Everybody seems to have a different opinion about the Millennial Generation. These opinions range from lazy and disloyal to unique and misunderstood. There is new data to suggest that this group of people has another distinction.
They can be expensive.
Beyond.com, an online career network in partnership with Millennial Branding, has just released the results of a joint survey that polled hundreds of HR professionalsAcross the nation, 87 per cent of respondents stated that replacing a Millennial employee costs between $15,000 to $25,000 each. Recent data indicates that at least 40 percent of employers now have at least 50 Millennial workers, aged 18 to 31, and that a staggering 60% of those workers are likely leave within three years. This means that employers who are looking for the best young talent will need to pay the most.
Why is it that Millennial employees are so expensive? Joe Weinlick (VP of Marketing at Beyond.com), says that it’s a combination between finding them and training.
“Given the cost of hiring a new employee, some companies prefer to hire a more experienced employee who will require less training,”Weinlick. “As the economy improves, Millennial workers are gaining confidence and starting to job jump, which can make it tough for them because they’re not growing with a company. Things like ‘cultural fit’ and ‘workplace flexibility’ are crucial to people in the Millennial age group, and employers need to factor that into their corporate environment if they want to attract that talent.”
Posting a job ad is not enough to find the right Millennial worker. And recent data shows that there is still a gap in communication between generations. While the Millennial generation is more likely to use social media to connect with others, few HR professionals surveyed used these mediums to locate their workers. The majority of respondents (62%) use traditional job boards and corporate websites for recruiting, with social media sites falling behind in the single digits.
The Beyond.com survey also revealed some surprising results. Only 14 percent reported that Millennial job seekers inquired about health benefits during interview. This could indicate a further disconnect between what media considers important and what Millennials actually think.
“There is no doubt that Millennial workers are the leaders of tomorrow,” continued Weinlick. “It just depends on how long it takes for tomorrow to get here, and how expensive it will become in the process.”
