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Managing Generation Y: Top 5 Attraction and Retention Factors [RESOURCE]
To attract and retain Gen Y in this high-turnover era we must meet their top 5 workplace needs. This comes straight from our research of Australian Gen Y workers and in order of importance they look for:
1. Work/Life Balance
For Generation Y their job matters however it is not their life – but rather it provides funds that fuel their life. In addition to their job they may also be juggling study, friends, family, sport, other work and community involvements. So when it comes to their work schedule and overtime think: flexibility.
Remember: if there’s a clash in the work-life balance, life wins!
2. Workplace Culture
This has to do with the relationships with others at work. For Generation Y social connection with peers is one of the top retention factors. Not all of them have support from home so they are looking for a place to belong.
Remember: they want community, not a workplace. Friends not just colleagues.
3. Varied Job Role
Gen Y like change - it’s all they’ve ever known. So offer variety in their job description and combine it with responsibility and promotions where possible.
Remember: Many quit jobs not because there is a compelling reason to leave, but because there is no compelling reason to stay.
4. Management Style
The ideal supervisor is one who values communication not just authority. One who leads by example and involvement and not just by command and control. Gen Y’s are just beginning their careers so offer support, mentoring, positive feedback and public recognition.
As John Maxwell says “If you’re leading, and no one’s following – then you’re just out for a walk”.
Generation Y know that in the 21st Century it is essential to keep their skills up to date. In fact 90% of Generation Y’s who receive regular training from their employer are motivated to stay with their employer.
So today training is more than a tool for productivity – it is a tool for retention.
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