Why Employees 30 and Under Leave and Staff Retention Strategies 2014

Staff Retention Strategies

This new research about why employees leave can inform staff retention strategies for staff who are 30 and under. Find out the employee motivation behind voluntary leavers in 2014.

Why Employees 30 and Under Leave and Staff Retention Strategies 2014

great{with}talent has collected exit data from 12,837 workers, 5,552 of these are aged 30 and under. The results show why generation Y employees leave in 2014.

It also shows the importance of conducting exit surveys as the results can improve staff retention strategies. This has currently become even more important due to the skills shortage. (Click the image for more.)

Read: HR Onboarding New Employees and Why New Starters 30 and Under Leave.

Staff Retention Strategies

Comparing these results to the overall reasons why employees leave shows significant trends. Like with the entire group, this exit data focuses on voluntary leavers. As the graph shows, this is the vast majority of the sample group.

The results of this staff survey, however, shows a lower amount of involuntary leavers. As a consequence, there’s a higher percentage of voluntary leavers.

It’s clear that staff retention and employee engagement strategies need to be tailored. Employees 30 and under evidently have specific needs which are not being met.

How to Retain Employees 30 and Under

Employees 30 and below listed a more competitive salary available elsewhere (38%) as their top reason for leaving their role. This is a significantly higher concern than the overall average.

Similarly, a lack of promotion opportunities (38%) was flagged more as an issue. Alongside an inadequate level of pay (33%).

Whilst a lack of relationship between job performance and reward (32%) came slightly higher in fourth place. Though, unclear as to how to progress within the organisation (31%) remained at the average of the overall sample results.

Evidently, generation Y employees are more interested in pay, rewards and progression. Unfortunately, despite the economic crisis, talent is equally, if not more likely, to move on.

Read: Staff Attrition Rates and Staff Turnover Rates 2013.

This age group believe that they have less opportunities in each of these areas. It’s important to begin staff engagement strategies at the recruitment stage and to be honest with staff.

During recruitment and onboarding employees need to be given a realistic overview of the role, opportunities and company. This will increase staff engagement from the beginning as they will be better informed about expectations.

This can lower early attrition rates and increase overall staff retention. Furthermore, productivity and even customer service can benefit from higher employee engagement.

Similarly, to male employees who are promotion driven, staff need to be aware early-on of how they can progress. This may include a lateral move within the company.

Read: Gen-Y Employees and Staff Engagement Strategy.

Staff need to be told that this will help them build skills and make them more indispensable to the organisation. Clearly, communication is key to dealing with a lack of promotion opportunities.

There are also lots of low cost recognition approaches. These staff engagement ideas are key to engaging gen-y employees.

The differences between staff who are 30 and under and leaving employees as a whole shows the importance of collecting exit surveys. It can easily and cheaply improve employee engagement and staff retention strategies in 2014.

Contact great{with}talent and find out more about their LastOpinion exit interviews.

[youtube http://www.youtube.com/watch?v=1UJ1B36TuqA]

(Main image from HR Payrolls Systems)

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