As a young CEO, you certainly think about employee retention and this is the most important factor influencing your business. This will be further exacerbated by the rate at which baby boomers (born between 1946 and 1964) are retiring over the next decade. While the youngest, newest members of the workforce — Generation Y, Generation Next, or Millennials (born between 1982 and 2000) — are thought to be less loyal to employers than their predecessors, the fact is that the new generation is just as committed and loyal. like previous generations, provided they are engaged, empowered and inspired to solve business issues and optimize their performance.
Attracting and retaining young talented people to replace top, older professionals will be costly, time-consuming and even tedious. This is a generation that wants to constantly learn and grow by completing challenging tasks and learning. They also want their efforts to be recognized and rewarded for the results. All of these are critical to the success and profitability of a business.
Since the retirement of experienced workers is inevitable, young CEOs need to develop and retain less experienced employees, facilitating their career growth so that they can take on additional responsibilities and move smoothly into leadership roles in the near future.
A 2007 Walker Information report on employee loyalty indicated that 36 percent of American employees will leave their current organization within the next two years, up 5 percent from 2005. Nearly a quarter more said they feel trapped in their jobs, and four in 10 Gen Yers are at risk of leaving their companies.
One of the most common reasons why young workers leave their jobs is the lack of full involvement in the company’s goals. While the younger generation has an insatiable appetite for growth and job success, they also:
We firmly believe in their ability to make a significant contribution to the success and growth of the company.
They dislike change as much as older workers and want to help their organizations grow and prosper.
Will leave from one position to another to make a real difference, realize his career potential and grow personally and professionally.
A Wall Street Journal study found that 97% of the 40 companies surveyed said they need better plans to retain the best talent generation after generation. In other words, most managers feel unprepared to deal with the high turnover trend.
Reaffirming that continuous employee development leads to commitment and loyalty, the Wall Street Journal report reiterates the need for corporate executives and HR managers to understand the value systems, priorities, and unique needs of the younger generation. This will increase retention.
Generation Y becomes a very committed and loyal employee when:
Linked to the vision and purpose of the organization.
It is clear to see how their individual efforts contribute to progress towards this goal.
From the very beginning of their careers, this generation has been very clear and direct about their desire to ensure that their efforts at work bring real value, while providing personal satisfaction.
A recent survey by BusinessWeek found that the companies with the highest retention rates were the most transparent, responsive, responsive, and even caring. They intelligently meet the needs of the younger generation.
In a BusinessWeek poll, accounting firms Deloitte & Touche, PricewaterhouseCoopers and Ernst & Young were among the top three and the first to rethink how they hire and retain new college graduates. Accounting firms that as a group are not known for offering interesting or inspiring work have changed their recruitment and retention programs to attract and retain new talent, a critical attribute of their future growth and success.
This generation has high goals and dreams, and they believe they can achieve them. They are optimistic about the future and realistic about the present.
In managing young workers in the workplace:
Clearly define the goals, objectives and results of the organization.
Provide structure, direction, direction, and flexibility to get the job done.
Set up training, mentoring, incentives, and accountability to keep this generation alive.
The Pew Research Center Generation Y study outlined many of these ideas. When asked about their main goals in life:
81% said that becoming famous and getting rich is the most important life goal of their generation.
The desire to be famous and rich may seem frivolous, but the reason for this is deeply rooted in reality: The Pew Study found that this generation is well aware of what it takes to keep up with the cost of housing, insurance and education. , and all of them are significantly higher than in the generation of their parents.
To transform this mobile young generation of workers into experienced, long-term employees who will stay with the organization and become the valuable, productive managers of the future, you need to:
- Help align their personal goals with those of the company—paid time off for volunteer work or encouraging the inclusion of outside interests in work.
- Ensure continued growth—personally and professionally.
- Treat people the same.
- Create mentoring programs – the younger generation wants to learn from different people
- Respect their intelligence, energy and optimism.
- Create team-focused projects.
- Listen to and understand their value systems.
- Ask and be ready to implement their ideas.
- Be prepared to explain the rationale for thoughts and decisions.
- Provide two-way open communication.
- Explain why or why some suggestions cannot be implemented.
In this way, show respect and appreciation for all generations of employees, and you will have a base of loyal and dedicated employees who will empower your organization and ensure its profitability.
Diane Durkin is President and Founder of Loyalty Factor LLC, a training and consulting firm that specializes in change management, employee and customer loyalty programs. She is the author of The Loyalty Advantage (AMACOM, 2005).
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