No longer do employees intend spending decades slowly moving up the ladder before eventually retiring and picking up golf, according to Kay Vittee, CEO of Quest Staffing Solutions, who notes that the younger generation (currently in their 20s) are job hopping more than ever, staying in one position or with one company for only a few years.
Vittee said: "Nowadays, employees don't think twice about 'job hopping' - changing jobs often enough for it to be noticed - if a bigger or better opportunity comes up with greater promise of growth or compensation. They view each position as a stepping stone to reach their goals quickly."
According to the US Bureau of Labour Statistics, in 2013 the average number of years that an employee stayed with their current employer was 4.6 years while young employees between the ages of 20 and 34 stayed with one employer for an average of only 2.3 years.
Vittee said: "For businesses to thrive, finding and retaining the best employees is crucial. When employees resign, especially when they are in and out every few years, costs are incurred in recruiting and training new employees. This also lowers productivity until the new employees learn the day-to-day needs of your business."
The importance of retention is emphasised in Global Human Capital's survey of 2532 businesses and HR leaders across 94 countries in 2014, 'Engaging the 21st Century Workforce', which noted that one of the most urgent trends for businesses (after leadership) is retention and engagement.
Vittee said: "With this in mind, it is important to understand why job hoppers hop. According to LinkedIn's Talent Trends 2014, the top motivations for actively looking individuals to change jobs are opportunities for advancement and better compensation and benefits. These motivators can easily be addressed by employers to retain employees, perhaps not for 40 years - but at least for four or five."
Vittee shares tips on how to retain your employees:
