Retaining Generation Y Employees in a Full Employment Economy
Author: AlisonK.Mitchelson Total views: 8 Word Count: 493
If you're a business owner, no doubt you know that it's important to retain the employees you've spent so much money and time on, getting them up to speed. Unfortunately, these days, many employees often quit and go elsewhere for that "better job," leaving employers in the lurch. What do you do, then, when you have a whole generation of workers that does this very thing so often?
In a full employment economy, Generation Y, the children of the Baby Boomers and the older Generation X'ers, are holding many, of the cards. If you are interested in making sure that you can keep the valuable workers that you train, there are several things that you need to be aware of.
First, Generation Y has more access to instantaneous communication than any other generation before it. This is a generation that grew up on things like the Internet and Instant Messenger, so they know how to get information, quickly.
Because of this, they also know cutting-edge news about their industry, what people are saying about it, and where those "better jobs" are. Therefore, if they're not getting what they think they deserve where they are, they think nothing of going on to that better job offer.
In light of all of this, it is easy to see why you want to work on employee retention. Every new employee that you bring on uses a certain amount of resources and budget to train. They may need supplies, instructions and valuable training, and the more you invest in them, the less you want them to leave.
Nonetheless, this new job environment can mean a high turnover rate. And when that happens, the work environment can be much more stressful. This, in turn, can lead to a drop in productivity. In addition, if you are experiencing high turnover, you're going to spend more time and money training, and there's no guarantee that those new employees will stay put, either.
The best defense when it comes to retaining Generation Y employees is to give them the best work environment that you can. Good coaching and good training, with the promise of more valuable training to come, will ensure your employees job satisfaction. In which case they will be more likely to remain loyal.
You should also have a reputation for promoting from within, so that your employees have a reason to show you the same loyalty and investment in you that you have shown to them. One good way to make sure that your reputation is staying strong is to Google your company and see what other people are saying about it. This can provide valuable information that you can use to improve your company's standing.
It's true that Generation Y has a habit of job-hopping, but it's only because they want better job satisfaction. Therefore, if you want to keep your employees, make sure you address their needs within reason.
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About the author: Alison K. Mitchelson thinks you could investigate executive coaching if you are interested to attain your dreams with the help of professional facilitation.
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