How Does Generational Diversity in the Workplace Affect Retention?

Retention is not a one-size-fits-all package deal.

It must be catered to fit your company and more importantly your employees.

You most likely have employees from different generations. Not every one of them has the same interest in benefits and incentives as the other. People have different priorities based on the phase of life they are in.

Three silhouettes with different generations. Millennials (1981-2000), Gen Xers (1965-1980), Baby Boomers (1946-1964)

 

Let’s explore some of those differences.

Millennials often feel that feedback and mentorship is top priority at a company because they are new into the workforce. They want to know what they are doing right and what they can improve. Constant feedback and providing time with a mentor is a very appealing benefit to this group. (Looking for more specific help with Millennial employees? See our recent article What You Need to Know About Millennials in the Workplace.)

Gen-X employees seek opportunities. This group is sensitive to feeling a bump against a grey ceiling because their career paths are being blocked by baby boomers who are not moving out of the workforce. They need to see a clear path to promotions and increased benefits.

For many Baby Boomers retention is more about the benefits. Stock options, 401k, wellness programs, health insurance and competitive wages are more important to this group as they near retirement. They also appreciate seminars where they can voice their opinions and get information on benefits offerings.

These are just a few examples of how your employees have very different expectations. Learn more about their specific needs by reading the 4 page preview of our retention guide (25 Employee Retention Ideas) featuring a full page overview for each generation and what they are looking for from their employers. Find the generation preview here.

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