Retaining Gen Y and Gen Z Employees

Retaining Gen Y and Gen Z Employees

Values Gen Y and Gen Z Employees Love

Much is said about the nature of generations growing up in the digital age and their expectations as they are continually entering the workforce. These new generations of workers bring with them fresh and exciting ideas, talents, and expertise. However, for any business, one of the most crucial practices is attracting and retaining top talent. These new generations of workers bring values and priorities that don’t necessarily mirror those of the generations that came before them.

Avoid losing Gen Y and Gen Z employees to better offers elsewhere, the costly practice of recruiting, and be sure to consider some of the following key perks, benefits, and workplace cultures:

Flexibility in Work

For the generations that were brought up with the Internet, smartphones, and more, it is no surprise that Gen Y and Gen Z employees tend to be most comfortable with digital technologies. They may prefer emails over phone calls or web conferences over in-person meetings. Don’t view this as them not appreciating the way “business has always been done,” but rather them finding efficiencies and knowing how to work smarter.

With these digital tools, Gen Y and Gen Z employees are also more likely to be able and want to work in a more flexible arrangement. That can mean the occasional work from home, fully remote work, or even just flexible hours. This type of flexibility is critical to the perception of a work-life balance, reducing unnecessary stress levels, and keeping the best of your Gen Y and Gen Z employees satisfied at work.

Value-Driven Work

Sometimes known as the ‘me’ generations, these new workers may care more about the value that a position brings rather than its perks and salary. Gen Y and Gen Z employees are likely to highly prioritize the mission of their company and job, wanting to make the world better, influence change, and feel good about what they bring to the table.

Further, these young workers will also prioritize what the company stands for and its belief on diversity, inclusion, sustainability, and more. Keep these core values of Gen Y and Gen Z employees in mind because they’ll go further than you think while retaining the best talent.

Non-Monetary Benefits

When the Gen Y and Gen Z employees want to get properly compensated for their work, there are also many aspects you can consider that may matter just as much or even more than traditional salary or 401(k) numbers. For one, having generous PTO policies to allow for travel, experiences, and a lower level of stress can be immense in retaining such talent. Similarly, some businesses are investing in ways that employees can invest in themselves, such as gym memberships, training and education offerings, or even speaker programs. To the Gen Y and Gen Z employees, whole package compensation will include these factors, and they will be more likely to stay at a company for longer.

If you need help in building the type of compensation package and programs that are sure to attract and retain the best Gen Y and Gen Z employees, the team at Tobin and Collins is here for you. Our business operation experts are ready and able to assist you in evaluating your needs, so get in touch with us to get started today.