“As Baby Boomers retire, this is the work force… It’s like consumer models; you have to be able to change with the tide of what’s in the marketplace today. You have to find ways to entice those individuals to come work for you and find ways to keep them happy and productive and wanting to stay and retain in your business,” Jeff Taylor of Esurance said.
It’s becoming more obvious that in order for corporations to keep the attention of millennial workers, they must work to understand that the requirements for this progressive-minded generation are simply changing and necessitate accommodation—or else, they’ll find somewhere that will.
As noted in my first post, “many of our studies show that millennials leave their corporations at the two year mark. In comparison, Gen X stays about five years and Baby Boomers stay about seven years at a company before leaving.”
So, how do employers avoid the two-year turnaround? How do we accommodate the millennials? According to Mr. Taylor, it seems as if the key to strengthening this generation’s loyalty is to entice and retain—to meet new and changing needs. So, what are some of the needs of Gen Y to consider when developing your corporate policies?
- GenY workers need to feel relevant, important and accomplished.
- Millennials thrive among adversity, acceptance and freedom to be who you are and be respected for it.
- This group desires passion for their position and purpose for their work.
- This generation grew up in the age of modernization and thrive with constant innovation and technology.
- We like attention and require consistent shaping and guidance.
- Pats on the back. Millennials value being recognized and appreciated.
- GenY wants to feel excited and inspired, surrounded by flexibility and change.
An Entrepreneur.com blog also gives a good list on what motivates this generation in the workplace—like relationships, collaboration, engagement and communication—all very much emotion-based needs.
- This post written by Carrie Bowe, an Intern at Millennial Branding