Surveys show millennials salary expectations are not being met and that disengagement with employers means they are moving jobs sooner but new HR tools and Christmas bonuses can help employers retain staff.
REC and HiBob release HR platform as surveys show millennial disengagement with employers
A recent survey revealed that millennial employees who feel disengaged with the companies they work for has lead to about 62% of this young, influential workforce quitting their jobs less than two years after joining a company. This is increasing demand for businesses to implement practices which retain the dynamic young workforce of today.To better understand employees and manage HR issues the REC have revealed their latest business partner to be the HiBob platform, a HR management tool. The Recruitment and Employment Confederation (REC) have made the HiBob platform available to their 3,500 members, and the organisation uses it themselves to manage their own HR requirements.The HiBob platform helps companies to better understand their workforce, drive engagement, boost internal culture and improve retention of employees.
Young peoples salary expectations exceed reality
A survey by University College London shows that the the majority of young will not achieve their salary expectations by age 30.The survey shows that 61% of 16-21 year olds in 2015-16 expected to be earning between £20,000 and £29,999 by the time they are 30.In reality, only 30% of those aged 30 earn within this bracket annually in 2017. More aspirationally, 8% predicted they would have a salary between £60,000 and £69,999 when they were 30. However, this is only true for 1% of 30 years olds in 2017.
How to prevent New Year staff departures
According to a survey of 1,096 UK employees carried out by bonus and incentives provider One4allRewards.co.uk, bosses who give out bonuses in December are less likely to loose staff pre-January when workers are most likely to look for a new job.The survey showed almost 1 in 2 workers (46%) said having received a bonus or gift from their boss would prevent them looking for a new job, and a similar number said they would be less likely to accept a new job if offered one. With workers more likely to look for a new job in January than any other month of the year, December a bonus is best timed for staff retention.
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