With the new generations, Gen Y entering workforce replacing baby boomers, new
employees are concerned on fulfilling monetary motivation as well as the emphasis
on work-life balance. Voluntary auditors turnover rates each year for Ernst & Young is reported at 15-20%. Most have no intention to stay longer and switch to new company. High staff turnover is unfavorable to firm through the loss of pertinent knowledge and experience. It is extremely costly in terms of training and development cost for replacement hires. Perils and pitfalls in failing to retain talented professionals may lead to the decline is productivity, efficiency and profits of the organization. Since EY is one of the Big 4, firm could be losing out to the rivals. Recommendation 1. Career pathing coupled with mentoring and coaching Form a team to conduct honest assessment of how transparent the road to success and advancement in EY. Apparently, Gen Y focus on how to make an impact and grow-personally and professionally. Employees should be engaging in a discussion where they are able to voice out their opinions. Upper management should address concerns on the feedback given by employees. Staffs, seniors and managers should present at the table when discussing how to align employees needs and goals with EYs future.