One of the biggest differences many managers have reported in the new crop of employees they are receiving is that it is much more difficult to gauge if they plan to stay with the company. Since one of the most influential factors controlling labor costs is improving worker retention, many are wondering how to hang on to their best talent.
According to the Knoxville News Sentinel, University of Tennessee professor Elaine Seat recently stated that the top issue businesses in the U.S. are facing is holding onto workers in their 20s and 30s. Experts believe the most common cause for high turnover rates is promising a work environment to new recruits that doesn't quite meet their expectations.
"They don't stay like the boomers did because of a promise of, 'You are going to be here for life, and we are going to take care of you, then you are going to have a pension and retirement,' " Seat said. "... [T]he promise has to be, 'If you stay here, this is what is going to happen next' and it has to be pretty short term."
Seat added that the new generation of workers doesn't necessarily think in terms of staying three or five years, but rather, plans to stay as long as there is an opportunity for growth in the near future. The media outlet states that companies can improve turnover by investing in this need for growth, which can be as simple as asking employees if they would like to shadow a senior manager at a business meeting or similar function.
According to the Pew Research Center, about 77 million people are a part of the Millennial generation - roughly the same size as the notably large Baby Boomer generation.
Insource's labor solutions help lower employee turnover by incentivizing contract workers and providing necessary feedback to boost job performance.