A survey of more than 2,500 senior human resource executives by Novations Group, a global consulting organization, asked:
“In your experience, how much time do employers have to “prove” to employees in their 20s that the company is the best place for them?”
- 51% answered between 1-6 months
- 26% answered “less than a month.”
The survey confirms that Gen Ys (employees who are under 30) are less willing to stick to a job if they don’t feel it’s the perfect fit for them.
Some Tips for Retaining Gen Y Talent
1) Gen Y are more focused on results – so you should be, too. That means allowing for flexibility related to hours. Don’t make Gen Y do 9-5; instead ask them to work on deliverables.
2) The same goes for location; allow work from home or coffee shops.
3) Understand the long-term goals of your employees and help them strategize to achieve those goals. (You can also help employees understand your long term goals by using The Goals Diagnostic Chart from Managing the Unmanageable).
4) Education is important to Gen Y, so support aspirations for higher education and further training.
5) Allow room for creativity. Try Google’s “20% time” approach, where one day a week employees are allowed to work on their own innovative ideas that will benefit the organization.
6) Pay competitively; know what the competition is paying and find alternative packages that stay in the competitive range.
7) Offer paid volunteer days. Giving back to the community is important to people of all generations, and demonstrating that the company or organization supports that value goes a long way.
8 ) Gen Y use technology efficiently, so understand what type of technology will improve their work and help obtain that for them.
The Take-Away?
Gen Y’s can be valued members of your organization — but you’ll have to work to win their loyalty. Given the energy, creativity, and vision that this new generation brings, you’ll find that the effort is well worth it!
