Tracer Products, the automotive division of Spectronics Corporation, is featured in a Newsday story about millennial employees and how they are changing financial compensation in the workforce. Spectronics president Jon Cooper (center) highlights the company’s new employee compensation program. Cooper says the change is aimed-in part-at attracting and keeping millenial workers.
“The decision to move away from our old (annual compensation) model came with the change in our workforce coinciding with the hiring of more millennials,” says Cooper. “We’re hoping that if we provide more benefits such as merit-based salary increases and performance-based bonuses, we’ll lead the market, attract the right talent, and give our employees the opportunity to grow within our company.”
Millennial Workforce Statistics
- The Average tenure for Millennials is 2 years (compared to 5 years for Gen X and 7 years for Baby Boomers.) [Pay Scale / Millennial Branding]
- It costs an average of $24,000 to replace each Millennial employee. [Microsoft / Experience Inc]
- By 2025, 3 out of every 4 workers globally will be Millennials. [Time]