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Retaining Generation Y Employees in a Full Employment Economy
If you're a business owner, no doubt you know that it's important to retain the employees you've spent so much money and time on, getting them up to speed. Unfortunately, these days, many employees often quit and go elsewhere for that "better job," leaving employers in the lurch. What do you do, then, when you have a whole generation of workers that does this very thing so often?
In an economy where employment is fully vested, Generation Y workers (or those who were the children of the baby boomers and Generation Xers) have a distinct advantage in many cases over their employers. If you want to make sure that you can keep workers you value and that you worked hard to train, be aware of these things.
First, Generation Y has more access to instantaneous communication than any other generation before it. This is a generation that grew up on things like the Internet and Instant Messenger, so they know how to get information, quickly.
As such, they know about their industry, what other people are saying about it, and, thanks to all of the information that is floating around, they know when there is a better employment option out there and when they are not getting what they deserve.
What this means is that you as an employer have to worry more these days about keeping good employees. Every new employee you hire is going to require a certain amount of resources and money to train. They might need instructions, supplies, training, and other types of investments. The more you invest in them, the less likely you are to want them to leave.
Nonetheless, this new job environment can mean a high turnover rate. And when that happens, the work environment can be much more stressful. This, in turn, can lead to a drop in productivity. In addition, if you are experiencing high turnover, you're going to spend more time and money training, and there's no guarantee that those new employees will stay put, either.
What can you do, then, to retain Generation Y employees? Simply, give them the best work environment that you can. Provide good training and coaching, promise more valuable training in the future, and do everything you can within reason to ensure that your employees are satisfied with their jobs. If they are, they're much more likely to remain loyal to you.
You should also have a reputation for promoting from within, so that your employees have a reason to show you the same loyalty and investment in you that you have shown to them. One good way to make sure that your reputation is staying strong is to Google your company and see what other people are saying about it. This can provide valuable information that you can use to improve your company's standing.
It's true that those from Generation Y have a reputation for job-hopping, but they only do it because they want better job satisfaction. If you want to retain your employees, then, make sure you take care of their needs as much as you can, and within reason.
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