Deloitte on Retention Strategies

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.

Image Source: Deloitte

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?

4 thoughts on “Deloitte on Retention Strategies”

  1. 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.

      Like

  2. Pingback: Recognize This! With Derek Irvine

  3. Pingback: Generational Expectations for Retention in the Recovery - DerekIrvineGloboforce - Member Blogs - HR Blogs - HR Space from Personnel Today and Xpert HR

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