Gen Yers believe layoffs likely

Gen Yers believe layoffs likely

Nearly one third of Gen Yers believe that their employers will lay off staff because of the downturn in the economy according to a survey of 2,700 people by Talent2, Australia’s leading human resource firm. However, this viewpoint is not as pessimistic as that of the general population with almost half of respondents saying they expect substantial downsizing in the coming months.

The research also revealed that 23% of Gen Yers interviewed believe that their boss lacks the skill set necessary to manage their way successfully through rocky times.

A breakdown by profession showed almost 40% of GenYers in the IT sector believe their company will downsize and almost 55% have no confidence in their senior management.

GenYers in the property and HR sectors are equally apprehensive about staff losses and their boss’s ability to steer the company through the rocky times.

"Legal Gen Yers are the most confident in their boss’s ability with 61.5% believing their boss has the wherewithal to weather the economic storm, however, 30.8% think their firm will be reducing staffing levels."

Mr. John Banks of Talent2 says, "When people are seriously worried about their jobs the mood is typically one of disengagement with management, and so the issue quickly becomes one of retention."

"Employee retention programs are vital in lean times and given that Australia will weather the global downturn, it's important to think ahead."

"The best retention programs start with an understanding of what motivates employees so ask or survey staff to find out what they value most, and improve engagement by adding their input into decisions that affect the business. Also, a culture that recognises professional and personal development gets kudos, so it’s wise to maintain support in this area during periods of change," added Mr. Banks.