The workplace of the future: combating higher turnover

The backbone of every business is really the workforce. Whether you're a small to medium-sized business with only a handful of employees to an enormous conglomerate that has an employee count of thousands, it always pays to know where the strengths of those in your payroll are. And, of course, where the weaknesses could be.

According to Deloitte Access Economics, one of the major issues facing the business of the future is one that has plagued enterprises since the very idea of long-term employment started: people choosing to leave.

The new report titled "The Future of Work: How can we adapt to survive and thrive" highlights a number of issues that should at the forefront of any business development plan. This includes a section on the apparent capricious nature of the future's workforce.

Deloitte, using its own research in conjunction with Australia Bureau of Statistics figures, describes how 60 per cent of those looking for a new job were changing industry, role or both in their new place of employment. Coupled with previous Deloitte research that demonstrates 50 per cent of millennials plan to move jobs in the next two years, this presents businesses with employment options that appear to lack both loyalty and consistent experience.

Disloyalty or merely adaptable?

However, savvy enterprise owners will know that this also shows "an ability on the part of the applicant to confront change, embrace different challenges and operate in different work environments", as Deloitte puts it. While you may face higher turnover, you will also be gaining a pool of adaptable, fast-learning and overall agile individuals ready to face what could be a rapidly changing business environment.

You will, however, likely face higher costs due to higher staff turnover. It's a scenario of swings and roundabouts. To ensure that your business can adapt, change and plan for this paradigm shift, speak to the business development experts at Wilson Porter and find out the best solution for your small business.