As soon as times get better (2010, 2011 or beyond) more than half of American workers say they plan to job jump. That’s according to Adecco Group’s latest Workplace Survey. And it’s the younger workforce who is the most adamant about it. Here’s just a few other savory facts that indicate turnover amongst younger workers will skyrocket when the economy improves.
Resignations: More than half (54%) of employed Americans report that they are likely to look for new jobs once the economy turns around. Be ready for a lot of suspiciously long lunch breaks, and the occasional dentist appointment that requires a suit and tie.
Goodbye, Generation Y: Your youngest employees (who bring a lot of new ideas and skills to the table), are knocking on your competitor’s door. 71% of those between 18-29 are likely to look for new jobs once the upturn begins.
Generation Y Won’t Budge: Only 9% (less than 1 in 10) of Generation Y is willing to accept a pay cut to keep their jobs compared to 1 in 5 workers from the other generations (Baby Boomers, Gen X, Silent).
So, with that many workers claiming to want to move on, it begs the question, “What can be done to change your mind?” Is there anything an employer can do to get people to want to stay when things improve, or is the damage done?
I have my suspicions as to what your answers will be. (Our site’s tagline “Because EVERY Job is Temporary” doesn’t just apply to one side of the employment equation, now does it?)
And yet, turnover hurts businesses BIG TIME. On average, it costs a company 130% of an employee’s salary to replace them. That number goes up if the employee leaving has significant company knowledge or possesses a unique and/or rare skill set. So, even saving a few potential job jumpers from making the move can have a serious financial impact.
Share your thoughts below. What will management teams need to do to keep you from moving on when the recession is over?