SHARING OUR KNOWLEDGE:
Portraying Generation Y

Recommendations for Retention

Generation Y are very career driven, but they expect a lot in return and if an employer does not provide it, they will go elsewhere. With the average anticipated length of tenure between two to four years, employers need to be seen to be adding value to a Generation Y employee to counter this trend and retain them. Based on our research, the following are our recommendations to aid your retention of Generation Y:

  • Strong leadership is important. Generation Y admit they are risk takers. They usually have an idea of where they want their career to progress, but may not have a short-term plan to get there. Managers who can offer the advice and support to help them reach their goals and progress their career are valued.
  • One element of this is providing regular performance reviews, understanding your Generation Y's career objective and setting goals that will lead to career progression. Generation Y are fast moving and demand immediate results. Therefore you need to structure a specific stepped career path to demonstrate how you will develop their career to accomplish their goals. Align their current role to career aspirations and enable them to make use of their skills and qualifications through set responsibilities that will increase over time.
  • The other element is learning and development. Offer regular programs to help your Generation Y employees develop their career with your organisation. Generation Y want to continually learn new skills and it is important you provide an opportunity for them to utilise these new skills. Ongoing learning and development can be as simple as setting up an internal mentoring program or networking sessions, or formal structured courses through external educational providers.
  • Generation Y are loyal to an employer who is honest and respectful. Support company values, deliver your promises, meet their needs and be considerate of individual skills, goals and expectations.
  • Ensure provision of flexible working patterns. As stated previously, Generation Y believe work/life balance is a given, not a benefit.
  • Review work/life balance options at regular intervals to ensure they still meet your employee's needs. For example, offer roles in different locations or offices, moves into different departments or work from home options.
  • Maintain good working conditions with modern technology.
  • Provide recognition and rewards and ensure your Generation Y employees contribute to the recognition and reward model employed.

Summary of Findings
Loyalty and Generation Y
Implications for Australian and New Zealand Workplaces
Recommendations for Attraction
Recommendations for Retention

Report: Portraying Generation Y