Employee turnover is one of the most vexing problems HR professionals face. But it's not all doom and gloom. Improving your company culture can help you keep valuable employees engaged, satisfied, and stoked to stay with your organization for the long haul.
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.
Data released this year by the Bureau of Labor Statistics (BLS) found that in 2012 the median annual wage for HR specialists was $55,800. The lowest 10% earned less than $32,770 while the top 10% got paid more than $95,380.
Working in the consulting field, I’ve learned that without a good bench, your ability to win and deliver work will quickly dissipate. Stack your bench with strong talent that you can pull at a moment’s notice to staff a project and you’re golden. Here’s how to do it.
If your company is employing millennials, this means you’ve successfully wooed them with a laundry list that starts with career opportunities aligned with personal goals, and a brand of curiosity with a proven track record of internal hiring. Congratulations. Now, how will you keep them there?