Some 87% of companies reported it costs between $15,000 and $25,000 to replace each Millennial employee they lose, according to “The Cost of Millennial Retention” survey of hundreds of HR professionals conducted by Millennial Branding, a Gen Y research and consulting firm, and Beyond.com, The Career Network.
Considering that approximately 40% of companies currently employ 50 or more Millennial workers, these costs are expected to rise dramatically over the years to come. With current data showing more than 60% of Millennials leaving their company in less than three years, employers are facing an expensive revolving door.
