According to Deloitte’s Global Human Capital Trends 2016, long-tenured employees are a vanishing breed. Gone are the days when companies could expect employees to stick around for 20, 10, or even 5 years.
“[A] new social contract is developing between companies and workers,” writes Deloitte’s research team. “Young people anticipate working for many employers and demand an enriching experience at every stage. This leads to expectations for rapid career growth, a compelling and flexible workplace, and a sense of mission and purpose at work.”
Rapid growth, a strong mission, and a sense of purpose? That sounds like the hallmarks of employees in the tech space. And that kind of initiative taking is good — we rely on these workers for some of our most exciting and important innovations, and we need their passion to create the technologies that drive all our other industries forward.
But that high drive and high expectations can also make employee retention in this industry particularly vulnerable, as indicated by its year-over-year increase in turnover.
One Leader’s Dilemma
The new chief information officer (CIO) of GuideOne Insurance came face-to-face with this issue when he took the reins of an IT department struggling with employee dissatisfaction and attrition.
Faced with a situation that could lead to costly turnover within a difficult-to-recruit employee base, the CIO went in search of a strategy to gather employee feedback and generate proactive solutions.
In this case study, we:
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