Topic > Recruiting Efforts: How to Keep Top Talent Inside…

CEOs struggle to find and secure top talent, despite a 30 percent unemployment rate, according to a 2011 study by the Conference Board of Millennials during the study period (Kuhl, 2014). How is there a lack of top talent with so many highly educated Millennials wandering around just waiting for an opportunity to put their education and skills to use? This is an obvious question that needs a direct answer. There is undoubtedly a disconnect between employers' top talent search efforts and the number of Millennials as future talent for organizations (Kuhl, 2014). Why can't the two pieces of the puzzle fit together? There is a desperate need to replace baby boomers as they retire at alarming rates, resulting in a lack of employees to meet job demands. Organizations and their leaders have no choice but to hire Millennials to fill the gaps created by this retirement boom. So why are Millennials so highly unemployed and underemployed in today's work environment? Hiring Millennials is the answer to maintaining the company's knowledge and legacy and the key to future innovations (Kuhl, 2014). There is a looming disconnect between employers and Millennials that needs to be bridged. Numerous research and available literature describe Millennials as self-centered, immature, lazy, narcissistic and needy individuals. These opinionated adjectives are negatively influencing how older generations view and imagine Millennial workers. As employers, the first thing that should be addressed during the logout is to eliminate the idea and stereotypes that this generation of Millennials are slackers and want instant gratification... middle of paper... which translates in high turnover rates. Millennials know what they want and will migrate to achieve that desire. This is perceived by employers as a lack of loyalty. However, the reality is that the workplace is changing and employers must adapt and change to remain competitive. On average, replacing a departed Millennial employee costs an organization $15,000 to $25,000 (Hershatter & Epstein, 2010). With such high figures for each replacement, employers cannot afford for this to continue. If an employer and its leaders ignore what Millennials want and need to succeed in the workplace now and in the future, it will cost them dearly with high turnover rates. Employers must take the time to invest in Millennials and dispel all the myths and stereotypes that plague their perception of Millennials, resulting in a disconnect between the two.