We specialize in Multi-Generational Workplace Coaching & Consulting
The U.S. Bureau of Labor Statistics has found that the U.S. voluntary turnover rate is 23.4% annually. It's estimated that replacing an employee costs a business one-half to five times that employee's annual salary. So, if 25% of a business' workforce leaves and the average pay is $35,000, it could cost a 100-person firm between $438,000 and $4 million a year to replace employees.
Perspectives on advancement
Gallup found that 60% of millennials say they are open to a different job opportunity -- 15 percentage points higher than the percentage of non-millennial workers who say the same. It's possible that many millennials actually don't want to switch jobs, but their companies aren't giving them compelling reasons to stay. When millennials see what appears to be a better opportunity, they have every incentive to take it. While millennials can come across as wanting more and more, the reality is that they just want a job that feels worthwhile -- and they will keep looking until they find it.
A 2012 survey by Net Impact found that 88 percent of millennial workers considered "positive culture" important or essential to their dream job, and 86 percent said the same for work they found "interesting." They like trying out a variety of roles and workplaces while learning new skills along the way.
Who is iGen?
One in four Americans is a member of iGen (born 1995 to 2012)--the most ethnically diverse generation in American history. Drawing from four major databases including 11 million surveys, we know that iGen is physically safer than any other generation but that depression and anxiety have risen at unprecedented rates and twice as many young teens commit suicide as just a few years ago
CFO’s rate communication, adapting to change, technical skills, and cross-departmental collaboration among the greatest differences among employees from different generations (Lipman, Victor, Type B Manager, 2015).