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The last thing employers want is to lose staff during a tight talent market. However, this is easier said than done, as the younger generations of workers love to job hop.
How Millennials Want to Work and Live by Gallup commented: “Defined by their lack of attachment to institutions and traditions, Millennials change jobs more often than other generations — more than half say they’re currently looking for a new job.”
“Millennials are changing the very will of the world. So we, too, must change.”
The Australian Bureau of Statistics (ABS) supports this claim, as according to a 2022 statement, 9.5 per cent of employed people changed jobs during the year ending February 2022. This was the highest job mobility rate in a decade.
ABS also revealed that professionals were the most likely to move, with 22 per cent changing jobs in the same period. Around 2.1 million people lost or left a job, and 55 per cent had been at their job for less than five years.
How can organisations deal with such a high staff mobility rate? Focus on retention, says chief executive of Brooks Australia, Cathy Brand.
“Companies that recognise the key priorities for their employees can proactively design policies and culture that foster employee retention. This involves staying connected, actively listening, engaging with employees, and understanding their perspectives,” she said.
“Today’s workforce has developed new attitudes to how they work. There is a big emphasis on how work fits into their lives, including family time, autonomy in their roles and flexibility in where they work, especially in the wake of the COVID-19 pandemic.”
While a one-size-fits-all approach won’t cater to different workers’ needs, there are some general guidelines that can keep employees happy and engaged.
“As employers continue to expand their workforce and the job market remains active, individuals who are not entirely content in their current job may consider other opportunities. So, if retention concerns are not addressed promptly, employees may start to believe that there are better options available elsewhere,” Ms Brand explained.
“There are a few simple strategies all companies can implement that don’t involve money. Employees are looking for good management, good work relationships, to be engaged and satisfied with their roles.”
It’s important to note how quickly turnover issues can arise. In the year to 2021, Australia saw the lowest turnover rate since the ABS started tracking talent mobility, way back in 1972. The very next year, the highest runover rate since 2012 was witnessed.
Employers can help protect themselves from unpredictable circumstances like this by being proactive rather than reactive in their approach. Have retention policies in place before it’s too late.
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Turnover in human resources refers to the process of replacing an employee with a new hire. Termination, retirement, death, interagency transfers, and resignations are just a few examples of how organisations and workers may part ways.
Jack Campbell
Jack is the editor at HR Leader.
