Job restlessness is pervading the modern workforce. But with an employee Years of Service Program, you can help to raise retention at your organisation.
Job restlessness has become part and parcel of working life. With millennials now fully in the workforce, and Generation Z beginning to enter it in full swing too, the average lifetime of an employee is shrinking.
In fact, a study by McCrindle shows that the average job tenure for an Australian aged under 25 is just one year and eight months. For 25-35, it's two years and eight months. Those leaving Australian high schools today will have, on average, 17 different employees in their lifetime.
Why is it important to retain employees?
It takes a lot of time and energy to train up new employees from scratch.
Employee retention is important for a number of reasons. From a business perspective, it's cost effective. It takes a lot of time and energy to train up new employees from scratch. During the induction phase they are still earning the same amount of money as when they're at full productivity, despite the fact that they are doing much less work.
When people in the office are leaving constantly it can also have a huge impact on morale, because people don't have the chance to get to know each other as well, and seeing lots of people leaving can give others itchy feet themselves.
If you have low turnover, this is also something you can use in recruitment. Telling prospective candidates how long people stay at your company will help applicants see how great your company is and encourage them to choose you over someone else.
While there are clear arguments for trying to retain employees as much as possible, the stats about millennials and Generation Z show that employee retention is getting harder. One way to help keep your team onboard is by introducing a Years of Service Program.
Years of Service Programs
With so few employees staying for more than two or three years (average Australian job tenure currently stands at 3 years and 4 months, McCrindle shows), it's essential that you recognise those that do stay with you.
The best awards programs offer the employee in question a choice of reward.
That's why a Years of Service Program is so effective. This is an awards scheme that gives long-serving employees the recognition that they deserve by showing that their time with you is appreciated.
For a Years of Service Program to be successful, you need to ensure you let people know about the award you're handing out. Accompany it with an awards ceremony that recognises some key achievement that the employee has had with your company. Not only will this help them feel appreciated, you'll also show other employees in your company both that people want to stay with you in the long-run, and what they could gain if they also remain at your organisation. Both these factors will help to beat the job restlessness that's such a feature of the modern workforce.
But it's not enough just to give them any old prize. The best awards programs offer the employee in question a choice of reward. At Power2Motivate Australia, our global rewards gallery offers employees a huge range of prizes. Winners of your Years of Service Program can choose from electronics and household appliances to event tickets and travel opportunities.
Job restlessness is here to stay in the wider workforce - but it doesn't have to be the case at your organisation. To find out more about introducing a Years of Service Program at your company, contact the experienced team at Power2Motivate today.