Long gone are the days of employee loyalty; Generation Y seems to get the two year itch.
According to an article in SmartCompany, a recent survey from the recruitment group OfficeTeam found that “over half of employees who have been in their current position for two years are thinking about moving, or have already started looking for another job.”
Reasons suggested for this turnover is that the younger generation is on the lookout for “career development opportunities and higher pay.” This has employers striving to find incentives to keep workers content.
Co-founder of recruitment from Skye Recruitment Sophie McDonald explains, "I think an important hazard with Generation Y is that you're taking on people who very often don't know what they want to do and are trying different hats on.” Dealing with individuals right out of college, the company is experienced with this scenario.
Along with this, the economic climate is slowly moving upward and those workers thinking of moving on feel confident that they won’t have a problem finding new employment. McDonald notes that after these individuals are settled in and comfortable with a job, if they are not challenged and properly motivated with employee incentives and other employee rewards, they have no qualms about leaving.
McDonald also advised that Gen Y is not necessarily motivated by monetary benefits; they are more interested in feeling fulfilled, wanting “to make a difference, do a good job, and learn more about their particular role." She went on to suggest that employers should keep, “employees motivated with a good work-life balance, advancement opportunities and regular consultations.”
Reinforcing this strategy, PRWeek reported on ConAgra Foods. This company “recognizes its employees for integrating sustainability into business practices.” Using incentive programs is a practical method of rewarding employees and motivating them to achieve sales goals and corporate responsibility practices.