Generation Y – the 76 million people born between 1978 and 2000 – have recently entered, are about to enter, or will enter the workplace in the not too distant future. And they’re bringing with them a whole new set of recruitment, motivation and retention challenges.
Research shows that members of Generation Y are likely to change jobs every two years, continually searching for new challenges and experiences. And, according to a recent Conference Board report on job satisfaction, less than 39 percent of workers under the age of 25 are satisfied with their employment situation– giving Gen Y-ers the lowest job satisfaction level of any demographic group.
One way companies can adapt their hiring and retention processes to fit this generation is to build effective reward and compensation packages, customized to provide the unique motivation Generation Y is looking for.
Research indicates that Generation Y brings different values and attitudes to the workplace than did prior generations. They want a clear path for advancement. They are driven to make an immediate impact in their positions. To them, work-life balance is a necessity, not a luxury.
