As the overall economy continues to expand and improve, employers in virtually every industry are finding it increasingly difficult to hire employees. The number of baby boomers reaching retirement age (estimated to be almost 10,000 each day) makes the labor shortage even more acute. In addition to the loss of their services, baby boomers who leave take with them institutional knowledge, operational know-how, and informed best practices that may be difficult or even impossible to replace. Such losses are likely to continue for at least several more years, if not longer.
Despite spending on average of almost $4,000 to fill an open position, employers are finding that those tech-savvy millennials and Gen X, Y, and Z new hires often jump ship in a matter of months. Studies have confirmed that millennials change jobs on average every six months or so, usually seeking higher salaries or more responsibility. They rarely, if ever, take a job intending to make it a career. More often, they use one job as the jumping-off point for the next. They are always looking for that job with the perfect work/life balance.