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?