High Turnover Costs Are Still In The Future Of A Generation Y Workplace

Kristin Donohue of Employment Dimensions Consulting Services in Grand Junction

, Colorado reports that turnover will be a problem for many businesses as the economy begins to improve. She highlights findings of a recent survey by Hewitt, a human resource consulting firm that "50 percent of the work force will "consider" or "actively look" for other employment as soon as the economy improves". This news is a wake-up call for business owners and managers to take a hard look at what is in place for attracting and retaining young Gen Y employees in ways that reduce entry-level turnover costs.

Gen Y look for up-to-date technology and management methods to support their careers. When they don't find these aspects in a job and don't see change for it in the near future, they move on to where they can. Perceived as company disloyalty, this creates the frustration at work that feeds turnover. Gen Y I talk to want to find and stay at a great workplace. Many become job hoppers because employers have the impression they are disloyal and are unwilling to make an investment in the early stages of employment causing them to start looking as they gain some experience. Although Gen Y is prioritizing job security in more recent years, turnover will continue to be a problem for many companies as Gen Y look for jobs with opportunities for training and education, networking with mentors and role models that would influence their careers.

Companies can reduce frustration and turnover by refusing to hire Gen Y, they can hire them with the expectation they will assimilate established methods, or they can adapt to changing times and apply Gen Y values to the workplace. If businesses choose to maintain a status quo, they will encounter both heightened levels of frustration and costly entry-level turnover that seriously effects company profits.

Here are 3 recommendations for resolving Gen Y workplace frustration and reducing turnover:

#1. Become knowledgeable about generational differences and understand Generation Y characteristics.There are both behaviors Gen Y need to learn and skills and experiences they can share.

#2. Focus on management interaction with Gen Yand what is needed to truly engage them. Clear expectations, steady communications, and guidance are just a few.

#3. Gen-fit your company leaders to more easily adapt to change. Reducing turnover is less about Gen Y and more about accepting changes for how business is done. This has the added benefit of reinventing management in ways that will help any business thrive in the midst of current and oncoming changes. It will also have Gen Y beating the door down to work there.

And, a Gen-fit for the company is reinventing management in ways the benefit you and your entire generation workplace.

by: Tinker Barnett

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