Kids these days…

In the hunt for the most promising, energetic employees, firms often focus too much of their effort on recruitment and not enough on retaining the good employees they already have. Sound familiar?

The current generation of young job seekers is among the most promising; they're full of untapped potential, innovative ideas and boundless enthusiasm. However, this group is developing a reputation for being difficult to retain. Raised in an era filled with fast food and even faster technology, these employees are not waiting for opportunities to move their careers forward, but instead they are aggressively seeking the 'bigger and better' career option. They're transient, always looking for the offer promising more money, more responsibility and a faster climb to the top.

You have the power to stop this problem in its tracks. Here's how:

Be willing to reconsider your management style
Is your style of managing conducive to both reaching corporate goals and retaining new talent? It may be time to try something new. Try to be creative, because the old annual review and "in the box" thinking just isn't cutting it with the new generation of jobseekers. To determine what motivates your young hires—and what will continue to motivate them as the months fly by—ask them. Most of all, be willing to make motivating your team a top priority.

Offer something your competitors cannot
Each company is unique and its retention tactics have to reflect this. Ask yourself how you can maintain an advantage over your competitors when they are eager to lure away your top talent with more money and bigger promises. The younger generation is more interested in quality of life than any other issue. They are looking for work-life balance, so if you can accommodate that, you'll make it harder for other employers to compete. Incentives such as paid time off, flex hours, occasional long weekends and flexible vacation allowances can really make the difference.

Reward loyalty
Hiring a new employee is a costly venture; the time necessary to hire and train—as well as the upheaval these changes create—should not be underestimated. Offering a loyalty reward to employees who stick with you can go a long way. These rewards can include annual pay increases, increased vacation allowances, bonus payouts or paid time off. Whichever reward you decide to provide, ensure it is hefty enough to counterbalance the endless options that exist in this job market.

Make it fun!
Young job seekers want to enjoy work while they endure the nine-to-five rush. Commit to creating a fun work environment. If you aren't sure what your employees will enjoy, ask them. Consider dress-down days for charity, monthly potluck lunches, pizza days or beer-cart Fridays. The key here is to consider everything—nothing's too silly—and keep things new and refreshing. A happy team is less likely to jump ship at the promise of a small monetary raise.

To hold the interest of this young talent pool, you need to remain one step ahead. Don't let your guard down or take for granted the loyalty you have earned from your employees, and make sure you are proactive in rewarding and appreciating your team. This will allow you to build a team of real superstar employees, as vested in your success as they are in their own.

From: Canadian Business Online, November 29, 2005