Laws of Attraction: The Insider’s Guide to Retaining Younger Employees
There is a generational shift occurring in the business world: According to U.S. labor statistics, 76 million Baby Boomers are leaving the workplace, while only 51 million workers are ready to fill those roles. The new workers will be products of either Generation X or Generation Y. Is your business prepared for them?
Those who are classified as members of Generation X were born between 1965 and 1976, and are the 51 million standing in line to assume the roles of retiring Baby Boomers. They are characterized as being highly educated and sound technology users. They also welcome change, seeking opportunity and experience over money.
Generation Y members were born between 1977 and 1989, and represent 75 million of the population. Like Gen X, they are educated and skilled in technology, seeking opportunity over money and security. They are optimistic, environment-minded individuals concerned with equality, fairness, and personal recognition.
With these characteristics in mind, there are several courses of action businesses can implement to attract and retain these new generations of workers:
Invest in “High-Tech”
These generations want the latest and greatest, including cutting-edge technology products. Offering recognition programs with rewards such as PDAs and cell phones can increase productivity and retain these workers.
Praise in Public
Be on the lookout for reward opportunities; both generations value immediate feedback and personal recognition.
Make It a Great Place to Work
These workers are looking for fun and flexible work environments. Work contests for prizes, or bringing in chair massages, can add fun to the workplace, while also enhancing productivity and job satisfaction.
Tell Them the Truth
Communicate. Communicate. Communicate. These workers want to be clued in on the “why” behind business decisions. Obtaining their buy-in on changes and decisions early will lead to their strong dedication.
Offer Training Opportunities
Gen X and Gen Y welcome opportunities to increase their skill level, looking for companies that will help them grow. Most would take a lateral move within a company if it meant adding to their knowledge base.
Both generations are characterized by self-sufficiency and technological skills, so e-training is a great way to keep these workers engaged. They are very accustomed to the Internet and multi-media, making webinars and podcasts a great way to keep them connected.
While both generations are tech-savvy, they do have distinct preferences in e-learning styles. Many studies have shown that Gen X workers prefer to have objectives identified first, followed by a traditional teaching model, and concluding with hands-on application. Gen Y workers prefer a more free-form training session model, taking the final test first, seeing where they need to improve, and moving back, and forth, through the content. To help companies, there are many e-learning companies that can tailor programs based on worker demographics.
With this impending generational shift, one of the primary training concerns is leadership development. Many companies are creating training solutions with an intense leadership focus for first-time managers, addressing skill sets such as team communication, rapid trust-building, and engaging the talents of the team. The hope is that early efforts will allow these individuals to develop great leadership skills, offsetting a lack of real-world experience.
The generation shift is occurring now, and companies need to start succession planning. Understanding the needs of these two generations is a great place to start.
Sources
U.S. Bureau of Labor Statistics
Chester, Eric. Employing Generation Why. 2002
Kelly Services
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