gen x and y at work [ami conf / sydney / sep 08]
DESCRIPTION
Jason Dunstone Australian Marketing Institute Government Conference Sydney, Australia September 2008TRANSCRIPT
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Workplace Retention Study
Attracting and retaining the best
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What we did
Focus groups were conducted with young people, to define areas of concern in retaining staff focussing on professional, science/tech and trade industries
An internet based survey was then conducted in September 2007 of 800 employees aged under 40
A thorough cross section of industries was covered – from defence, mining and trades to technology, creative and professional
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Why should you care?
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Your team
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Who’s really happy?
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Who’s really loyal?
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Only 1 in 20 younger employees are extremely satisfied and extremely likely
to be in the same job in three years
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What are they looking for?
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Challenge
Autonomy
Learning
Creativity
Responsibility
Management
Flexibility
Diversity
Opportunity
Growth
People
Culture
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What makes a happy employee?
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1. Pay and salary package
2. Training and development
3. Responsibility and challenge
4. Employer image
5. Work-life balance
6. Management culture
7. Work environment
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What is the priority?
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Impact on overall job satisfactionManagement Culture
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‘Management needs to take a
long hard look at themselves’
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‘It's not just a job or about the money’
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Impact on overall job satisfaction
Management Culture
Salary Package
Work-Life Balance
Training & Development
Responsibility & Challenge
Company Image
Work Environment
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Impact on staff loyalty
Management Culture
Salary Package
Work-Life Balance
Training & Development
Responsibility & Challenge
Company Image
Work Environment
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Happy
66%
Management Culture
78%
Salary Package
81%
Work-Life Balance
74%
Training & Development
81%
Responsibility & Challenge
83%
Company Image
82%
Work Environment
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Current employer below average
35%
Management Culture
24%
Salary Package
44%
Work-Life Balance
34%
Training & Development
42%
Responsibility & Challenge
55%
Company Image
47%
Work Environment
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Top 10 Retention Strategies1. a management style that you respect [73%]
2. future opportunity for advancement and responsibility [70%]
3. reward for successfully completing complex tasks [68%]
4. places its employees needs as essential to business success [68%]
5. a casual and friendly work environment [68%]
6. has a reasonable view of hours worked in an average week [67%]
7. forward thinking and innovative management [67%]
8. well respected and intelligent managers [66%]
9. trustworthy management [65%]
10. allows working from home [65%]
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Top 10 Don’t Care1. equity of shares in the business [20%]
2. company paid credit card [19%]
3. discount programs [18%]
4. relocation allowance [18%]
5. school fee subsidy [17%]
6. reimbursement expense account [16%]
7. blackberry paid by employer [16%]
8. job share [14%]
9. gift vouchers [11%]
10. no fixed office / mobile office [9%]
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The employer of choice …
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“They provide their employees with flexibility, a great work environment that encourages creativity and development”
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What are the key messagesfor employers?
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1. Management culture is the greatest area of weakness and has the strongest impact on retention
2. Gen X and Y employees are highly confident and will leave employers unwilling to nurture and provide future opportunity
3. Invest in workplace design that encourages productivity and creativity, career development and other support
4. Employer image is important
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But it’s not that easy
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A 100% increase in overall job satisfaction will increase staff
loyalty by only 27%
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Closing quote from the research …
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“Staff are unhappy and leaving but
management don't seem to care”
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For a copy of the full report visit …
http://www.squareholes.com/reports/GenXYwork.pdf