Do you know why 25% of Generation Y employees choose their employers??
In past years pension contributions were a big “seller”. Generation X employees were encouraged to plan for their future and the pension was something often talked about in an interview and was a serious consideration when taking a job.
In recent years there has been much negative publicity about pensions – and the demise of final salary pensions, and Generation Y do not hold pensions in such high regard. Very few would count it as a deciding factor in accepting a new position.
However – talk time off work, and they will listen!
Hyphen’s 2010 survey found a quarter (25%) of 16-24-year-olds chose their employer based on number of holidays.
That’s a scarily high figure for a workaholic like me! Does it surprise you?
Also Gen Y are not into jobs for life – they are into skills for life. So whereas 15 years ago we would look askance at candidates who had not been in their previous job for 5 years or more, now you are quite likely to see job moves every 2 years.
The moral of that story is – consider sabbaticals, secondments and extra training to improve skills if you want to keep them for much more than 2-3 years.
This may be beyond the practical for many SME’s – but perhaps training and additional holidays are possibilities.
The positives of exercising such flexibility far outweigh any inconvenience.
Social events and a social life are important to 10 x more Generation Y employees than their older counterparts. And looking after the welfare of the workforce is seen as a big plus.
Generation Y’s desire is to take control of their work/life balance and foster a sense of organisational altruism. If employers can offer a flexible benefits structure which supports that those will be the companies which ultimately attract and retain the best talent.