By 2020—just a few short months away—millennials will make up over 50% of the workforce. If you don’t understand your company’s average millennial retention rate (not your overall retention rate), it could be costing you a lot.
The average millennial stays in a job for only 16 months. At an average cost of $36,000 to replace a millennial employee, rehiring costs quickly add up. And these costs are usually not in anyone’s budget, so the losses come out of company growth, R&D, or profits.
But not all millennials leave. In this podcast, Dr. Kent J. Wessinger, millennial researcher and author of Bridges Over Ladders: Secure growth and fortify profit with millennial employees, customers, and members, shares the single most important thing your company can do to help retain your millennial employees and the simple ways to do it. Listen now.