If you’re staffed with Millennials, your business is at an increased risk of losing some of your best workers in a very short time. With their departure, you’ll be hit with all the expenses associated with recruitment, hiring, and training that can play havoc with your bottom line.
In an eye-opening survey published by Deloitte Touche Tohmatsu Limited, the writing is on the wall: Nurture loyalty among Millennials or risk losing a large percentage of your workforce.
This is especially urgent for Australian employers. Here’s why:
Australian Millennial Workforce Could Leave Employers in the Lurch
As part of a global survey that included 29 countries worldwide, Deloitte interviewed 300 Australians. The prognosis for their long-term employment with their current employer wasn’t good:
- 46% of Australian survey respondents said they expect to leave their current employer within 2 years
- Only 19% of Australian survey respondents said they expect to stay with their current employer for more than five years
Of the Australian Millennials who were planning to leave their employer in the next two years, 69% expressed dissatisfaction with how their leadership skills were being developed.
So what do Millennials want? Here’s what the Expr3ss! team learned…
6 Things that Motivate Millennials at Work: Not Just $$$
Unlike their Baby Boomer predecessors, Millennials look far beyond their pay cheque for satisfaction. They are more independent, in general, and more likely to place personal values ahead of organisational goals
“For the most loyal Millennials, a sense of corporate purpose is incredibly important, with 95% of those who remain with their employer more than five years saying it keeps them satisfied.” – Paul Dobson, Partner, Deloitte Sustainability Services
The Deloitte report points to these areas as being key factors in retaining employees:
- Meaningful work
- Supportive training
- Opportunities for professional development
- Work/life balance
- A value system shared with their employers
Innovative recruitment strategies are invaluable in matching new hires with a corporate culture in which they can invest and thrive. Expr3ss!’s software solutions simplify the process and yield superior results and pinpoint the applicants with the “can do” skills, “will do” attitudes and “fit to” the role characteristics and organisational culture.
Would you like to develop a workforce of loyal employees who will be a long-term asset to your business team? If so, we invite you to contact Expr3ss! for practical ideas that you can put to work fast.