(NewsUSA) – Everyone seems to have an opinion on the Millennial Generation — ranging from lazy and disloyal, to unique and misunderstood. And now there’s new data that suggests this often-analyzed age group has yet another distinction to overcome.
Online career network Beyond.com (in partnership with Millennial Branding) has just released results from a joint survey that polled hundreds of HR professionals across the country, with 87 percent of respondents disclosing that it costs between $15,000 and $25,000 to replace each Millennial employee they lose. Recent data shows that 40 percent of companies are now employing at least 50 Millennial workers (ages 18-31), and a staggering 60 percent of those workers are likely to leave within the first three years of hiring. This means that any employer who wants the youngest talent is going to have to pay the highest price.
So, what is it about Millennial employees that makes them so expensive? According to Joe Weinlick, VP of Marketing for Beyond.com, it’s a combination of two things: finding them and training them.
“Given the cost of hiring a new employee, some companies prefer to hire a more experienced employee who will require less training,” said 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.”
Finding the right Millennial worker is not as easy as just posting a help-wanted ad, and recent data suggest that there continues to be a communications gap in how generations interact with each other. For example, while the Millennial age group tends to live on social media, not many HR professionals surveyed use those mediums to find their workers. The overall majority (62 percent) use traditional job boards and corporate websites to recruit, with social networking sites trailing far behind in the single digits.
Other surprising results from the Beyond.com survey found that while healthcare remains an issue closely tied to job creation and growth, a mere 14 percent of HR professionals reported that Millennial job applicants inquire about healthcare benefits during the interview process. This might signal further disconnect in what the media view as important, and what Millennials really 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.”