If your organization is a boat and the employees are the crew, then current research says your boat is most likely taking on water. Especially if you’re in tech.
How? It turns out retention is becoming such a serious problem that many organizations are launching initiatives to address it.
So, who is leaving these companies? Well, everyone, but the millennial generation is quickly becoming the main focus.
Learn the art of millennial retention, and you will find your sea legs, your organization will grow, and your boat will find wind in its sails.
How big is the problem?
Not convinced your boat is sinking? Maybe these stats will change your mind.
ADP’s Job Workforce Vitality Index states that while there was a meager 1.9 percent growth in jobs in the U.S., there was also a 27 percent turnover rate. In just one year, there was a 4.3 percent increase in turnover from 2016 Q2.
The Bureau of Labor Statistics, reporting on all job sectors in the U.S., says, “Quits have increased since a low in September 2009 and have surpassed pre-recession levels. In May 2017, there were 3.2 million quits and 1.7 million layoffs and discharges.” More people are voluntarily leaving their jobs than are being laid off or discharged.
The Society of Human Resource Management reported in 2016, “Tenure fell for both men and women and across most industries.”
- Median tenure for men declined from 7 years to 4.3 years.
- Median tenure for women dropped from 5 years to 4 years.
- 23 percent of employees left with only one year of tenure.
This content is available to IABC members only. To continue reading, log in below.