Australian businesses need to accept higher rotation of millennials: Kronos

Millennial employees aren’t just more comfortable with career change, they actively pursue it

Ten per cent of millennials do not stay with an employer for more than two years, according to a recent study commissioned by Kronos.

The study, conducted by Galaxy Research and commissioned by Kronos, found that organisations need to consider the advantages behind a ‘motivate and rotate’ hiring practice and focus on greater employee engagement, continuing education and rewarding peak performance over length of service.

Results showed millennials average 3.4 years in their roles, as compared to 5.8 years for those born to the gen X and 7.3 years for baby boomers.

The findings demonstrate that engagement is crucial for millennials as 60 per cent leave within a year of feeling they are no longer giving their best and 32 per cent move on within three months.

According to the study, being well paid helps in keeping 84 per cent of millennials, 75 per cent of gen X and 69 per cent of baby boomers in their roles.

However, this comes with a shelf life of 1.5 years for millennials, 1.9 years for gen X and 2.1 years for baby boomers.

With only 19 per cent of millennials admitting there was nothing an employer could have done to prevent their departure once they decided to leave, the low figure reflects that they are open to persuasion if employers ask the right questions.

In further support of this, 57 per cent said open conversations would encourage them to stay longer in their roles and 65 per cent would stay longer if managers showed an interest in them as an individual.

Kronos managing director for A/NZ and South East Asia, Peter Harte, said the main lesson that small business owners and managers can take from the research is that the trick to retaining the millennial generation for longer may not be in dollars but in words.

“65 per cent of millennials say they’d have stayed longer if management had shown interest in them as an individual, or simply asked what they needed to keep them there. SMEs should ensure their millennial employees feel listened to, their opinions valued and implement requested changes when and where they’re needed,” he said.


Join the newsletter!

Or
Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags millennialsKronosaustralian

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Holly Morgan
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?