At a time when the employee turnover rate for millennials is three times higher than that of non-millennials, many companies have grown restless in their pursuit of new talent.
The 2014 Training Industry Report found that small businesses spend about $1,200 per employee on training. This doesn’t include the costs of recruitment, which can range from $1,000 to $5,000 per employee — a significant portion of any company’s budget. All of this investment is for naught if the employee departs after a year or two.
With unemployment at a historic low, you can’t blame millennials for making money moves. The economy is finally in their favor and they are eager to shake off their crushing student debt. Still, companies are left banging their head against the wall trying to figure out the best way to attract and retain talent.