Top Five Preferences

Millennials will change jobs more than any generation, and prefer a fun and flexible workplace. Working hours is another major preference point, where Baby Boomers, Generation Xers, and Millennials prefer flexible work schedules. Millennials are characterized as not working more hours than they need and are definitely not workaholics. Regarding career development, Millennials want to have meaningful jobs and receive instant recognition, while Baby Boomers are on the opposite of the spectrum, and are willing to put more time into their jobs before expecting to receive recognition. Career Pathing is very important to Generation Xers and Millennials, with Millennials expecting to receive the highest level of mentoring, coaching and development.

In basic employee benefits, all three generations felt salary was their top priority. Employee benefits, positive work environment, job security, working hours and location all ranked high on the preference list. In career development, the top five consistent preferences include work achievements being recognized, opportunities for promotion and growth, career path planning, training and development, and being provided with a challenging work environment. The third preference category of managerial approach and culture showed the three generations value open-minded superiors, having a supportive management team, receiving acknowledgment for work, and being provided with equal

Companies may overlook the cost of turnover, as it can be difficult to calculate. Having a human resources team to assist executives in this process is crucial. The immediate costs that an employer may think about are salaries and sign-on bonuses. There are however many additional costs intermingled when calculating turnover. These include loss of productivity, time to hire, paying vendors, consultants, advertising, temporary help, and training costs. Bliss, (2004), created a comprehensive list of items to consider when Human Resources calculates the cost of turnover. There first group of costs incurred when the employee leaves the company. These costs include filling in for a vacant position through either a temporary hire, or the time of another employee spent filling in. Cost of turnover also includes lost productivity, the cost of an exit interview, administrative costs, training and development courses and certifications that have been given to the employee leaving. Turnover costs also include possible severance and any continuation of benefits that have been agreed