Recent graduates from the millennial generation are predicted to represent 36 percent of the American workforce by 2014. This is according to a study by Millennial Branding, a research and consulting firm, and The Career Network. The survey, conducted among HR professionals in different industries, found that 60 percent of millennials leave a job within three years at a replacement cost of $15,000 to $25,000 per employee.
Despite these bleak statistics, 79 percent of HR professionals were confident that they would succeed in reducing turnover rates for the millennial generation and recent college graduates. HR manager motivation comes from the loss of talented individuals to competitors who are able to attract passive job seekers.
Millennial Branding suggests the use of retention strategies to attract and retain top performers. According to the research, millennials chose to leave positions because they received a more lucrative offer from another company (30%), their career goals were not met (27%), or there was a lack of career opportunity (13%). Any retention program must include factors that address these concerns.
- Flexibility in the workplace is important to millennials. Flexibility can be in the form of alternative work schedules or remote work, the ability to use cell phones and personal electronics at work, training programs, and community service activities.
- Hire with company culture in mind and ensuring that candidates are a good fit with the organization is the key to longevity. This can be ensured by hiring staff on a temporary contract basis before commitment to a permanent contract.
- Hold all employees accountable for their productivity. Nobody likes to be micro-managed. If a company is well-managed and, as long as deadlines are met, employees should be trusted and responsible for their projects and workload.
Dan Schawbel, contributor to Forbes, agrees that an overly controlled work environment can be stifling; whereas quality performance should be encouraged and rewarded. As a performer grows within an organization, the value of that individual increases and becomes more expensive to replace. Companies should invest in the professional growth of their top performers and engage them in company strategy.
If you’re looking to hire top talented college graduates, then contact the professionals at All Quality Labor. We have the experienced recruiters on hand to assist you with your hiring initiatives!