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.