For HR Managers, the art of attracting Millennials - the generation born in the early 1980s to the mid 1990s - is certainly nothing new. By offering flexible working hours and incorporating technology into the workplace, firms have been able to satisfy these ‘gig’ employees for years now. However, what many firms have yet to prepare for is Generation Z - the generation born between the mid-1990s to the early 2000s.
Industries are being disrupted and talents are becoming more mobile. They are expecting better experience and personalised recommendations to improve their journey with the company. 45% of employees reported that they would be likely or very likely to look for another job outside their current organisation within the next year (SHRM).
A well-defined employee retention methods will have a positive and significant impact on the turnover rate of your organization.
According to the Leigh Branham, the Strategic Planning Consultant, more than 70 percent of the managers tend to think that it is the pay that causes an employee to leave. On the contrary, about 88 percent of the employees tend to leave respective jobs not only because of pay but also other factors that may include:
- Employees often feel the workplace or job doesn’t match their expectation before joining the firm.
- A mismatch between the job and the skills held by the employee.
- Minimal coaching with no feedback for the same.
- Minimal advancement or growth opportunities.
- Employees feel devalued or unrecognized.
- Minimal work-life balance that causes stress.
- Loss of confidence or trust in the senior leaders.
We’re all familiar with Spider-Man’s famous catchphrase: “With great power comes great responsibility.” However, his words no longer apply exclusively to the man who does whatever a spider can.