Key employee retention is critical to the long term health and success of any organization. With the growing competition across industries and markets, every employee is eyeing for speedy money or rapid growth by hopping jobs every 15 months. As an employer, how to retain a good pool of resources thus becomes a very vital question.
The talent pool in most organizations can be divided into three generations – BABY BOOMERS, GEN X and GEN Y. Let’s go one by one to understand the strategies and retention measures that can be incorporated which will help yield a better outcome.
These are employees in their 40’s or 50’s, they are well established in their careers. Baby Boomers are basically workaholics, independent, self-reliant and extremely hardworking individuals.
Baby boomers are the ones in their comfort zone and do not like lot of restructuring. It will be better that we offer them key positions or assign them as mentors for Gen X and Gen Y, whom they can train and share their knowledge pool. This will further lead to synergies between them rather than cut throat competition. Also, this will give them a feeling of pride. They are not very open to feedback mechanisms, like 360 degree feedback thus can help to give a more subtle opinion. They are motivated by challenging positions, perks and prestige.
Members of Generation X are largely in their 30’s and early 40’s. On the whole, they are more diverse and better educated than the Baby Boomers. They are independent, resourceful and self-sufficient. Generation X is less committed to one employer and more willing to change jobs to get ahead than previous generations.
Retention Measures – As an organization they can be offered role changes periodically as they are eager to take on new roles and learn new skills.They adapt well to change and are tolerant to alternative lifestyles and thus role change can help retain them longer in the organization. They appreciate fun in the workplace, and thus different engagement activities can be enrolled to keep them involved. They dislike being micro-managed and hence should be given freedom and space to work. They can be given flexible work hours which can be in the form of work from home once in a while.
Gen Y or Millennials
Generation Y is the fastest growing segment of today’s workforce. They are usually in their 20’s and early 30’s. This generation is more tech-savvy at the same time family centric. Generation Y is confident, ambitious and achievement-oriented. Basically, they crave attention in the form of feedback and guidance, they are loyal and committed and want to be included and involved.
They have high expectations from their employer and thus look for challenging roles. They seek feedback and appreciation as a motivation.Organizations can run various Rewards and Recognition programs which can include monetary benefits to boost their morale. Various incentive based programs can be rolled out to drive them. They appreciate being kept in the loop and seek frequent praise and reassurance.They can be exposed to variety of online trainings and webinars to enhance their skill set, as they prefer virtual mediums rather than face to face contact. Mostly, these people look for a work and life balance.
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[author_custom name=”shivani” text=”Shivani Behl is an Assistant HR Manager at HCL Technologies. She specializes in employee relations, employee engagement and grievance handling. She has also worked at MaXposure Media Group as a senior executive in HR Management.