Hay Group, an international management consulting firm, recently released “The New Rules of Engagement,” a report that focuses on how employment is changing globally, and how companies can expect to keep their employees long-term.
The survey found that around 25 percent of Australian workers, over three million people, will most likely change jobs in the next four years, led by factors like global competition for talent. Other trends that could lead to employees changing jobs that are prominent both in Australia and globally include individualism, globalization, digitization, technological convergence and demographic changes. Asia’s continued economic growth and appeal for interstate moves is also a factor, leading to over 50,000 Australian workers heading overseas by 2018 for fixed or permanent employment opportunities; around 330,000 people could move interstate each year.
“In the past, Australia’s brain drain focused on experienced or specialist employees that were at the very top of their profession. The continued economic growth in regions such as Asia and Eastern Europe is now driving intense competition for emerging talent,” Steve Ewin, head of Insight Pacific, said.
“We’re seeing an increased willingness amongst skilled workers in their early thirties to move in search of professional and personal fulfilment. Their tendency to look offshore is impacting a generation of future business leaders as well as potentially exacerbating existing challenges of managing an aging workforce.”
In order to counteract losing employees at your own business, changing your employee engagement approach should be a priority. Changing trends and goals with your younger employees means you will need to engage with them in a new way. Engagement should be continuous, responsive, personal and localized, and is no longer focused on money. Self-development, recognition for a job well done and an effort to promote work-life balance in your business will help convince current employees to stay and potential, high-level, talented employees to apply.