New research has found that there’s no connection between pay and retention of young employees.
The authors of Happiness at Work released new data that gets into the head of your typical Millennial, or Generation-Y, employee. What really drives them, according to the research, is not pay but rather job fulfillment.
The book’s data comes from a survey of 18,000 Millennial employees and found a correlation between staying at a company and an employee’s pride in the organization and their work. The more pride they have in their job, the longer they’ll stay. The good news is the research found no connection between retention and pay.
So how should your firm ensure that your investments in Generation Y prove fruitful? Dan Schawbel, managing partner of a Gen-Y research and consulting firm, offers a handful of tips for managers.
Show them how to succeed
From the very get-go, set expectations. Give them the criteria for achieving bonuses, promotions and job enlargement. The idea here is to make them understand that you and the rest of the company have high expectations and want them to meet the goals you set for them.
One characteristic of Generation Y is they are used to having authority figures (their parents, college advisors, etc.) guiding them every step of the way. If possible, have a mentor ready for them on day one, preferably someone close to their age but with years of experience.
Let them bend your ear
Some Millennial employees like pitching their ideas and getting face-time with executives. So keep your door open if they’ve got an idea or ever need your advice. It will definitely benefit both sides.