Australia / Half of workers to quit in next five years

Australian businesses are facing a war to retain their top talent and will need a more modern approach to devices, working conditions and social media to keep their workers happy.

Even though the unemployment figures sits at around 5.5 per cent and new job ads have fallen to their lowest level in years, two recently released reports have warned of a national shortage of skilled workers.

Firstly, consultancy group Hay Group reported that almost 60 per cent of Australians were planning on leaving their current jobs within the next five years.

A second study from Deloitte found that only 65 per cent of workers expected to be with their current employer in 12 months time.

Deloitte estimated the cost of replacing each skilled employee to be $41,250 and it noted this was a conservative figure.

According to Deloitte:

“There are many causes of voluntary employee turnover. Many employees seek better work conditions or just a change; around 32% of employees left their previous jobs for these reasons.

Around one quarter of people left their previous job because of family reasons. More than one in five employees left because of unsatisfactory working conditions.

The main costs of employee turnover include recruitment, training and lost productivity in early stages of employment. The net costs exclude the savings of not paying salary while the job is vacant.”

Chosen excerpts by Job Market Monitor

via Half of Aussie workers to quit in next five years – Yahoo!7 Finance Australia.