Stop the Bleeding with Employee Turnover

Any way you look at it, employee turnover is costly. From recruiting to lost productivity, you should aim to hire and retain. Unfortunately, it's not always as easy as it sounds. Whether you're currently experiencing high turnover or you have a good retention track record, pinpointing trends can help isolate causes and improve best practices.

For example, you might find age as a contributing factor. Are you seeing younger employees leave at a faster rate than mature staff? Probably. According to the Bureau of Labor Statistics, the median tenure of workers ages 55 to 64 is just over 10 years—three times that of workers ages 25 to 34 years.
Tips for retaining millennials:

• Company culture matters all around, but investing in activities to foster meaningful emotional connections will affect whether or not employees like to come to work.
• Don't skimp on training. The first few weeks are critical to establish rapport, create trust and start building skills. Many studies show that a large percentage of employees are still looking for jobs during this honey moon period, so it's up to you to keep them focused and fulfilled.
• Younger employees feel pressure to advance their career. Encourage consistent development, establish mentor programs (or mentor them yourself), promote from within and develop career tracks.

Regardless of the composition of your employee pool, getting ahead of turnover is a smart investment of time and resources.

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