Making News

(Nov. 1, 2007)

RECRUITING AND RETAINING GENERATION Y

The latest group of young 20-somethings are entering today’s workforce in record numbers, and unlike older generations, they are very different from their predecessors. As challenging as it is to recruit these young, vibrant, high-performance individuals, it’s even harder to keep hold of them. So, how do you attract this vital resource, and more importantly, how do you get them to stay?

Below are some tactics to consider:

Telecommuting programs and flexible hours
The generation notorious for growing up with computers, Generation Y became accustomed to utilizing the Internet and new technology at an incredibly early age. As employers, supervisors, and co-workers of this digital savvy generation, you need to understand the significance of potential telecommuting programs for these bright and talented individuals. Implementing an environment that allows employees to take their work home with them, is of vital importance to enhance their creative minds and, contrary to popular belief, is capable of providing attractive productivity gains for your company.

Gen Yers are typically driven and determined, and want the freedom and empowerment to embark on their entrepreneurial nature and heroic spirit. They desire the autonomy to be responsible for their own career path. They become anxious when they have to punch a clock. Giving them the liberty to make their own hours, or design flexible schedules, helps to keep them satisfied and loyal.

Increased vacation time and benefits
Unlike Boomers, who put a high value on career focus, Gen Yers tend to seek jobs that accommodate their family and personal lives. Jobs and companies that reflect Gen Yers’ desire to “have a life” and make the most of it, are those that will appeal most to this group. They want more days off – it’s one of the first things they’ll inquire about besides pay. In addition, they’ve grown up knowing about investing their money. They are educated about benefits, 401K programs and IRA’s. According to the Pew Research Center’s Survey “How Young People View Their Lives, Futures and Politics: A Portrait of ‘Generation Next," only 25 percent of those working Gen Yers are satisfied with their companies’ health insurance programs, and a mere 23 percent with their retirement plans. Are you doing all you can to seize this opportunity?

Mentoring programs and a collaborative environment
With their overscheduled childhoods, a stereotypical view of Gen Y is concern over this generation’s inability to think on their feet and solve problems on their own. Rather than exhibiting a negative stance, why not offer a solution? Because they grew up with dynamic parents, this generation often seeks out employers and organizations that will provide them with a role model or mentor. Moreover, due to their collaborative nature and utilization of social networking sites, they have a knack for teamwork and like to function in groups that provide them with an environment where they can bounce ideas off one another.

Continuous feedback and enhanced responsibility
Generation Y likes to be told how they’re doing. They grew up with enriching and actively involved parents that formed a full spectrum support network. Therefore, traditional command and control type management does not work well with Generation Y. A common aspirational goal for this demographic is to run their own businesses so they can be in control of themselves. They want to develop solutions and “change” an existing company. With the increased use of new technology in today’s corporations, they know this is feasible and can afford to be choosy. They are go-getters who want to be seen, heard and valued. They are their own “deciders,” and if enhanced responsibility at work is not given to them, they will instead go off on their own to satisfy this need. The thing they crave more than a high salary is worth and responsibility.

Be ahead of the game
Some food for thought…only 27 percent of working Gen Yers are satisfied with their current jobs, 43 percent with their flexibility of hours, 36 percent with their job security, 25 percent with career promotion, 17 percent with on-the-job stress, 20 percent with amount of money earned and 47 percent with relations concerning their co-workers. 

As you can conclude, there is a real mismatch regarding what Gen Y wants and what most employers are currently giving them. And, as the largest generation to enter the workplace since the Boomers, you can’t afford to turn them off. Telecommuting, flexible hours, additional vacation time and benefit packages, mentoring programs, collaborative working environments, continual feedback and enhanced responsibility are the best ways to recruit and retain Gen Yers. The risk if you don’t? Losing valuable talent to other companies that understand the importance. It’s your choice.

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