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Portfolio’s ICT group has a turnover rate of 10%. With the current level of attrition over the next three years without any interventions, ICT will lose about 600 employees. The Australian National Audit Office indicates the cost of turnover is 1.5 times annual salary. Using a low cost assumption APS6 employee’s salary ($62,923), the cost of turnover would be over $38m over 3 years. These expenses are exacerbated by the tight labour market and a severe shortage of ICT capability. This highlights the need to recruit the right people with the right ICT capabilities and temperament.
From a generational perspective
Boomers have worked in times where meetings were planned well ahead of time and all correspondence was on paper. They tend to rely less on the technology. They trust recommendations and referrals coming from friends and peers and prefer a more personal approach to thing.
GenX work to live rather than live to work and known to have created the work-life balance concept.
When McCrindle research posed a question - “What attracted you to the job advertisement?” their responses included:
“Sounds really interesting”
- “Picture of an employee enjoying himself”
- “The photo caught my attention - looks fun”
- “Easy to apply - just go online”
- “Sounds like a fun place to work”
Interestingly, salary alone wasn’t a draw card
What would you like to do?
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