According to a recent study from the U.S. Department of Labor, the average number of years a worker stays at a job is 4.4. An additional 91% of Millennials (15–35- year-olds) believe they’ll stay on the job less than three years. The days of 30-year, gold-watch-earning team members are officially gone.
So what’s the big deal? People change jobs all of the time. It’s critical because turnover hurts your bottom line. In fact, it’s been estimated that it costs $3,500 to replace one $8-per-hour worker. But that’s just the beginning. The longer a team member has been with the company, the harder they are to replace. Add the loss of morale on your team to that, and the price has skyrocketed.
So how can you grow a team that is so passionate about their jobs that the thought of jumping ship is as foreign to them as frog legs for Sunday dinner? It all begins with the hiring process. When you have the right people on board, turnover drops. Get on the right track by avoiding these hiring mistakes.
By avoiding these mistakes, you’ll be well on your way to building a highly motivated, ridiculously happy team who will not only shine but also be with you for a long time. Everyone wins.