Impact of Increased Work Engagement on Retention of Millennials Assignment

Assignment Task

Problem Statement

In 2020 millennials made up 35% of the global workforce (Dimovski, 2020) and it is predicted that millennials will make up 75% of the global workforce by 2025 (Team Stage, 2022). In 2019 it was identified that approximately 49% of millennials quit their jobs within two years of their start date (Friedman, 2019), which signals a terrifyingly low retention rate. It is clear to see that millennials currently play a critical role in the success of organisations and that they will continue to do so for years to come. Low retention rates are costly for organisations, costing them time, money and other resources. Research has shown that the cost of replacing an employee can reach as high as 50-60% of an employee’s annual salary (David G, 2008).

To increase retention rates amongst millennials, we need to take a closer look at the reasons why they tend to resign within two years and the impact that increased work engagement has on retention. Furthermore, we need to determine how human capacity development programs impact work engagement. As we have seen in the past in other research studies, what is relevant in other countries, is not necessarily applicable to the South African workforce.

Significance of the Study

The high turnover rate of millennials in the South African workforce is a significant concern for organizations, as it can lead to increased costs and decreased productivity. Despite the growing body of research on the relationship between work engagement and employee retention, there is limited research that specifically examines the impact of increased work engagement on the retention of millennials in South Africa. This gap in the literature is important to address, as understanding the factors that influence millennial retention in South Africa can help organizations develop effective strategies to retain this important demographic.

Should we fail to conduct the research and to find feasible solutions, organisations face the risk of continuing to lose valuable skills within the organisation and the continued cost of replacing key roles within the organisation. Millennials are at the age where they are moving into management positions, which emphasises the need for retention.

Objectives

• To examine the current state of millennial retention in South Africa and identify the factors that contribute to high turnover rates among this demographic.
• To investigate the relationship between work engagement and retention of millennials in South Africa, and to identify the specific dimensions of work engagement that have the greatest impact on retention.
• To investigate the impact human capacity development programs have on work engagement.
• To identify the strategies and practices that organizations in South Africa can use to increase work engagement and improve the retention of millennials.
• To provide insights into how the unique challenges and opportunities of the South African context may impact the relationship between work engagement and retention of millennials.
• To provide recommendations for future research on the topic.

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