How to Ensure Your Gen Y Employees Remain Loyal
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 with no job shortages, Generation Y is known for this practice of job-hopping. These are the children of the baby boomers and the older Generation X population. They have many advantages that put them in a position to go elsewhere for that “better” position, so it’s in your best interest to make sure that you keep valuable workers you worked so hard to train. To do this, think about these several 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.
Because of this, you might see why employee retention is difficult. With every new employee you bring on, you’re going to need to invest a certain amount of resources and money training them. You might need to give your employees instructions, supplies, extra training, and so on. The more of an investment you make in them, of course, the more you want them to stay and put their time and effort into the job you have for them.
If you have a high turnover rate in your staff, this can make for a very stressful work environment. It’s also not as productive as it could be. If you have high turn over, you’re going to spend more time and money training, and there’s no guarantee that new employees will stay put, either.
The best defense when it comes to retaining Generation Y employees is to give them the best work environment that you can. Good coaching and good training, with the promise of more valuable training to come, will ensure your employees job satisfaction. In which case they will be more likely to remain loyal.
Make sure that you have a reputation for promoting from within and make sure that you do everything that you can to make sure that they invest in the company the same way you are investing in them. Remember to routinely Google your own company name to see what is being said and what you can learn.
It’s true that Generation Y has a habit of job-hopping, but it’s only because they want better job satisfaction. Therefore, if you want to keep your employees, make sure you address their needs within reason.
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