Motivating a multigenerational workforce: What it takes to attract and retain
June 9, 2016 | 2016 CEO Survey: Workforce, Health Care are Top Priorities
As we welcome Generation Z into the job market, our workforce becomes four-generational. Each generation represents its own distinct characteristics and values. To successfully integrate, companies need to embrace new tactics in recruitment, benefits and creating a corporate culture that actively demonstrates respect and inclusion. It’s time to get creative and personal in attracting and retaining top talent.
Generation Z is categorized as entrepreneurs. In order to keep these young professionals excited and motivated, they must be empowered to think and be heard. Create open communication between employees and management. Hold regular meetings in which employees can offer ideas and ask questions. Allowing young professionals to sit at the executive table will only help to drive success. The most crucial need is to drive mentorship by partnering baby boomers and Generation X with young professionals entering the workforce. It’s not about reinventing the wheel, but rather putting the right person on the right bus and in the right seat.
Across all generations, the top four indicators for attracting top talent are compensation range, benefits, corporate vision and social responsibility. Our biggest loss comes from not investing in our employees. Companies are performing not only exit interviews, but also “stay” interviews to keep employees engaged. Ask questions such as: What would you change or improve? What are you passionate about? What are your personal and professional goals? Use the information received to strengthen your workforce and create employee-retention strategies.
Make sure employees know what’s expected of them and communicate a clear path of advancement. Promote from within whenever possible. A frustrated employee leads to high turnover costs, low employee morale and productivity loss. If there is not room for a lateral move, provide additional perks based on the “stay” interview, such as flex time, a retirement savings plan, incentives, ability to work from home or community involvement opportunities.
Creating a positive multigenerational workforce culture that empowers flexibility, advancement, acceptance and friendship will take a company to the next level of success.