A third of Australians will quit their jobs in the first one to two years, despite economic uncertainty, research from Hays has revealed.
The recruitment company have found that 31 per cent of Australians looked to change jobs in one to two years after being hired, and a further 39 per cent considered leaving their employer every two to four years.
“While it is difficult to fully calculate the cost of turnover, it can often equate to 25 per cent of the average employee salary – and this is a conservative estimate,” Hays accountancy & finance regional director Susan Drew said.
“When an employee leaves there is the loss of not only valuable industry knowledge, which can contribute to your businesses’ future success, but knowledge about your company, your customers, current projects and past history, which can take a long time to regain.”
The research comes after a report from Robert Half, which found that skill shortages persist in finance and accounting and that 86 per cent of executives find it challenging to source skilled finance professionals.
In the finance industry, there was an increased demand for professionals with 37 per cent of executives across the entire finance sector planning to increase their headcount in the first few months of the year, while a further 44 per cent intended to maintain current staff levels. Only five per cent expect to reduce staff numbers.
In late December Hays also said that the financial planning and advice sector was likely to see a continued absence of skilled workers into the New Year.
At the time, Hays’ head of banking, Jane McNeill, said there was a considerable market demand for senior financial planners with strong business development skills and banking experience, as well as for para-planners.
She said the lack of skilled financial advice professionals on the market means employers in the sector should increase their focus on staff retention in 2013.
Hays have said staff retention strategies such as having regular performance reviews, and proper training for career development can assist in retaining employees.
“The rate of turnover can be reduced by implementing a few integral but simple retention strategies – and they don’t always involve money,” Ms Drew said.
“Candidates are also looking for good management, clear paths and challenges, or even perhaps good relationship at work, to keep them engaged and satisfied with their roles and their employers.”
