Around the world, workers have a foot out the door, or at least a polished-up profile on LinkedIn.
An increasing percentage of UK employees say they are unlikely to fulfil career aspirations in their current organisation. And two-thirds of Millennials in a global survey say that they hope to join a new organisation by the end of 2020.
To some employees, a lack of development offerings is holding them back. For others, a desire to broaden skills is part of the appeal of taking on a new role. And the search for a higher-paying job remains a motivator.
The two surveys underscore the issue of employees who seem disengaged enough that they’re considering work elsewhere. A UK survey by the Chartered Institute of Personnel and Development (CIPD) places job satisfaction at its lowest mark since late 2013. Thirty per cent of respondents believe their organisation is not providing opportunities to learn and grow, and 24% say they’re actively looking for a new job, a percentage not seen in 2½ years.
In the 2016 Deloitte Millennial Survey, workers who said they are likely to stay more than five years are more satisfied by their companies’ support of professional development (83%) than those likely to leave within two years (58%). This gap, 25 percentage points, is tied for the widest margin in the survey. Shorter-term workers are also far less likely to be satisfied with an organisation’s sense of purpose and personal recognition.
Additionally, 63% of Deloitte respondents say their leadership skills are not being fully developed.
The survey recommends several ways for companies to keep Millennials, in particular, in the fold, in addition to paying a competitive salary. Here are three:
- Encourage mentorship. Most Millennial employees with a mentor think they’re receiving good advice (94%) and believe their mentors are interested in the mentee’s personal development (91%). Mentorship programmes not only help current workers, but they also help to attract talent. Companies can point to formal mentoring as a perk that some competitors might not have.
- Have purpose beyond profit. Employees who are more aware of, and in alignment with, a company’s values will support that company with good work, and they are more likely to stay. Also, companies that can articulate their brand have a better chance at attracting talented employees.
- Provide development opportunities. Only 24% of Millennials are very satisfied with their companies’ development efforts. And, in an earlier CIPD survey, 33% were dissatisfied with their career progress.
Related CGMA Magazine content:
“3 Ways to Motivate Disengaged Employees”: Job-seeking activities dropped in several large economies recently, raising concerns that employees are staying put and showing up for work without engaging mentally. Find out how to motivate these disengaged employees.
“Career Training a Key Tool to Lure Accounting Talent”: It may not be enough anymore to offer talented finance and accounting job candidates positions with good pay, benefits, or even perks such as flexible hours.
—Neil Amato (email@example.com) is a CGMA Magazine senior editor.