As baby boomers begin to retire a new generation, Generation Y, is entering the workforce. This new generation never quits marketing themselves as only 4 out of 10 plan to stay at their current jobs for two years. What will be the most effective methods to attract and retain this new generation?

Robert Half International and Yahoo! Hotjobs released a report titled “What Millennial Workers Want: How to Attract and Retain Gen Y Employees” in November 2007. The one thousand individuals polled were between the ages of 21 and 28, and had already started their careers or were about to start their careers. The results are not as stunning as some may believe.

Generation Y surprisingly shares many of the same concerns as their predecessors, such as saving for retirement, finding a quality health care plan, and obtaining a work/life balance. When evaluating job opportunities, the top concerns are salary, benefits, and professional. Higher pay was rated as the top reason for leaving current employers.

Gen Y does have distinctive characteristics. They do not share the belief of Baby Boomers that a corner office or an impressive title equals success. Gen Y expects a lot from their leaders and a supportive management style can go a long way in retaining these employees. A unique characteristic is the desire for frequent feedback. At least 60% of Gen Ys want to hear from their managers at least once per day. When asked to describe their dream boss the most frequent replies were: great management skills, approachable, understanding, advisor, open-minded, and respectful. Respondents also rated working and learning from a manager they can trust as the most important aspect of the work environment, ahead of short commutes and nice offices.

The following are recommended practices for retaining and bringing out the best performance of Generation Y employees:

• Give immediate feedback as tasks are completed; do not wait for annual performance reviews.

• Managers must be friendly and fair but also exercise clear authority.

• Gen Y is prone to frequent questions — give them honest answers.

• Follow through on your company’s stated values.

• Treat them as people — they want managers to understand that they have lives outside of work and help them obtain a balance.

• Generation Y employees expect to have their ideas heard and acknowledged, though you do not have to act on every suggestion.

Remember: it is never too early or late to begin retaining the youngest of your best and brightest employees.

• Attracting and Retaining Generation Y Employees

• Attracting and Retaining Employees in a Tight Labor Market

• New FMLA Amendment

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