14:34 1 February 2019
HR services
Employee shortage is making companies re-evaluate their HR policies. On the one hand, the Millennial generation is already the most numerous group in the workforce and companies have no choice than to cater to their needs. On the other hand, few firms take advantage of employees aged 50+, who have the most experience and can be an invaluable resource worth tapping into
The generation of people born in the 1980s and 1990s, though for a long time derided as being childish and unstable, have become a lifeline for most companies struggling with employee shortage. Over time, employers have realized that Millennials can in fact bring a lot to the table and many of their seemingly undesirable qualities can be used for
the benefit of the company. For instance, their strong need for work-life balance and seeking passion in everything they do makes them derive more satisfaction from their jobs and be more engaged in their work. Having been raised during a technological boom, they are more adaptable and flexible. There is no doubt that they are more comfortable with novelties. Although they will soon have to compete with an even more digital-native Gen Z at their heels. They will have no choice other than to mature into strong and driven leaders.
Costly recruitment
However, hiring Millennials exclusively comes at a price. According to a LinkedIn study, Millennials change jobs even twice as often as their parents’ generation. Antal’s research shows that employees who leave their employer the most frequently have only spent between one and three myears in the company. This means higher employee turnover, which is already bringing hefty losses: it lowers morale and takes a toll on the company image. According to Antal, the failed recruitment of an employee making an average PLN 5,000 a month costs the employer on average PLN 40,000. Most employers try to attract and retain younger candidates, forgetting the potential in employees with many years’ experience and knowledge. Of course, there are firms that carry out recruitment campaigns for this group, as well as diversity programs. Still, a large number of employers fail to see the potential, and the neglect of the older generation is forcing its members out of
the labor pool. It’s a well-known fact that people over 50 have a hard time finding a job. However, the awareness of the so-called “silver revolution” is still low. UN scenarios suggest that by 2050, every third European will be over 60, and as soon as in 2020 nearly half of Poles will be over 50. Aging society is not the only problem. The percentage of 50+ Poles who are employed is lower than the European average: in Q4 2017 it stood at 32.9 percent, compared to 36.5 in other EU countries, not to mention leaders such as Sweden (44.6 percent) and Estonia (44.1 percent).
By Beata Socha
