job-hop, you could be facing another onboarding process which is extremely costly and time consuming.
Don't have that kind of money to spare? Not many of us do. That's why you need to offer every option you possibly can to ensure that doesn't happen.
A MOOC is basically a free online course that helps further professional development. These courses are usually taught by experts in the industry. The Washington Post explains that, "These classes are aimed at expanding a university’s reach from thousands of tuition-paying students who live in town, to millions of students around the world."
Your company can choose to create its own MOOC, or you can subscribe to a MOOC hosting site for a relatively inexpensive monthly fee. It can save your company a lot of time and money if you can collect a library of the most relevent MOOCs for your new hires or current employees to enroll in.
Another huge benefit of MOOCs is that these courses can serve not only as a learning platform for current employees, but they are also a fantastic way to streamline the onboarding process for new hires.
The beauty of these classes is that they allow students to learn at their own pace - one of the biggest issues
that is faced in the classroom. With MOOCs, Forbes article explains that, "The majority of learning happens not with a professor lecturing the students but by giving students access to course materials and having them probe, discuss, and debate issues with fellow learners as well as the professor."
Johnson outlines a few predictions about MOOCs, one being that, "The ability of massive open online courses to deliver exactly the same experience simultaneously to thousands and thousands of students breaks the mold of traditional university education. We can all see their potential to increase access to education and reduce the costs of education.”
The corporate training industry is a mutli-billion dollar industry, and these MOOCs are storming in and disrupting it. Perhaps this sector of the educational indstury could use a little jostling. What MOOCs offer is something unlike anything the workforce has ever seen before, and that kind of innovation is exactly the kind that tends to take off.
Forbes predicts that companies will have to adapt MOOC in one way or another, otherwise they will risk falling behind in the future of education. Refusing to acknowledge that this trend is sweeping the nation is simply not an option.
Researcher Erin Osterhaus at Software Advice explains the driving force behind Millennials leaving or staying at a job, "Millennials have become notorious for their tendency to job hop. In fact, a recent survey found that 30 percent of companies had lost 15 percent or more of their Gen Y employees within a year of their hire date. As such, employers will need to offer extra incentives to retain these young workers. Massive Open Online Courses (MOOCs)--free or low-cost classes created by subject matter experts--might be just the thing to retain and engage Millennials."
If you've been having trouble retaining your Millennials - this might be a great option for your company to look into. If you don't, someone else might.