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How can your business hold onto millennial workers?
WMC Accounting, Geelong, Colac, Bellarine Peninsula

How can your business hold onto millennial workers?

Young millennials are thirsting for purpose and responsibility.

A new report from Deloitte has revealed that 50 per cent of all millennials are planning to change their jobs within the next two years, marking a worrying disparity between the needs of businesses and the needs of its workers.

This kind of staff turnover could be devastating for the development of a business, as it can cost a great deal to hire and train new staff up to the necessary level for an enterprise to function.

A future and a purpose

So, how can budding small businesses combat this apparent lack of loyalty? By investing in the leadership skills of these young workers, says Deloitte.

Their survey found that 69 per cent of the Australian millennials planning to switch their jobs by 2018 feel that there is little support for their future development into leaders, and not enough encouragement for young workers to actively pursue these leadership roles.

Another revelation was the effect of the personal values that guide millennials through their work life.

"More than three-quarters (83%) of the next generation of Australian leaders say business success should be measured by more than financial performance," said Deloitte Sustainability Services partner Paul Dobson.

It appears that more and more CEOs are realising the importance of this holistic business view, as a recent survey from PwC found that 76 per cent of chief executive officers believe that business success will be redefined by more than just profits.

Millennials are making their wants known – more support for their future, and a greater emphasis on something beyond financial success. So, is your business doing enough to keep a hold of your younger workers?

For more tips and advice on your business strategy, speak to the experts in tax and accounting services at WMC Accounting.

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