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The art of retention
DID
YOU KNOW THAT THERE ARE FIVE FACTORS
THAT INFLUENCE
WHETHER A MILLENNIAL WILL
STAY ON OR QUIT?
With
millennials, better known as Gen Y (the generation born since early
80s till
late 90s) becoming an increasing part of the talent pool and the
leaders of tomorrow,
talent retention, today , has become a far more
complex proposition and a
different challenge altogether.
Creative,
confident and impatient are the three dominant characteristics of
millennials
and their traits are markedly different from the preceding
generation
Gen X. This is a generation that has grown up with the Internet,
social
media, and gadgets along with huge exposure to all sorts of information,
which has
enabled them to form their own world-view. This is a generation
which
sees hierarchy very differently , where respect is not a function of
age or
position but ability.Thus, a senior has to earn respect, not command it.
They
need to look up to you and they do not want superiors behaving like
conventional
bosses, but as a friend, philosopher and guide. It's a generation
that
delivers, but wants flexibility in work hours. They are committed to
work
and deadlines, but have an inherent disregard for regimental rigmarole.
This
is definitely a generation in a hurry to learn, deliver and move on and
here
lies the big challenge as organisations look at fresh talent infusion not
only
to ensure sustained productivity , but also smooth business continuity
and
future leadership. World over, talent retention figures high on the agenda
of a progressive organisation; in India,
more so as employee turnover is
much
higher than the global average and the highest in Asia. Companies
are
trying to discover ways to stem the tide as high turnover leads to many
undesirable
consequences ranging from work environment instability to
revenue
loss and, in the worst case scenario, involving highly talent-centric
sectors
a severe business setback with competition gaining an unbeatable
march.
To me,
the key to talent retention lies in understanding the composite
psyche
of millennials. Today, if an HR person fails to take Gen Y's psyche
into
account, he is bound to feel frustrated or even fail. This generation
has
certainly thrown up new challenges when it comes to talent retention.
The
penultimate factor in talent retention today lies not in “what an
organisation
can offer“ but in understanding “what does Gen-Y want?“
-The author is group CHRO, Bhartiya Group
HERE ARE THE FIVE MOST
CRITICAL FACTORS IN TALENT
RETENTION TODAY:
CORPORATE
CULTURE:
In the
age of social media,reputation today flows seamlessly.
If an
organisation is branded as anything,but progressive and cool,
Gen Y
will shun it.It applies as much to a conventional brick and mortar
entities
as to new-age platforms.Gen Y values a corporate culture which
lets
them learn quickly,has an open culture and shares its growth plans
with
them. Gen Y certainly wants to know where they fit in the overall
scheme
of things and what the future holds for them.They ideally want
an
organisation which offers them ample personal and professional
growth
opportunities.
COMPETITIVE
SALARIES AND REWARDS:
For
Gen Y,competitive salary is a given.The logic that competition is
bigger
and has greater revenue so it can afford to pay more and offer
greater
rewards to its employees than we do,no longer cuts ice with Gen Y.
Sooner
or later,they will move, if compensations are not matched
competitively.
RECOGNITION
PROGRAMMES:
Given
the rising affluence and explosion of social media, Gen Y has
grown up in a very different environment
than has been the case with
previous
generations.Recognition and not reprisal has been the driving
factor
for them to achieve excellence.This is the kind of environment
they also expect from an organisation. Recognition
programmes,today,
play a
key role in employee retention.
CHALLENGING WORK
ENVIRONMENT:
Gen Y,
more than any previous generations, are graduating with a
dynamic
mix of academic and work experiences that have them positioned
to
contribute from day one. They are not interested in boring jobs they
seek
challenging work right from the start.
WORK-HOUR
FLEXIBILITY:
Gen Y
professionals also see themselves doing work everywhere except
in a
cubicle. Gen Y definitely wants flexible hours and schedules because
they
are great believers in work-life balance and want to live life to the
fullest.
Jobs, today, need to factor in such changing personal traits
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Alok Nigam
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ETAS 21OCT15
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