So you think job hopping Generation Y is limited only to you? Think again – it is a global epidemic.
In Australia a new survey shows that 40 percent of employees in their 20s will change jobs this year. This is double the average job-hopping rate across combined generations. Similar surveys in Canada, the United States, United Kingdom, and many other industrialized or service-oriented nations.
Why they leave
Exit interviewing provides the key to understanding why the Y’s transcient resumes. Australians are guilty, like those in other countries, of not using candor when leaving a job. There is a constant fear of burning bridges or creating conflict upon departure. This creates an artificial view of management ability among a company’s leadership. When third parties conduct interviews they find most employees leave because of bad management. However they tell their employer it is because of better pay or opportunity.
The cost of Generation Y turnover is staggering: each position costing 130 to 150 percent of the annualized pay rate every time it is open. And this is in addition to the regular pay. If you are able to cut your turnover in half, it is the financial equivilant of your average pay times half your annualized new hires. However several best practices in retaining Generation Y have emerged successfully. These include providing dedicated networking time, increasing team assignments over individual functions, and using customized work schedules.
The bottom-line is that profitability is tied directly to turnover and turnover is reduced in the 20 year-old age range when companies move from traditional to contemporary management styles — not just in Australia, but throughout the world!
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