27 Nov 3 Smart Investments to Help You Retain Millennial Employees
Article by Liz Kislik for Entrepreneur
So many millennials seem to leave in a year or two, taking your investment in training and development with them. Here’s what to do to keep them engaged.
A common refrain I hear from business leaders is, “We hire them, we train them and then they leave!” Those leaders are referring to millennials, who have been a management punching bag for a while, and are starting to be joined by Gen Z.
Turns out these leaders aren’t wrong: Gallup research has found that millennial turnover is over three times the rate of other generations; Gallup also estimates “that millennial turnover costs the U.S. economy $30.5 billion annually.”
The thing is, though, that many millennials actually want job security. According to a recent study commissioned by Bridge, “nearly 90 percent of millennials are looking to grow their careers within their current companies.” So, that means that as an owner, you’ve got plenty of opportunity to retain them if you’re willing to make the effort. Many employers assume they’ll have to offer Silicon Valley-style perks to retain millennial employees, but that’s not necessarily true.