According to RecruitingDaily, “With average turnover among Millennials (the biggest demographic in today’s workforce) at 33 percent, you’re effectively hiring an entirely new company every three years.”
Unquestionably, Millennials have been instrumental in pushing organizations to change the way they find and retain talent. In such a fast-changing employment and skills landscape, are you confident in your organization’s ability to anticipate and prepare for future workforce needs? Your recruiting methods and strategies are increasingly critical for your company’s short- and long-term success.
If you are having a hard time finding and hiring talent, now is the time to improve your talent acquisition strategy. After all, the U.S. Bureau of Labor Statistics predicts by 2030 this hyper-connected, tech-savvy generation will make up 75% of the workforce.
To prepare for this rapidly-approaching horizon, we've listed a few key findings from leading research, "How Millennials Want to Work and Live," so you can better understand Millennials' profound impact on engaging, recruiting, and retaining valuable talent.
Millennials change jobs more often than those of any older generation, and 60% say they are open to a different opportunity.
Only 7% of Millennials are currently unemployed, 10% are employed part-time but would prefer a full-time position.
55% of Millennials are not engaged at work and feel unattached to their current role and company.
21% of Millennials report changing jobs within the last year, which is more than three times the number of other generations.
Millennial turnover due to lack of engagement costs the U.S. economy an estimated $30.5 billion annually.
Only 50% of Millennials strongly agree that they plan to be working at their company one year from now.
36% of Millennials report they will look for a new job opportunity with a different organization in the next 12 months.
With such a large portion of the workforce being a flight risk, it is critical for your organization to recruit and retain employees effectively. With ENGAGE, you can quickly analyze retention risks across the workforce, engage with new talent pools, and conduct market and talent research – all in one platform!
Ready to learn more? Contact us to find out how you can uncover what's happening now in your talent ecosystem, predict what will happen next, and act on this knowledge to better recruit, engage, and retain valuable talent.