I often get asked about the generational differences in today’s workforces and what should be done to retain the different age-groups of employees. There are a number of studies, including proprietary studies done for individual companies, which touch upon this. Recently, Deloitte published a research study titled “Talent Edge 2020: Blueprints For the New Normal.” While the report makes for an interesting and informative read, one of the graphics caught my attention.
For the Gen Y (age under 30 yrs), the report says, non-financial aspects are critical. Company culture, flexi-work arrangements, training opportunities and managerial support & recognition are key factors which make these employees stay put in their organisations. For the Gen X (30-44 yrs), Baby Boomers (45-64 yrs) and Veterans (above 65 yrs), the retention drivers are centered more around the financial incentives. This is a very interesting finding, which contradicts the conception that Gen Y employees are only looking for better pay opportunities.
What has been your experience in retaining the different generations in the workforce? What works the best for Gen Y?
Very interesting, Abhishek. I wonder if, as Gen Y ages, will their No. 1 concern become additional financial incentives and bonuses?
Essentially, is your generation more a marker, or your life stage? I dissected that a bit in this post: http://www.recognizethisblog.com/?p=594
I tend to think what’s important to us at work depends more on our greater selves — a single working parent of 25 will likely have the same motivators as a single working parent of 35 and that will be different from the motivators of a single 25-year-old employee with no children.
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Very well stated Derek.
I have seen Gen Y priorities change. I guess it is important for us adopt life-stage classification rather than generational classification.
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