By Rajeev Behera, CEO of Reflektive
Gone are the days when “job hopping” placed a big red flag on a résumé. Today, young employees move up by moving on. Median employee tenure among 25- to 34-year-olds (Millennials) is just 3 years versus 10.4 years among 55- to 64-year-olds (Baby Boomers).
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People no longer fear that job hopping will cost them career opportunities, but replacing a good employee is painfully expensive. A study from the Center for American Progress pegs the cost at between 16% of annual salary for high-turnover employees and up to 213% of salary for highly educated executives.
Some employees job hop to upgrade their pay and title. In most cases though, people leave their company because they’re disengaged. Which could mean they don’t care about their work at all. In contrast, engaged employees—those who are passionate, motivated, and invested in the company’s mission—tend to stick around.
To engage employees, and prevent your company from guzzling talent, take the following measures.