Retaining Gen Y
A Gen Y colleague recently asked me about my career path. She breathed a sigh of relief when she learned that my career path was windy and circuitous. She plans to have 4-5 careers in her lifetime and was worried that she would be labeled as a ‘failure’ if she did so.
While Gen Y’s desire for a varied career comes as no surprise to me, it often surprises Baby Boomer leaders, who often had a straight, 60 hour work-week, career path. They focused, climbed the corporate ladder and achieved their goals. Gen Y however, favor life-balance and continuous education. In fact, 70% of Gen Y expect to get a 2nd educational degree. Not want or desire another degree….expect another degree.
So how does the corporate world successfully work with Gen Y’s expectations? By adapting expectations. Here are a few tips to keep in mind:
1. Gen Y views work-life as a continuum. They’ll work, go to the gym, work, grab a bite and work some more. So whenever possible, give them flexibility with their work schedule. They’ll be more loyal and productive.
2. Gen Y values experiences and education. So if you want to reward a Gen Y employee, yet can’t afford to give a bonus or salary adjustment, allow them to volunteer, take seminars or mentor others in the company. They’ll feel valued and understood by your generosity.
3. If possible, create an educational plan where they can earn their 2nd degree while working with you. Perhaps it’s partial payment for their education, flex-time to take classes, or even one day/week to study. You’ll increase your retention rate and they’ll feel motivated to stay with you!
