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Avoiding the 2-Year Turnaround

“As Baby Boomers retire, this is the workforce… 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?

  • Gen Y 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.
  • Gen Y wants to feel excited and inspired, surrounded by flexibility and change.

An Entrepreneur.com blog also gives a good list of what motivates this generation in the workplace—like relationships, collaboration, engagement, and communication—all very much emotion-based needs.

- This post was written by Carrie Bowe, an Intern at Millennial Branding

Despite High Unemployment Gen Y is Optimistic

My previous post established the overall characteristics of Gen Y as that of wavering loyalty when it comes to today’s job market—a market that is particularly challenging for this generation. The national unemployment rate among young adults ages 18 to 29 was about 12.7 percent in August (over 4% higher than the national average), according to nonprofit organization Generation Opportunity.

Why? Why are the Millennials so down, out and about?

Could it be that instead of unpredictable, at least a fraction of these Millennial workers is envisioning a more suitable opportunity for themselves? That instead of having trouble finding employment, some Gen Y workers are struggling to find meaningful employment—and are actually in the process of developing something better? For some, finding meaning means finding it on their own. Millennials crave opportunity, freedom, and fulfillment.

According to The Multigenerational Job Search survey conducted by Millennial Branding and Beyond.com, survey, almost one-third of all respondents have considered starting their own business instead of continuing their job search. And another study found that the number of 18 to 29-year-olds in the process of setting up their own companies increased by 50% in the last year alone.

So Millennials want to explore the world on their own—but what does that mean? How will starting a new business affect your business? While I can understand why some management could see entrepreneurs as a direct hit to their human resource department, both leadership and team members must also consider that it’s an inevitable movement and it would prove to be much more beneficial to realize the positive picture for this relationship between entrepreneurs and corporate America.

The upside of entrepreneurs for our marketplace—

A chain reaction. The advancement caused by an entrepreneurial innovation will more than likely cause a domino effect. Advanced products and services push progression for innovation of technology and product development across industries—resulting in pioneering ideas and new advances that can ultimately benefit the entire market.

New business, new business partner. There are times that an employee might take on an entrepreneurial endeavor that creates a direct opportunity for the former employer. The previous business may provide a product or service that the new one needs in order to grow and develop.

Broader opportunity. Not only do entrepreneurial ventures have the potential to build a relationship and progress innovation, but they also have the potential to open up niches in the marketplace because of it. More businesses mean more opportunities to provide services to companies and individuals that are directly involved with these new, niche markets.

Finding a fit. Niches also create benefits for workers. There are a number of people currently working outside their passion or field of study. New opportunity means these companies often require new and/or specialized workers with focused skills to get the job done. Finally, that degree in Enigmatology might actually come in handy.

What are your feelings toward these benefits of entrepreneurship? What other advantages do you see as a result of Gen Y’s entrepreneurial search for personal satisfaction and opportunity?

- This post was written by Carrie Bowe, an Intern at Workplace Intelligence

Why Companies Are Having Gen Y Retention Problems

Gen Y is typically identified as being a fickle and wavering group of individuals. Here today, gone tomorrow. On to the next job. Attributed to becoming bored, seeking enjoyment or following the road, Millennials are known for moving on. In fact, 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.

What is the cause of all of this? What are some of the reasons that Gen Y has seemingly lost its loyalty to long-term job commitment? Through experience and observation, these seem to suggest some causes:

  • An unstable economy has caused Gen Y to devalue the tenure of a position. Even if you stayed with the same company for 30 years, what’s the payoff for remaining when benefits, pensions and investments are not guaranteed?
  • The company gets what it gives. As companies become less loyal to their employees, employees become less loyal to the companies. Gen Y especially sees disloyalty as a major red flag and a cue to exit.
  • Millennials crave exploring the next opportunity to discover, create and expand. Sometimes called dreamers; this generation has an entrepreneurial nature that searches for freedom, limitlessness and fulfillment.
  • Suppressive, rigid, traditional corporate cultures don’t match the mindset of this generation. Gen Y workers are less tolerant of work environments that don’t reflect personal values, opinions and/or feelings toward change.
  • Much of this generation is still in search of the purpose of life. Either because they don’t know what they want to do when they grow up or they aren’t sure how to get there. Sometimes they’re just passing through in search of where they fit.
  • Gen Y is an entitled group. This group was raised to expect, receive and question everything. This sense of privilege has caused some in this group to lack patience in developing professionally, an unconcern with paying their dues and a different perception of how “work” should work.

What’s your opinion? Have you seen this happening in your organization? In what ways does your company counteract these reasons for Gen Y’s lack of loyalty?

- This post was written by Carrie Bowe, an Intern at Millennial Branding

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