Talent tsunami

Why They Quit: How To Retain Young Talent

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August 17 @ 8:02 pm CDT

As vaccines are being distributed, there is hope the worst of the pandemic is nearing an end. But if research is any indication, another kind of crisis may just be heating up. As SHRM defines it, a “turnover tsunami” is brewing, with more than half of employees surveyed planning to look for a new job this year. Employers were experiencing high rates of turnover prior to the pandemic. In fact, voluntary turnover had been steadily rising since 2010, and was cited as a chief global concern by both the UN and World Economic Forum. When the pandemic hit, quit rates reached their lowest level in nine years – and now they’re bouncing back. Just this week, I’ve heard from three executives lamenting the loss of young talent. The fact remains that professionals under the age of 39 account for more than half of all voluntary separations. Why? Increased employee turnover is the outcome of a shift in workforce needs and values, and it’s a shift that is here to stay. This is a topic I’ve researched a great detail and the answer is quite complex. In brief, here are two reasons why young professionals are three times more likely than other generations to quit: Inclusion We’re observing an ever-widening gap between twentieth century managed organizations and twenty-first century raised workers. Young professionals don’t understand the management processes and hierarchies common throughout the past century. These generations have only known a world powered by innovation, collaboration, globalization, instant gratification, knowledge, acceptance, and access. They struggle to comprehend why decisions can’t be made on the fly, why they can’t have a seat at the decision-making table, and why it’s always been done ‘that way.’ Stability Millennials came of age during the Great Recession-the worst economic decline our country had experienced in 70 years. Gen Z has come of age during the most disruptive         decade in history. These experiences have shaped the career trajectories of young professionals in more…

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