Whether you know it or not, a lot of your employees are probably job-hunting on the job. And you can guarantee this is true if the employees in question are Millennials.
According to the Bureau of Labor Statistics, the average job tenure for all groups above 25 is 5.5 years. But when you look at the data around employees between 25 and 34 years old, the average job tenure shrinks to three years. Narrow that window down to only those employees between 20 and 24 years old and you’ve got an average job tenure of a miniscule 16 months.
What does this mean for companies? Sheer chaos. Businesses invest a great deal of effort into recruiting and training the right employees for their organizations. So when these employees jump ship, the transition process places a heavy burden on a company’s resources. Estimates of the costs around replacing an employee vary; some studies, like that by SHMR, figure that businesses are set back six to nine months’ salary on average to replace an employee, while others estimate that the cost is closer to twice their annual salary.
To make matters worse, the problem is contagious. A “quitting” environment can cast a negative pall on the culture of your company, causing other employees to question their own commitment to staying put.
Employee retention isn’t a one-size fits all proposition. But amongst all the various needs and wants that employees seek from their jobs, there is, in fact, one thing that appeals to employees of age-groups. This benefit goes a long way towards keeping employees engaged and focused on their current job, not their next one.
Find out how your company can increase its success in retaining employees and building a culture of irresistible engagement.