Retaining Millennials in your Childcare Center
We all know Millennials play a crucial role in child care. We also know we have to learn how to manage not just Millennials, but all the generations in our workplaces.
Why does losing an employee cost so much, and in what other ways do high turnover rates impact a company?
1. Training and On-Boarding
Training an employee is not only costly but it is time consuming. Training seminars, certifications, and classes can cost thousands of dollars, and they can also result in the under staffing of other departments, as training sessions will often need to be led and monitored by other employees of the company.
Conducting interviews is a long and tedious process. Expensive mistakes can be made in picking the wrong candidate. Additionally, the interview process takes immense amounts of time, with company leaders needing to take hours out of their day to conduct the meetings. This time spent on interviews costs results in a loss of productivity by company leaders.
Posting ads promoting the vacant positions can cost a company a significant amount of money. These costs add up over time and can be difficult and time consuming to manage.
4. Employee Engagement & Morale Impact
High turnover rates will most definitely be noticed by staff who remain employed by a business, and this can often result in lost engagement on part of these employees. If too many people leave, overworked, and thus less satisfied and less motivated at work. Plus, there's always the gossip that occurs behind the "why" the employee left and would we be better off leaving too?
5. New Hires Performance and Productivity
A new employee can take up to two full years to reach the same level of productivity as an existing staff member. Plus all the time and energy that has to go into bringing them to this level of production is exhausting and expensive. Not to mention it takes time for families and children to warm up to new staff.
Can you afford not to retain your Millennials?
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