Working for a purpose is especially important for millennials.

Published 11/18/2019
 
Working for a purpose is especially important for millennials. 
 
 
During times of high unemployment, employers are in the driver's seat. “Don’t like your job? Fine, try and find something else”. However, the last time we had this type of economy was in 2009, when in October of that year,unemployment in the U.S. topped out at 10%. Since then, the economy has been on a roll. And with this prolonged state of jobs chasing people, it’s the employees who are in the catbird seat. (The phrase derives from the commoncatbird's habit of making mocking calls from a secluded perch.) But enough with ornithology.
 
Common wisdom today says that millennials are job-hopping more than previous generations. However, the Bureau of Labor Statistics reports that Baby Boomers job-hopped in their twenties just as frequently as millennials.
Whether this is true or not, a Careerbuilder survey showed that 45% of employees plan to stay with their employer for less than two years.
 
As reported in Forbes, “Millennials can earn a higher salary, grow their career, change locations more frequently, and find a better cultural fit from job-hopping. The negative stigma is on its way out, so people should lean into the positive outcomes from making a change.
 
Most people assume that talented employees who change jobs frequently are always chasing a dollar. This may be partly true, but is only a piece of the puzzle. It’s true that most job-hoppers can raise their salary faster by changing companies than they can by going through the annual review cycle. It certainly doesn’t happen for everyone though.
 
According to Legal Technology Solutions (LTS) figures, in a healthy economic market, a 8-10% increase is about average for a job change. Other reports show as much as a 20% increase possibility.
 
In fact, staying at the same employer for over two years on average can cost you 50% or more in lifetime earnings.”
 
As reported in bambooHR BLOG
 
Average Cost for Onboarding New Employees
 
The starting point for the cost of onboarding is an average cost-per-hire of $4,125, according to a benchmark report from SHRM. But the cost of onboarding a new employee also includes several other factors, such as:
·      The hours managers spend training new employees—average cost: $1,296 per employee
·      Paper, printing, and office supplies—average annual cost: between $922 and $1,106
·      Training—$1,252 per employee on average
·      Tools and software employees need to do their work
·      New office equipment
 
With this in mind, what is a company to do? After spending thousands of dollars to bring someone on, it behooves any company to do whatever they can to retain the employee. The same study published in Forbes suggests that the better the onboarding process, the more likely it is that the company will be able to keep the employee longer-term. The following graphic provides a concise look at the results of effective onboarding.
 
Obviously, even the best, most effective onboarding process will not keep everyone from moving on. Perhaps your prize employee decides to go back to school and pursue an alternate path. Maybe they fall in love and move to another part of the country with their spouse. Sometimes life just happens and there isn't anything you can do, as an employer to change it.
 
If there is the possibility that you can convince your employees to stay, it's important that you ask them what it is they want out of their career, and do everything you can to make it happen for them. Any reasonable request or opportunity you can provide will help with their retention. If an employee feels valued, they are much more likely to stay put.
 
Our professionals at ASN are experts at taking the pulse of the marketplace and finding the right incentives to maintain your workforce. If you are looking for ways to enhance your employee retention, we can help. Just give us a call.