Do You Have A Retention Problem With Millennial Workers? – Here Are Three Solid Retention Strategies For Leaders Of Milennials!
So you just hired a bunch of millennials? What can you do to ensure they stay with your company past a few months? According to various researchers on this subject matter, employershave found it very difficult to retain Millennial workers and the U.S. Department of Labordiscovered that from 2004 to 2014 individuals between the ages of 20 and 24 stayed with anorganization for 1.3 years while the average employee between the ages of 25 and 34 stayed with an organization between 2.9 and 3.2 years.
Although these numbers have gotten better over the past two years, the U.S Department of Labor stated in January of 2016 that individuals between the ages of 18-35 years of age had an average tenure of 1.6 years per job. In addition to these studies, other experts on this subject matter have sought to discover why the turnover rate is so much higher with Millennial workers because the cost of turnover can be more than 150% of a lost employee’s annual salary.