Why They Quit: Understanding the Billion-Dollar Millennial Employee Turnover Epidemic
At the end of 2015, Millennials, also known as Generation Y (ages 21-34) became the majority of the workforce. This transition marked the first time in 34 years that Baby Boomers (ages 52-70) were no longer the workforce majority.
This massive shift in human capital is causing big problems for even the most successful companies. Employee turnover has become a major concern, costing U.S. companies an estimated $30.5 billion per year.
Even if companies are able to recruit Millennials, they lose them shortly thereafter. In fact, research indicates more than 40% of this generation plan to leave their jobs within the next two years. To date, Millennials have changed jobs three times more frequently than older generations of workers.