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Aug 30
2011

Gen X employees poised to lead job exodus

Posted by Stephen Taub in Millennialsjobsjob satisfactionjob dissatisfactionGeneration XDeloitteCareers/ManagementBaby Boomers

Stephen Taub

Employers beware. Your rank and file is becoming increasingly restless as the jobs picture brightens.

Don't be surprised if you see an exodus of employee as more and more of your rivals post "hiring" signs on their websites.

This is very common whenever we start to emerge from a recession. When workers who survived job cuts take on more and more work over more and more time for the same amount of pay, their resentment starts to grow. This can't be a surprise to employers.

In fact, a new study from Deloitte confirms this potential trend. It found that 65 percent employees surveyed are actively testing the job market.

And a majority of Generation X employees said they plan to change jobs.

What is the number one reason employees in general plan to leave? More than half (53 percent) cited promotion/job advancement first. This was followed by increased compensation at 39 percent, and additional bonuses or other financial incentives at 34 percent.

These responses provide strong insight for how employers can retain disenchanted employees. Interestingly, though, different generations of employees provided different reasons for why they are seeking to bolt from their current firms.

"As employees eye the exit signs following a hard hitting recession, employers need to tailor and target their talent strategies to satisfy each employee group from baby boomers to millennials," notes said Jeff Schwartz, principal, Deloitte Consulting LLP and US Talent Services leader.

Generation X employees are clearly the group most likely to be looking at exit strategies from their current jobs, according to Deloitte. Just 28 percent of Gen X employees surveyed said they expect to stay with their current employers. The number one reason for leaving: 65 percent cited a lack of career progress.

Baby boomers, who have perhaps been hurt most by the economic downturn, expressed the strongest discontent with their employers and the greatest frustration that their loyalty and hard work has been neither recognized nor rewarded, according to Deloitte. Nearly one-third (32 percent) of baby boomers surveyed say a lack of trust in leadership is a top turnover trigger-the highest ranking by any workforce generation.

Deloitte says Millennials exhibit a sharply different view of a strong corporate culture, as compared to other generations. It notes that millennials regard their employers' commitment to "corporate responsibility/volunteerism" to be very important, as compared to baby boomers. Millennials are also nearly three times more likely to say a "fun work environment" is important compared to baby boomers (55 percent to 19 percent).

As for employees who plan to stay with their current employers (35 percent) say their companies have strong talent programs, characterized by clear career paths, leadership development initiatives, trust and confidence in corporate leadership, superior programs to retain top talent, and effective communication.

Comments (1)Add Comment
S
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written by S, May 10, 2011
Companies are struggling to hold onto their most talented employees and recruit the most promising talent. Here's what they can do to attract the best and keep the ones they have: http://stepwise.tumblr.com/pos...rest-of-us

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