An MTSU professor who’s studied millennial employees’ perspectives on what they want in their careers was the guest on a recent “MTSU On the Record” radio program.
Host Gina Logue’s interview with Dr. Dan Morrell, a professor of management in the university’s Jones College of Business, first aired Jan. 14 on WMOT-FM Roots Radio 89.5 and online at www.wmot.org. You can listen to their conversation above.
Morrell and his Department of Management colleague, assistant professor Kristie Abston, conducted a study to find out how millennials feel about work, leisure and perks. They concluded with recommendations for employers on minimizing turnover with employees in this age group, born in the 1980s and ’90s and now launching and developing their careers in theirs 20s and 30s.
The professors found that employers need to improve leisure and work-life balance opportunities, provide a mix of pay and benefits customized to their employees’ needs, and provide regular feedback and recognition.
“The average cost to replace a professional employee is $60,000 to $80,000,” Morrell said.
“That is not the salary of that employee. That is the cost to recruit, hire, train, move, (the cost of) the loss in productivity from the person that left and the loss in productivity in the new hire as they get up to speed and learn the culture of the new organization.”
Morrell offered an example of an employer that’s investing in attracting and retaining good employees, including millennials: North Carolina-based SAS, the largest privately held software company in the United States, which offers its workers on-site services such as day care, a swimming pool, a recreation center, massages, car detailing, and appointments with social workers on staff.
The professors’ research article is titled “Millennial Motivation Issues Related to Compensation and Benefits: Suggestions for Improved Retention.” It was published in the January 2019 edition of the academic journal “Compensation & Benefits Review”; you can read it here.
To hear previous “MTSU On the Record” programs, visit the searchable “Audio Clips” archives at www.mtsunews.com.
For more information about “MTSU On the Record,” contact Logue at 615-898-5081 or WMOT-FM at 615-898-2800.