As the workforce in Australia becomes increasingly diverse, the importance of understanding and acting on different expectations will take on greater value. In response, leaders and managers must invest in their employees’ – from career development through to identifying what matters most to teams at different stages of the employee lifecycle, writes Steve Bennetts, EX Solutions & Strategy, Qualtrics.
Look around your office. Now imagine that at some point over the next 12 months almost a quarter of your colleagues are likely to quit the organisation. Another year down the line that number will increase to 40 per cent.
To figure out what motivates your employees and reduce employee attritition you’ll need to start listening to them. The Qualtrics research revealed more than two-thirds of workers believe it is very important employers listen to their feedback.
It might seem shocking but I say it to highlight a point – Australian businesses experience the highest rate of employee attrition globally, according to The Qualtrics 2020 Employee Experience Trends report.
Workers under the age of 30 are the biggest flight risk, with close to a third (28 per cent) looking to change jobs within a year and more than half (51 per cent) planning to exit within two years. By contrast, just 36 per cent of over-30s plan to change employers by the two-year mark.
The true cost of employee attrition
Staff turnover is extremely costly, with some reports estimating it costs Australian businesses almost $4 billion in lost productivity. There’s also significant recruitment costs, and then once you’ve found a candidate you need to onboard them.
Beyond the numbers, employee attrition has other less obvious impacts – the effect on the morale of remaining staff who may lose a valued co-worker and have to pick up the slack once they’re gone, the impact on your reputation with customers, and the loss of company knowledge that goes with your exiting staff member.
Listen to the voice of your workforce
It’s not all bad news though. When it comes to employee engagement, A&NZ fares better on the global stage returning a score of 53 per cent – only the USA (55%), France (55%), and Canada (54%) scored more (of countries returning 500+ responses).
This begs the question – what do employers and HR leaders do with findings like these?
Source - Read More at: www.insidehr.com.au