But it would seem the days of company loyalty are fast becoming a thing of the past. Gone are the days when an employee would commit their future to a company for the majority of their working life - staff turnover is now as much a part of day-to-day office life as changing the paper in the photocopier.
Attracting the best young talent is often only half the battle; it's keeping them which presents the biggest challenge. This is especially true when you consider that a recent global study by Mercer found that 46 per cent of 16-24 year old workers were considering leaving their job. Yet despite this higher likelihood to move on to pastures new, that same age group had the highest overall satisfaction with their organisations.
So if this age category is broadly satisfied with their job, what keeps driving them to leave? There are three key factors which make an employee most likely to head down to the job centre, according to our research.
"I don't earn enough money"
This was the case for 22.8% of respondents who said they were not happy in their current job. Initially, the thrill of taking home a pay packet will be enough to keep your young staff happy. But failing to recognise that younger staff soon become disgruntled if they start to take on the same workload as older, higher paid, colleagues is often fatal. Schedule regular salary reviews so your young staff know progression is available.
"I am bored with my job"
Again, even the most mundane of tasks can often be satisfying for a youngster taking their first steps into the workplace. However, undermining younger staff's abilities is another way to fast-track your P45 requests. Recognising people's talents is essential for any business to prosper, so make sure your staff don't end up bored, or worse, unproductive.
"The work I do is unappreciated"
Freshly recruited workers are often showered with praise in the first few months of employment, only for this to peter out once tasks become expected of them. If an employee is doing a great job, they have to be told. Chances are a couple of thousand pounds extra per year in a new company won't be so tempting if an employee feels valued and appreciated. According to our research, 39.1 per cent of respondents would be more loyal if they felt appreciated in their role.
There is no quick fix to improving your staff retention levels, but setting aside time to cover the most important bases is always time well spent. Young employees have the world at their feet, and it is part of a company's responsibility to show them that a future within their organisation is their best option.
Implementing a structured training programme can help with this, as it demonstrates that a company is willing to help an employee grow in line with the business. As a manager there is little worse than seeing talent and potential grow in an employee, only to see it walk out of the door and take a seat at the desk of a competitor.
Good leadership and solid management training is an essential tool to prevent this happening. A strong and confident leader not only acts as a role model within a business environment, but also has the ability to recognise when a team member is in danger of becoming unsatisfied. In this instance, effectively training managers is paramount. Only when a manager is confident and supported in their own role can they recognise the talent bubbling away beneath them; harness it, and use it to the company's advantage.
In so many cases, an employee does not know how valued and appreciated they are until they hand in their resignation letter; by which point the damage has already been done. The bottom line is; staff loyalty is fantastic for business in terms of productivity, profit and morale. So it makes sense to place importance on improving staff retention. Try to see every young employee as a blank slate, and an opportunity to cultivate and grow new talent to benefit both the employee and your business. Young staff represent the future of your business - so make sure you are the one to unlock, and benefit, from their potential.
Kevin Young (pictured), EMEA head of global e-learning provider, SkillSoft
