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.