How to retain young talent

Training and development is an important investment an organization must be ready to make

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For years, retention of talent and brand loyalty have been a concern for organisations. With the rise of various company portfolios and divisions in the market, India is welcoming a large number of working youth that bring to the table a fresh perspective and bolder outlook. As the young Gen Y employees (includes births from 1982–2000) grow in the workforce, managers and human resources professionals will need to develop new engagement models, keeping generational differences and new age demands in mind.

The youths are changing the way they work. The fact that they’re born in the digital era accounts for a lot of how their work gets done and also keeps them informed about the latest job movements and openings. They have a constant flux of emotions, they yearn to do more and have an increasing need for power. Organisations need to understand the youth and create strategic iterations in the way they can retain and grow this generation. Their decisions are no longer driven singularly by an increase in salary, a bonus or job security.

Being a digital marketing agency, the number of employees we hire within the above age groups is of a higher percentage, and we’ve found a few retention strategies that seem to work for us.

Engagement measures:  Employee engagement within the firm and the other way round does form an overall equation across the departments in the organisation  (meaning?). It is not necessary that the firm does imbibe each and every variable of the young minds, but their policies must create a platform to engage the youths and have a positive impact on them. Having a sound human resources department, which understands the age group and is able to strike a mature balance, helps drive this. Leaders should begin conversations in their organisations in pushing to learn which drivers they can adjust to increase engagement, and which they must protect to prevent a decrease in engagement across generations.

Compensation policies: The zeal of an employee to work harder does not just stem from a monthly salary alone. Non-monetary compensations that recognise the efforts put in by an employee have a wider impact in keeping them motivated and giving them a sense of ownership. Compensations for client retention, upselling, awards and recognition within the organisation to even holidays for top performers have been proven to be a matter of pride for employees, helping them gain a higher momentum and goodwill within the industry.

Timely trainings and sessions: The confident, fast-learning youth is at a stage in his life where he needs to constantly learn more and keep evolving to avoid a level of stagnation. Hence, training and development is an important investment an organisation must be ready to make. Seminars, workshops, award functions, weekend retreats, team-building exercises and web-based training programmes are several methods to help improve the skillsets and networking skills of employees. Remember that retention requires repetition, so make sure to offer training consistently.

Creating a Positive Culture: The culture of a workplace defines how it is perceived by insiders and well as outsiders. It is the sum of attitudes, customs and beliefs that distinguishes one organisation from another. This is eventually the way an organisation gets branded and known across the industry. Build a culture that is rooted in your founding blocks, the people you interact with and something that allows your employees to feel like a family and feel respected at all times.

A sense of ownership & belonging: An organisation that encourages open discussions, creative freedom and provides the reigns to accountability (meaning?) is a breeding ground for creativity, leadership and a happy set of employees. The youth appreciate the ability to voice their concerns and opinions; if they are implemented, it adds a further sense of belonging. The end result ensures that work gets done and employees stick to the company for the long haul.

Motivation as a key to retention: The word ‘motivation’ is key when helping your young team create a better outcome. Social media platforms are a great way to flaunt your employee and team’s credibility. Measures like welcoming a new member, recognising a star performer and appreciating a campaign done well create maximum impact when highlighted on social media; it’s also a great route to attract future talent.

Workforce strategies for millennials should be planned by understanding sentiments and discussing new avenues constantly. To continuously improve the quality of your service and sustain your organisation, use what you have achieved and learn to rethink the process. The youth aspires to lead and grow, hence ensure your organisation is moving at the same pace to constantly cater to their needs. If you have any additions to the above points that have helped retain and nurture the youth of today, I’d love to hear them.

- By Zafar Rais, CEO, Mindshift Interactive

The thoughts and opinions shared here are of the author.