The emerging workforce consists largely of Millennials and Generation Z, both of whom do not share a pattern of loyalty to companies.
Deloitte’s 2018 Millennial Survey found that 43% of Millennial workers expect to quit their jobs within two years, and 61% of Gen Z respondents said they would leave their company within two years if given the option.
While the reason for this increased turnover can’t be pinpointed, it likely entails today’s economy demand for workers outpacing its growth in supply. Additionally, stagnation, poor company culture, and out-of-date processes are all big reasons why workers quit.
Research conducted by Jive Communications that surveyed 2,000 Millennials found that the number one reason for quitting is not matching up with a company’s culture, with the lack of flexible and remote work options following closely behind.
In order to prevent attrition, companies can take the time to communicate their expectations while recruiting talent. Creating a healthy workplace that allows employees to feel like that want to be there each day could be the key to success as well.
Additionally, rewarding achievements can also improve workplace motivation. When someone does leave the company, performing exit interview may provide more insight into where the company can improve and improve employee retention.
“Your brand is what other people say about you when you’re not in the room,” said Jeff Bezos, Founder, CEO of Amazon.