What is The Future of Long Service Leave?
The future of long service leave is a much-discussed topic amongst consultants at FiveSeven. We’d love for you to weigh in as well, but here are our thoughts and experiences…
The Australian workplace landscape has changed dramatically over the last 50 years. Once upon a time, workers might move jobs once, twice, or three times in the span of their career.
For others, they would be taken on as a school-leaver and would see out their working life with that one employer.
Enter 2023, where the demographics of workplaces has changed. With that, new expectations for employers have arisen. Put it this way, we know that our twenty to forty year olds (#millennials) want: flexibility, work-life balance, and learning & professional development.
They certainly aren't afraid to ask leaders for what they want, and one thing we know about the new generation of workers is: if they are not happy, they will go somewhere else.
Predictions show that new entrants to the workforce will have 18 jobs, across six careers, in their lifetime. So, is Long Service Leave completely redundant? For older workers in the workforce, it certainly isn't. However, for our up and coming workforce, all the research is pointing in the direction of it being redundant.
Where to from here? We know employers are under ever-increasing pressure to attract and retain talent. Employers should be focusing on retention as much as they can, always looking at how they can add value to retain employees in their workforce. Is it time to start thinking about how we reward performance at the 2 to 5 year mark, rather at tenure at 10 years plus?
What are your thoughts? 🤔
