Factors listed in the high costs of millennial employment was the revolving door of millennial talent, the costs of retaining millennial employees and salaries.
Nearly 60 percent of employed millennials will leave their job within three years of being hired, an increased ratio of 2 to 1 compared to previous generations, the survey says. A large number of respondents – 79 percent – said they were "optimistic" about keeping millennials at their company, with many saying they can't afford not to.
More than half of the survey's respondents, 51 percent, said millennials were the most expensive to train and develop, citing that it takes between three to seven weeks to fully train a member of Generation Y. The survey also revealed that it costs $15,000 to $25,000 to replace a millennial worker when they leave a company.
Half of the companies also stated that millennials are earn $30,000 to $50,000 a year in salary, with 15 percent of respondents saying they earn more than $50,000 yearly.
So, how do you keep a millennial employee? The survey says millennials cite a " good cultural fit" as an important factor to staying with a company. The survey's respondents also say that they often lose their millennials to their competition.
HR professionals cited millennials receiving a better offer, their career goals not aligning with their company and a lack of career opportunities at their current company as factors in losing an employee.
"Companies continue to struggle retaining my generation, and as a result, it costs them a lot of money and productivity that they could be saving if they created a stronger corporate culture to support them," Millennial Branding founder Dan Schawbel said in a news release.
The survey projects that by 2014, millennials will make up 36 percent of the workforce in the U.S.; by 2025, and the number could expand drastically, to an estimated 75 percent of those working globally.
The survey did reveal that healthcare is currently not a major concern for many millennial hires.
"The Millennial Generation has learned to be two things during the recession: resilient and nomadic," said Beyond.com founder and CEO Rich Milgram said. "As the job market improves, the level of confidence will improve along with it and cause many in this age group to reevaluate their current situation, possibly seeing value in seeking greener pastures."
Studied as the most diverse and "politically progressive generation in modern history," millennials, or Generation Y, are the children born between 1981 and 2000, and were the first to "come of age" in the new millennium, according to the Pew Research Center.
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Donnell Goodbread (compliments of HCSO)
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