The days of an employee working with the same company for 20 years – or even throughout their full career – are gone.
Members of the Millennial generation currently entering the workforce are expected to change jobs every three to four years, meaning they will have worked for many more companies throughout their career than the Baby Boomers currently exiting the workforce.
Individuals born from 1957 to 1964 (referred to as part of the Baby Boomer generation) held an average of 11.3 jobs from ages 18 to 46 according to the Bureau of Labor Statistics of the US Department of Labor. The projections are that the Millennial generation will have between 12 and 15 career changes.
The bottom line is that keeping your talented people will become more and more challenging as the more loyal Baby Boomers start leaving the workforce and the more transient Millennial generation takes their place.
Now is the time to start getting your processes in place to retain your talented employees and keep them engaged.
More than one third of our workforce will disappear in the next fifteen years as Baby Boomers retire. This was expected sooner, but the so-called Great Recession wiped out many retirement accounts and has delayed their exit.
The job market is quickly changing to a candidate-driven market rather than company-driven. Any hiring manager, HR manager or recruiter who has recently worked to fill a category manager position would attest to this fact.
In The War For Talent by Ed Michaels, Helen Handfield-Jones and Beth Axelrod, the authors confirm:
“The war for talent is creating a new business reality.”
They also suggest: