JobsFirstNYC, in collaboration with the New York City Mayor’s Center for Youth Employment and Social Finance, piloted a retention services initiative that aimed to reduce turnover in young adult employment.
Today’s job market has spurred new work opportunities for thousands of young adults. However, a major issue facing many businesses hiring entry-level workers is the cost associated with employee turnover. Similarly, for workers with relatively low educational attainment and limited work history, finding a job can prove easier than keeping one.
Average Cost of Each Entry Level turnover in small-mid sized businesses
Annual turnover of employees in the retail, food, and accommodation sectors
decrease in lifetime earnings for youth under 25 years old with unstable employment
increase in expenses for businesses due to entry level turnover
CareerLift draws from and builds on proven local and national models. It seeks to help employers of young adults reduce turnover-related costs and establish policies and procedures that support employee retention. The program places staff from workforce development organizations on site at employers to provide retention support to employees. These staff members connect employees to a range of services offered by local providers (such as housing, child care, benefits enrollment, and upskilling), which helps entry-level employees stay in their jobs and advance in their careers.
Last year, a partnership in New York City—including the NYC Center for Youth Employment, JobsFirstNYC, and Social Finance, with funding from the Rockefeller Foundation and...
This week, Mayor Bill de Blasio announced a $1.5 million new initiative, "CareerLift," driven by JobsFirstNYC, NYC Center for Youth Employment (CYE), and Social Finance....