“A generation of job hoppers” is how Millennial branding expert Dan Schawbel described Generation Y workers in a recent Human Resource Executive article.
“While older generations are looking for salary and benefits, Millennials are looking for meaningful and flexible work,” Schawbel said in the article. “What they want from their jobs is different, and that’s why they leave in a couple years.”
And indeed, Millennials typically are switching jobs at a swifter rate than previous generations. A recent study found 60% of Millennials leaving their companies in less than three years, with the average cost to replace that employee between $15,000 and $25,000.
For managers and companies focused on retention, these figures can prove daunting. Yet steps can be taken to help boost your odds of keeping your best millennial workers longer.
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