Retention Attention: How to Keep Gen Y Employees With Your Firm

Contact Name: Noreen Florio, ASWA Seattle Secretary

Author: Accountemps

One of the more complicated challenges employers face today is managing, motivating and retaining a staff comprised of multiple generations. While baby boomers and Gen-Xers are by now essentially known quantities, most managers are still in the process of learning what makes Generation Y tick. To help, Robert Half International teamed up with Yahoo! HotJobs to survey more than 1,000 Millennial workers, ranging in age from 21 to 28. Based on the insights gained from our research, here is an overview of effective strategies for retaining your Gen Y accounting and finance team members:

Focus on work/life balance. Maintaining work/life balance is important to all employees, but especially Gen Y. Nearly three-quarters (73 percent) of the Millennials surveyed reported being worried about balancing a career with personal obligations. Consider programs that give staff more flexibility and control over their schedules. Compressed workweeks, telecommuting and alternative scheduling arrangements are examples that could be attractive to many of these individuals.

Prepare them for advancement early on. Generally speaking, patience isn’t one of Gen Y’s top attributes. Fifty-one percent of the workers surveyed believe they should spend just one or two years paying their dues in entry-level positions. You’re likely to discover that Millennials want to make a quick impact and are eager to tackle greater challenges earlier in their tenure than many of their predecessors. Provide clearly delineated career paths and keep them engaged by diversifying and expanding their job duties. Moreover, help them stretch their skills by encouraging entrepreneurial thinking and smart risk taking.

Don’t be a stranger. Members of Gen Y grew up receiving constant guidance from parents, teachers and coaches, and many expect the same level of feedback from their supervisors. In fact, 35 percent of survey respondents said they prefer to communicate with the boss several times a day. Instead of waiting for the annual performance review to give praise and improvement recommendations, offer frequent spot reviews as projects are completed. Simply put, open-door policies and timely critiques are keys to keeping Millennials happy — and with your firm.
To request the report, What Millennial Workers Want: How to Attract and Retain Gen Y Employees, visit www.rhi.com/geny.