What Turnover Rate Says About Gen Z
In the digital age, everything is rapidly changing, including the growth of technology and innovation. This especially relates to Generation Z (Gen Z). The Gen Z group is a population of individuals aged between 10-24 years old (born between1995 – 2009). This generation grew up using modern technologies and facilities and has the ability to use various technologies and learn quickly. They are also exposed to digital media since birth and spend most of their time online.
According to a famous job recruitment website, Gen Z individuals tend to change jobs after short periods of time (within 1-3 months) (31.82%), which are shorter work periods when compared to Gen X and Gen Y.
Cited from the Prachachat site, Dr. Thitima Chaimongkol, Researcher, Human Resource Development Expert and the Founder of Researcher Thailand, investigated the problem of high turnover rates of Gen Z workers. He found that normally, the turnover rate in organizations and corporations in Thailand is around 10%. However, when Gen Z entered the working-age, this number jumped to 12-15%.
Among various reasons is because Gen Z has grown up in the digital and IT age, a factor that may have contributed to this group to change jobs more frequently. This is apart from their demand for higher income, dissatisfaction with the job welfare, advancement in work, and expectations according to their skills and interests. The turnover rate is considered a national problem, especially with Small and Medium Enterprises (SMEs).
Therefore, corporations should shift their focus to ensuring that Gen Z and employers know what they are looking for and be ready to change the way they recruit candidates. Recruiting the right people is crucial in the overall success of a company. Visit us to know how our services can assist you.