The process of recruiting millennials can be difficult and resource-heavy in today's market. For one thing, HR managers have to be resourceful in their review of potentially hundreds of applications for each junior-level job posting, which can be hard since sometimes up to 75 percent of applicants are not even qualified for the job being posted.
Further, between reviewing potentially non-compatible applications, the lengthy interview process and all other components of recruitment, a company still has to wait about five months to expect a new hire to reach full productivity, which can cost months of time and tens of thousands of dollars. So companies want to retain as many good candidates as possible to justify the long process.
However, according to an Allied Workforce Mobility survey, companies lose 23 percent of new hires on average before the one-year anniversary.
Some reasons for turnover at this early stage of employment, according to the survey, are because some organizations do not employ even the most attainable onboarding practices. Having a basic education and training program, clearly setting job expectations and providing opportunities to meet new colleagues in a company are only a few areas where organizations fall short when integrating new hires.
So how can companies better retain young talent?