Job satisfaction is a constant topic of conversation among my fellow 20 something friends. Today I recieved an intresting university wide e-mail regarding employee turnover. Here is a brief snipet:
…Employee turnover is expensive. Studies suggest that U.S. organizations annually spend over $200 billion recruiting and replacing their employees, while a “typical” medical center spends over $2 million each year replacing staff. Experts say that costs associated with replacing an employee are usually about 2.5 times the annual salary of the “lost” individual (these costs included recruitment, training, lost productivity, etc.).
One thing we know for sure is that employees, in general, migrate to training and career development opportunities. If employees feel that they are locked into too-specific or “dead-end” jobs with few opportunities for promotion or variety, they will leave. And this appears to be particularly true for Gen X and Gen Y workers…
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The university has decided to put additional dollars into online training. Some of these trainings will become mandotory and help maintain compliance standards with state and other health related laws and statutes.
While this is a solid idea. I wonder if it will solve the turnover issue. The assumption here is that with knowledge and training employees can move up the ladder. But, how long will that take? I feel that my generation jumps from job to job for the following reasons (in no particular order):
1. Relocation: Tired of living in the same city all their lives, 20 somethings look to explore what the world at large has to offer and look at their job as a means to experience their environments.
2. Salary: Several professors in college and fellow classmates advised me to switch jobs every 2-3 years…especially while single. They concluded that percentage increases at your current employer, excluding job title or promotions, average approximately 5%-7% annually. Where as a move to a new company could net you an increase of between 20%-30% on the low end. This has proven to be fact for me. At my last long term job I averaged higher than average wage increases of 8%-10%. But, a change of employers over a 3 month span netted me a 60% increase in salary.
3. Vibe: My generatoin is less likely to to become “corporate slaves’ working long hours to move up the coroporate ladder. Futhermore, they are in tune with the vision of the company and are constanly aware of their role in the greater mission of their organizations.
4. Perks: In conjunction with the vibe, we look for perks such as scheduling flexibility and tution reimbursement.
The bottom line is that we want our jobs to work around our lives, and not for work to become our lives. While some of these needs can be addressed, the reality is that we sacrifice where we can and find our ninche in the workplace.
I’m intrested to hear how your workplace is addressing this issue.
