Tailor Retention Strategies to Employee Age Groups

HR executives observe that the two most challenging groups of workers to retain are those at the beginning and those at the end of their careers. Each group requires a unique set of strategies to get them to remain with an employer, states MRINetwork, one of the worldís largest executive search organisations.

ìSome HR managers refer to younger workers as ëhummingbirdsí,î says Michael Jalbert, President of MRINetwork, ìbecause they so often move from job to job. At the other end of the spectrum are the ëgolden agersí, people whose years of experience and institutional knowledge are valuable assets to their companies.î

Jalbert says that companies have to do a better job of understanding the needs and motivations of each group in order to retain them. The hummingbirds, for example, respond best when their managers:

Initiate face-to-face interaction: Generation X employees want one-on-one feedback about their performance. Although theyíre very comfortable with technology, they highly value face time with their managers.

Provide short-term incentives: Flexible work schedules, performance-based bonuses and other programmes that reward them immediately earn high marks with the younger generation. Long-term benefits, such as pensions, arenít as effective in either recruiting or retaining younger workers.

Ask for their opinions: Surveys of younger workers indicate that they place a premium on management that ëlistensí. Theyíre more likely to remain in positions where they feel their opinions are valued.

Give them some autonomy: Effective managers help them establish their goals and time frames and then allow them to reach those goals according to their own individual styles.

Those workers nearing retirement require a different set of incentives, says Jalbert and should be treated with the same respect that should be accorded to all employees.

Throw stereotypes out: Donít assume they know nothing about technology.

Donít stop training them: Most older employees still enjoy the challenge of learning something new. They should get the same training opportunities offered to anyone else in the organisation.

Factor in their families: This group has often spent their whole careers working 50 or even 60 hours a week. They might want to continue working if flexible schedules or part-time options are available to them. Itís also a great way to attract experienced people to a company.

Jalbert says that any organisationís workforce is stronger when it embraces generational diversity. ìEach group brings its own set of benefits to the tableî, he says. ìThe hummingbirds gain mentors who can be invaluable in fostering career development and the golden agers are stimulated by the enthusiasm and energy of their younger colleaguesî.