Millennials and Gen Z workers are passionate and searching for meaning in their work. It’s time to ditch the lazy and entitled cliches society attributes to these generations.
News flash: the promising new grad you just hired is already looking for her next job.
The numbers don’t lie – Generation Z and Millennial women are only staying at their jobs for an average of 18 months. In comparison, the national average for salaried employees is 4.6 years, according to an Economic News Release from the Bureau of Labor Statistics.
The American workforce has changed dramatically since Millennials came on the scene. This phenomenon has left many of us wondering why the ways we engage, reward, and retain employees have not changed with it.
Today, especially with a historically low national unemployment rate, companies cannot afford to lose their ambitious new talent. The costs of turnover and training can add up in ways that go beyond the measure of profit margins. Reputation, recruitment, and employee turnover can add up to about half of an employee’s annual salary. Let that sink in for a moment.
If you want to retain Millennials, your organization’s leadership must give them better reasons to stay.