New industry-based research from Fuzionscape indicates that ‘Generation Y’ is proving the hardest demographic for the Australian resources sector to attract and retain.
The research suggests that many young professionals only plan to remain in site-based roles for an average of 1.8 years.
Fuzionscape managing director Xavier Hill said the industry will be surprised to learn that money, working conditions or dislocation from families are not causing young professionals to leave.
“The chief concern is employers failing to honour the promises they have made,” he said.
Attraction and retention is a growing issue for the industry, because excessive employee turnover costs for average large scale resources operations are conservatively estimated at in excess of $10 million a year, Hill said.
“The Western Australian Chamber of Minerals and Energy states that the shortage of professionals will be the industry’s single biggest constraint to future growth,” Hill said.
“We can now provide unambiguous solutions to help overcome that.
“What our research shows, is that many of the assumptions and allegations levelled at Generation Y, such as lack of loyalty and being unwilling to take up site-based roles are not accurate.
“Generation Y professionals are just as likely to remain in the resources industry for their entire working lives as older professional and 54% of city based professionals say they are prepared to move into site based roles under the right conditions.”
According to Hill, open and honest communication in the market and an understanding of the power of employer brands are critical.
The research is available on Fuzionscape’s website.