Businesses may be able to erect a firewall to limit an employee’s access to Facebook, Twitter, and YouTube. But they can’t erect a fence high enough or deep enough to prevent dissatisfied and disengaged young workers from leaving their jobs despite a weak job market.
According to a recent Deloitte survey, nearly one-in-three (30%) employees are actively working the job market and nearly half (49%) are at least considering leaving their current jobs. Academic research indicates that 44% of these employees will actually act on these turnover intentions.
Employers, on the other hand, hardly see what may be coming. For example, only 9% of surveyed executives expected voluntary turnover to increase significantly among Generation X employees in the 12 months following the recession. That stands in sharp contrast to Deloitte’s survey results: about one-in-five surveyed Generation X employees (22%) have been actively job hunting over the last year and only 37% plan to remain with their current employers. Members of Generation Y also have their sights set on better opportunities, with less than half of those surveyed (44%) reporting they plan to stick with their jobs.
Among the executives surveyed, 65% expressed concern about losing high potential employees and critical talent to competitors in the year following the recession. Nearly half (46%) recall that voluntary turnover increased following the 2001-2002 recession. Nevertheless, only 35% have an updated retention plan in place to keep hold of talent as the recovery strengthens.
In Deloitte’s white paper, “Has the great recession changed the talent game?”, they include an excellent overview ranking effective retention initiatives by generation, comparing executive perceptions vs employee wants:
Key question for talent leaders: Do you know what your employees really want and are you tailoring your strategies to address the generational and geographic diversities of your workforce?
Read the full paper at Has the great recession changed the talent game?”