Many Millennials have one foot out the door
According to a new study by Deloitte, 25% of people who were born after 1982 (Millennials) would quit their current employer to join a new organisation or to do something different. This figure is expected to increase to 44% over the next couple of years and rise to 66% by 2020. Only 16 % see themselves staying with their current employer a decade from now.
The key to employee retention
Retention of key employees will always pose a problem for businesses but the best solution proposed so far for a happy long-term workforce, is to support them in their goal of finding a satisfactory balance between career development and a rewarding working environment.
As with previous surveys in the series, Deloitte collected the views of nearly 7,700 Millennials from 29 countries around the world. All participants had obtained a college or university degree and were predominantly employed full-time in private sector organisations. This year the survey focused on Millennials' values and ambitions as drivers of job satisfaction.
Have purpose beyond profit
The Millennials responded to the survey by putting emphasis on personal values. They mainly felt that businesses should put their employees first and and focus on building a solid foundation based on mutual trust and integrity. Customer care and high-quality reliable products also ranked fairly high in importance. It is noteworthy that only 5% of those answering thought profit-focused values would ensure long-term staffing success. Participants acknowledged and respected the fact that businesses must have a priority to increase efficiency and ensure the organisations' long-term future but by showing loyalty and “doing the right thing”, staying with a company long term was more likely.
When salary or other financial constraints were removed from the equation, having the best possible work-life balance with opportunities to progress or take on leadership roles stood out. Those factors are followed by flexible working arrangements, deriving a sense of meaning from their work and training programs that support professional development. Therefore, employers who can offer job satisfaction are far more likely to be successful than their rivals in securing the talents of the millennial generation.
Do Businesses need to nurture loyalty or risk losing a large percentage of their workforce?
The survey points to additional environmental factors that promote a sense of positivity among employees. They are more likely to report high levels of satisfaction where there is a creative, inclusive working culture (76%) rather than a more authoritarian, rules-based approach (49%). In the Millennials' ideal working week, there would be significantly more time devoted to discussion, exploring alternate ways of working, coaching and the development of leadership skills.
In conclusion, the report highlighted, that to foster loyalty and develop a rewarding working environment, employers must embrace open communication, offer support and be mindful of its employees' ambitions.
Finding the next generation of skilled leaders requires expert handling. Design & Construct have been in the recruitment industry for many years now. We have watched, adapted and gained our recruitment expertise by providing trusted strategies to enable employers and candidates to form long term and mutually beneficial relationships.
Design & Construct