With 35% of today’s US workforce being made up of millennials, and soon to be 75% of the global workforce by 2025 - Understanding how millennials value technology is important to consider when evaluating employee retention. An engaged workforce is not only more productive, but also reduces employee turnover in a big way. Outdated technology not only prevents employees from doing their jobs efficiently, but in many cases can insult employee intelligence, test their patience, and overall can lead to a lack of confidence in their leadership teams. They may worry that their happiness and success aren’t worth the time and effort for technology upgrades, and they could end up looking for more innovative companies with the same values for tech advancements.
Millennials have grown up with technology. In fact, they’re the last generation to remember a world without the internet in every home. Since they have had such widespread exposure to the evolution of tech, they expect technology to be a part of their work culture as well. - Sunny Tsang [Millennials and Technology in the Workplace: Improve Engagement]
Due to their nature of using technology to transform workflows and increase workplace efficiency, Millennials are more likely to push for tech advancements than any other generation. Ignoring these requests can have significant and costly consequences that can cause your business to loose good employees with innovative minds and valuable skill-sets.
Replacing a single employee costs your business on average about $34,204 USD in lost productivity and hiring efforts. Here’s an estimated cost breakdown:
- Training period / lost productive time (~28 weeks): $28,123
- Hiring contract workers until permanent replacement is found: $4,040
- Time spent interviewing candidates: $856
- Recruitment fees: $515
- Advertising job opening: $444
- HR processing time: $226
After the cultural shift caused by the pandemic, employees need technology that supports a modern, flexible workplace. It’s time to show employees that you value them enough to invest in new technology that makes them efficient, successful, and ultimately stick around.
For industrial operations and desk-less workers who need to operate remotely - they especially benefit from being equipped with technology that grants the mobility and flexibility needed to work anywhere on, or off-site. Without the wasted time of needing to travel to their main computer terminal to complete mandatory tasks like filing reports, creating work orders, or searching for information, desk-less workers are happier, more productive, and are much less likely to leave.
According to the Nintex report, turnover across industries has steadily increased since 2011. The retention crisis depends not only on a natural tendency but there is another huge part of the equation: broken corporate processes prevent employees to maximize their potential. Daniela Di Noi - [Do workers still waste time searching for information?]
It’s time to empower your organization to be a place where employees have the freedom to keep moving forward by fostering innovation as a part of your company culture.
Ready to innovate? We’re here to help you get started.