Young people only stay for an average of 1.7 years before changing jobs, businesses should not be 'nostalgic'

The working time of employees at a company is decreasing - Illustration photo

Businesses must adapt to "job-hopping"

"The next generation is impatient and wants to develop quickly. A young person born in 2001 asked me the question "what position will you be in after a year" when he came to the company for an interview. His ambition is very high", Mr. Phan Van Dung - HR director of OI BJC Vietnam shared a real story.

He cited a statistical report showing that the generation born in 1965 and before worked an average of 16.6 years at a company. Corresponding to this average working time, the company's promotion policy is also reviewed every 5 years.

Meanwhile, the next generations, Gen X and Gen Y, have a reduced time of attachment to a company to 5 years. Promotion policies of companies also change every 3 years.

But Gen Zers currently only work for an average of 1.7 years. This requires companies to change to adapt, or they will lose talent.

"The next generation knows how to use many support tools, is very smart, so they must know how to "plan". To "plan" there must be rewards, and the business strategy should be short-term, not long-term.

Previously, strategy building could be evaluated once a year, but now it can be every 3 months, every 6 months. We must find a way to exploit their intelligence before they change jobs. This is also the reason why businesses need to apply new goal management methods such as OKR," Mr. Dung commented.

Mr. Le Canh Phuc - CEO of Link Power - believes that today we no longer use the word loyalty when talking about the relationship between employees and businesses, but instead use the word connection.

"Engagement is a relationship of sharing rights and benefits with each other. This requires businesses to build a system of human development as well as welfare payments."

According to Mr. Dung and Mr. Phuc, businesses today must find ways to adapt to the increasingly "short-term" commitment time of employees.

Besides KPI - a very popular effective management method, many businesses have applied OKR - a goal management method that has been applied by large businesses such as Google to pursue short-term but breakthrough goals.

Accept failure fast to innovate your business

Ms. Tran Viet Ha - HR Director of Häfele Vietnam - said that to cope with the rapid fluctuations of the market and human resources, the company has applied OKR (Objective Key Results) - a management method based on goals and results, ensuring that individuals cooperate throughout the business. Thanks to that, the business has overcome difficult times.

According to her, the most important thing, considered the "methodology" of OKR, is the principle of Fail fast.

With OKR, businesses need to set up overall OKRs from strategic goals, departmental goals to personal goals, in which each individual will be the one to propose goals to realize the strategic goals, the focus of the organization.

"Businesses need to dare to let employees set goals and accept failure quickly. This helps businesses quickly abandon inappropriate goals, and spend time pursuing new goals, helping the machine operate more effectively.

If the goal is successful, it must be praised and shared, and if it fails, it must be boldly shared so that the teams can learn and go together through new goals. Fail fast - accepting failure as quickly as possible is the way for businesses to improve," Ms. Ha shared.

According to her, if in a business all employees just wait for the CEO, the leader to set goals and wait for KPIs to do, it will gradually lose the initiative of the group of employees and the group of directors - directors, department heads.

"I think leaders will feel this pain. Everything comes from the CEO, so even if the CEO is very creative and proactive, at some point, the growth rate will only stop at a single digit, unable to reach ambitious, breakthrough goals," she added.

Source: https://tuoitre.vn/nguoi-tre-chi-gan-bo-trung-binh-1-7-nam-roi-nhay-viec-doanh-nghiep-dung-hoai-co-20240523014521397.htm