Employee Retention: Even More Important in Today’s Economy
There is nothing more frustrating that putting a lot of time, training and investment in a good employee only to have them quit and pursue a career elsewhere, so what do you do when you have a whole generation of workers who are known for this very practice?
In a full employment economy, Generation Y, the children of the Baby Boomers and the older Generation X’ers, are holding many, of the cards. If you are interested in making sure that you can keep the valuable workers that you train, there are several things that you need to be aware of.
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.
Because of this, they also know cutting-edge news about their industry, what people are saying about it, and where those “better jobs” are. Therefore, if they’re not getting what they think they deserve where they are, they think nothing of going on to that better job offer.
In light of all of this, it is easy to see why you want to work on employee retention. Every new employee that you bring on uses a certain amount of resources and budget to train. They may need supplies, instructions and valuable training, and the more you invest in them, the less you 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.
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.
Generation Y has a habit of job hopping, but only in light of seeking better job satisfaction, so if you find that you are looking to retain your employees, you will want to look into their needs.
Filed under: Training