Tips on Retaining Gen Y Talent

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 Y are less willing to stick to a job if they do not feel it is the perfect fit.  So, what are some tips on retaining Gen Y talent?

1) Gen Y are more focused on results – so you should 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.

4) Education is important to Gen Y, so support aspirations for higher education and further training.

5) Allow room for creativity. Try the Google 20% time, 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.