Recruit and Retain the Best
There is a simple two-step process for Gen Y-focused recruitment and engagement; get their attention, then keep them satisfied. The tricky part is what attracts them to your organization may not keep them satisfied for the long-term.
Regardless of the status of the economy, recruiting and retaining Generation Y is a priority in many top organizations. Even during a recession there is an employee shortage – thanks to the well-known demographic trends. In fact, there will be 10 million more jobs than workers available to fill them by 2010. The demand for college-educated workers will be especially high over the next ten years, at 30 million – when only 23 million new U.S. college grads are expected. These factors result in a very favorable job market for the Gen Y professional. Research tells us that Gen Y professionals are confident they can get another job elsewhere, some have their own entrepreneurial ventures in the works, and – when all else fails – are willing to move back in with the parents.
To attract the attention of Gen Y, you must be able to offer a good salary, an enticing work environment, and career growth opportunities. When compared to previous generations, Gen Y employees are interested in finding meaningfulness at work, hard-working, and educated — and they expect to be rewarded appropriately.
The second step is to keep them once they join the company. When a company does a great job onboarding their new hires, there is a better chance that the new employees will stay and remain engaged. Look at retention as ongoing recruitment. Remember that the factors that were successful at stage one might not suffice to retain them long-term. The key at this stage is making sure they are satisfied on the job and working on projects that matter. Personal fulfillment and satisfaction are a requirement, not a benefit. After that, the second most important factor is a social work environment with quality friendships. Some examples are company athletic leagues, weekly happy hours, and social events with colleagues. The two most oft-cited retention factors in surveys of Gen Y workers are making an important contribution to the company and working in a fun atmosphere.
Top 4 Don’ts: The biggest mistakes that turn off Gen Y
Restricting access to social networking sites. According to research by security company Sophos, 43 percent of workers polled said their employer blocks Facebook access completely. The younger generations take advantage of technology to make their jobs easier and their companies more successful. Today’s world is changing. Embrace the technological change and use it to your advantage, rather than simply restricting or banning the use of tools that could prove useful.
Bureaucratic structure to succession planning and lateral job movement. Young workers will change careers 10-14 times during their lifetime. Job hopping is not really a goal for most people, but it is something young workers do when they see no other choice – because it’s easy and they can.”People would rather stay at one company and grow, but they don’t think they can do that,” Stan Smith of Deloitte says. “Two-thirds of the people who left Deloitte left to do something they could have done with us, but we made it difficult for them to transition.” Make it clear that they have options and how they can reach their career goals by staying with the company.
Boring seminars and workshops labeled as training and development. Gen Y’s are one of the most educated generations yet, and they love to learn. Offer them early advancement opportunities where they can learn by doing. They need latitude to explore and learning needs to be on-demand, when they need it.
Misconception of who they are and what they want. Your workers’ values have not changed, they are just manifested differently. Gen Y want to spend 100% of their time in meaningful and useful ways, no matter whether they are at work or at home. It feels normal for Gen Y employees to check their BlackBerry all weekend, as long as they have flexibility in their schedules during the week. In fact, 76% of Gen Y claim they are accessible for work most hours of the day. For Gen Y, the line between work and home does not really exist.
Is Your Company Prepared?
1. How are you ensuring your employees are satisfied?
2. Do Gen Y employees have the freedom and latitude to easily move up or across departments within your organization?
3. Are you providing Gen Y employees with meaningful work that matters to them and the company?
4. Are you planning company social events on a regular basis?
“The experience I’ve had with EQmentor so far has greatly exceeded my expectations, and has been enriching in ways that I never anticipated. Getting started was very easy, and I found the results of the EQ test to be revealing and accurate. After just a few exchanges, I was basically blown away by how much we had in common in many areas, but especially by how clearly my mentor seemed to understand me and skillfully pose probing questions and offer relevant advice, articles and books that directly spoke to issues with which I was dealing. Thank you for the opportunity to be part of what I feel can be of great benefit to many people, as it has helped to enrich my life.”
~EQmentor Mentee
Quick Facts about Gen Y
- 48% want to work as an entrepreneur
- 95% of Generation Y believe it is important that they feel fulfilled and challenged at work
- More than 70% of older employees are dismissive of younger workers’ abilities
- 91% expect to leave their employer within 2-3 years
- 88% expect promotion within 1-2 years
Sources: Deloitte, Lee Hecht Harrison, Atos Consulting
In Their Own Words
“I want to work, I want to grow and I want to learn. What I’d really like is challenging, fascinating projects and a perfect mentor.”
-Ryan Healy, a Gen Y and a co-founder of Employee Evolution
“Receiving a ‘website disallowed screen’ at work is second only to a shark attack in terms of stress and anxiety.”
- Gen Y Business Consultant in 2007
Quotes to Contemplate
“Aided by new technologies and more effective organizations, Generation Y may add more value in the workplace than any generation in history. They may also be the most demanding generation in history.”
-Bruce Tulgan & Dr. Carolyn A. Martin
“Each generation assumes that the succeeding generations will experience the same desires, have the same values and appreciate and cherish the same things, in a unchanging continuum.”
-Cam Marston, Motivating the Workforce: What’s in it for Me?
“Generation Y wants it all and is willing to walk away or reject a lucrative or promising future at a company if it means having to give up their personal life or if they feel that they are not recognized for their contributions.”
-Lisa Whall, managing director, Steven Douglas Associates
“While traditional companies shy away from training employees who might fly the coop, Google puts its strongest young recruits into management positions and gives them two years of hands-on training as a way to attract the best and brightest.”
- Andrew Tilin, 18 Recruiting Gen Y: Four Killer Tactics
“I’ve had the opportunity to participate in a fair amount of research on Gen Y and young adults over the years. I’ve also worked with quite a few young enterpreneurs and young adults in Silicon Valley. Based on both my research and work experiences, I think the Entitlement Generation is a generation of enormous talent. They are smart, aggressive, innovative and make things happen. I wish I entered the workforce with their skills and abilities. Yes they have big expectations – and yes they can be difficult to deal with – but they also have what it takes to deliver.”
- Steve King, Small Business Labs