Without a doubt, there are substantive differences in personal attitudes towards job-hunting across members of every generation. Although in most cases, it is just a matter of basic priorities in life and career, an employer must approach transformation with a sense of urgency and address the employment needs of the labor market.
As the competition for talent remains high, it is essential for recruiters to understand changing employee priorities and design a custom-made (recruitment) message that appeals to the interests of each generation.
Why Should Your Company Be Concerned with Generational Workforce Trends?
Modern careers have become highly dynamic and complex. Disruptive working conditions and rapid technological progress encourage employees to reinvent their professional careers periodically and keep making progress towards achieving their goals. In this context, it is crucial for employers to think about the financial repercussions early exits may have for the company. When an employee quits, businesses spend 50 to 60% of that person’s annual salary to replace them. Besides facing the excessive cost of liabilities, a notable ambiguity in the workplace can cause lower task performance. The high turnover has ripple effects, leading to discontent and low productivity among the existing employees.
What Is the Difference Between Gen Y and Z?
The most visible differences between the two kinds of generations can be seen in the approach to work and career-identity formation. According to Kristen Fowler, VP of Human Resources at JMJ Phillip Group, “Gen Yers like to seek out new challenges and are not afraid to move jobs if they are not feeling challenged.” This statement is in sharp contrast with the general perception of the Gen Z generation, which possesses a more cautious, security-oriented approach to their lives.
The members of these generations have more points at which they clash as employees:
Retention is essential to developing sustainable value of human capital within companies. The best practice for building commitment among employees and improving the retention rate is to explore the company’s culture and evaluate the career-pathing system.
How to Improve the Retention Strategy for Gen Y and Gen Z?
Given that members of both generations are looking for work that fuels their sense of purpose and meaning, set them up for success by changing your approach. Provide a springboard for discussions between team leaders and employees regarding work performance and develop a customizable roadmap for employee activities. Besides putting your company’s culture under scrutiny, you can take up on the following series of actions:
- Invest in professional development: Employers must help their employees stay up on new things in their profession and provide opportunities for professional development through short‐term training, workshops, or challenging projects.
- Increase engagement with the company: Team leaders must work on putting in place an internal communication or employee engagement plan so that employees understand how they fit into the overall department mission and how their jobs contribute to the success of the company.
- Focus on mentorship: Top management teams must consider assigning junior employee mentees to willing senior employee mentors during the first few months of employment. In a business setting, mentorship can help new hires set growth goals and think critically about the future.
- Support flexibility and work-life balance: Employers can hold a company-wide meeting through video conference so that employees can connect even when they are apart. Besides, employers can provide workers with the freedom of customizing their schedules to allow for breaks and for balance.
- Create an effective onboarding process: It is important to set up an informal mentoring or “buddy” system so that new hires can understand the company’s policies, internal culture, and hierarchical structures. At the same time, employers need to provide access to the systems and equipment employees will need to get ramped up.
Going Where the Fish Are
Are you struggling to attract promising talent in the Netherlands and retain this workforce?
At Your Talent Agency, we source, recruit, and relocate. We fill the observed voids created by labor shortages and skills gaps and get you fully up to speed.
What is left to do? Lead your team to create an attractive inspiring and dynamic culture.