Generational Attraction & Retention Surina Kapur Many organisations are becoming concerned about their ability to attract and retain employees. By understanding what motivates your employees, your organisation can develop a compelling value proposition to engage, reward and retain your staff. The value proposition takes into account different aspects of the job itself, the benefits, career opportunities and the working environment. Any differences in generational motivations and attitudes will influence the value proposition that employees seek. People can be categorised into generations by their birth years. The generations are “veterans” (1909-1945), “baby boomers” (1946 – 1960), “generation X” (1960 – 1980), “generation Y” (1980 – 1992) and “generation Z” (1992 +). Recent demographic and related research suggests individuals from the veterans, baby boomers, X, Y and Z generations have particular attitudinal and behavioural characteristics that influence what attracts them to and keeps them motivated in a job. Being aware of this allows employers to capitalise on this information. Typical characteristics of the different generations Veterans born approximately 1909-1945 tend to be hard working, detail-oriented, loyal, customer service-oriented. Baby Boomers born approximately 1946-1960 tend to be good team players; will go the extra mile, like to maintain relationships, driven. Generation X born approximately 1961-1980 tend to be creative, flexible, techno-savvy, independent. Generation Y born approximately 1980 - 1992 tend to be masters of the internet independent, goal-oriented, will work to create an openminded workplace, highly motivated, questioning, innovative and ethical. Generation Z born approximately 1992 + tend to be very web savvy and tuned into social networking and blogs. 'Surgically attached' to a mobile phone. They have a short attention span. Environmentally aware. Astute online consumers. A transient workforce. They will 'follow the work' and live where the work is based. 'Google Bots' as they have grown up knowing web searching as Googling. Finding and keeping the right employees has never been more important. Selection processes can be expensive and time consuming, so it is imperative to get it right and make it last. With 70 million Generation Y employees embarking on their careers and entering the workforce for the first time, forward thinking companies would benefit from attracting people from the younger generations, while simultaneously retaining older generations. Values, attitude, approaches and skills of generations Y and Z differ markedly from those of veterans, baby boomers and generation X. Impact Consulting can draw on our background in business psychology, corporate leadership and HR to help you: Understand the impact of the changing workforce on your business. Develop the leadership skills you need to capitalise on the new generation’s talents. Attract, retain and motivate employees so they’ll take your business where it needs to go. Typical Work Characteristics that Motivate Different Generations Veteran Born approximately 1909-1945 Feeling valued by those around them They like to serve other people 4 in 10 veterans are seeking training to coach, advise and support others Tips on how to retain veteran employees: Make them feel valued Give them opportunities to receive coaching and support Use experience of veterans more effectively This generation have a wealth of experience - use it. Baby Boomers Born approximately 1946-1960 Least inclined to desire team working Social responsibility an important factor in their engagement with an organisation Likely to stay with current employer Public sector offers the best overall value proposition due to its job security They seek authority to make decisions They want work/life balance Tips on how to attract and retain baby boomers: When selecting potential employees, be aware that different types of selection procedures can exclude certain generations. Baby Boomers may avoid a selection procedure that included assessment centres. Place adverts in newspapers or relevant publications as well as online Allow them plenty of opportunities to meet with management Audit internal communications to assess whether your communications channels & styles are sufficiently flexible to meet preferences of all groups of employees In the current economic climate it is vital to maintain two way communications. This can reduce anxiety and promote workplace harmony. Re-engage baby boomers by ensuring they feel challenged and have developed opportunities Generation X Born approximately 1961-1980 Thrives on feeling challenged Seeks authority to make decisions Flexibility and freedom required They like to feel part of a team Tend to be more concerned with security-based motivators i.e. secure job, salary, status, career ladder. Tips on how to attract and retain generation X: Family friendly policies would attract this generation Maximise opportunities to enhance coaching and mentoring across the generational groups Have an inclusive policy. Set up a mentoring scheme in order to mix older generations with younger generations. Make them feel part of the team Create challenges for them Allow them flexibility and freedom Increase their employability by offering training and other career development opportunities Generation Y Born approximately 1980 - 1992 Perform better in teams Blurs the lines between socialising and work 7 in 10 would work longer hours for more money Most likely generation to recommend their employer They plan to stay with employer for the next 5 years Next generation of leaders Tips on how to attract and retain generation Y employees: Place adverts online Offer flexible working Plenty of positive reinforcement Focus on fairness Focus on autonomy Encourage teamwork Include a mentoring scheme that matches employees across the generations. Generation Y are redefining the way organisations interact with their employees. Employees from different generations respond differently to the same messages. Research suggests generation Y are much more driven by self development and growth e.g. opportunities to be mentored, doing work that plays to their strengths. Generation Z Born approximately 1992 + They use the internet for everything, especially finding a job They will require training as they are not a generation of grafters They have grown up around equality Environmentally aware Tips on attracting generation Z employees: Place adverts online but be aware that this could deter older generations who do not access the net as regularly. Attract them through video, music and real time interaction Have a solid environmental and equality policy in place Place a strong emphasis on training Focus on making these employees feel valued. This younger generation is used to receiving constant feedback from parents, teachers and coaches while growing up and will expect the same from their bosses. Bonuses such as time-off as reward, tuition reimbursement and employee recognition are some of the ways companies are luring in these sought after employees. Company slogans that promote self expression are also catching the eye of these young forward thinking workers. Tips on how to attract and retain across the generations: Analyse the views & motivations of different age groups Know what your employee’s views are and what motivates them. Notice the similarities and differences between the generations and use them to your advantage Analyse career development opportunities Unintentionally organisations can disadvantage certain generations by appealing to certain generations and creating an out group. By analysing career development opportunities through an employee survey this can be prevented. Benefits from multigenerational work teams: More flexibility Broad insight in your customer base Talented people of all ages Decisions are stronger More innovative Meet the needs of the diverse public It is important to note that theory on generational differences does not explain everything. Every individual is unique and while generational theory may identify some underlying patterns, differences vary from person to person.