It’s no secret that more and more Millennials are hopping from one career to another. In fact, 91% of Millennials expect to stay in a job less than 3 years (Forbes) and the cost of replacing a Millennial employee ranges from $15,000 – $20,000. (Millennial Branding) Needless to say, retaining the right Millennial talent has never been more crucial.
To complicate Millennial retention further, technology and the Internet have enabled new avenues for entrepreneurship. So not only do companies have to compete against other companies wooing away their young talent, but they now have to also compete with Millennials’ passion and entrepreneurial aspirations. 54% of Millennials either want to start a business or already have started one (Kauffman). And 72% of Generation Z (the post-Millennial generation) want to start their own business. (Global Messaging)
Leveraging Millennials’ entrepreneurship desires are one strategy to effectively retain them as employees. This, along with the five other strategies below, will help you hang on to your future leaders.
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