Attracting and retaining good employees: A Millennial dilemma?

An employee’s age is often referred to as critical to understanding their motivations when it comes to attracting and retaining employees. But is this always the case?

At the Metrolina Greenhouses in North Carolina, workers receive fully paid healthcare, and have access to an onsite “Wellness Center” and a retirement plan. Employees are encouraged to “Refer a friend”, receiving a bonus if a person they refer stays at the business more than 120 days.

Offering such benefits may help to retain good employees, especially in the United States where the minimum wage is $7.25 USD per hour (~$9.24 AUD). However, the national minimum wage in Australia is currently $18.29 per hour or $694.90 per 38 hour week (before tax) according to the Fair Work Ombudsman, with casual employees getting at least a 25% casual loading.

So on the face of it, pay may not be as much of an issue in attracting and retaining good staff here in Australia. However, a deeper understanding of what motivates different people may give better answers as to why people choose to remain in a workplace.

Recent research carried out on the motivations of different people in the workforce has focussed on Millennials. Millennials (Generation Y) are those people currently aged between 23-37 years old. Negative stereotypes of this group abound in the media, including the perception that Millennials expect promotion with little effort.

Millennials often view work as a “thing” not a “place”. They believe their productivity should be measured by their work output and not the number of hours spent in the workplace. Having been raised in an era where participation alone was rewarded, Millennials expect frequent feedback and encouragement from superiors.

The even younger Generation Z (aged 8-22) is more vocationally and geographically mobile and educated than those before them. One in every two Gen Z-ers has obtained a degree, compared to one in four Gen X-ers (aged 38-52). Mark McCrindle from McCrindle Research forecasts that Gen Z-ers will have 17 jobs and 5 careers in their lifetime. Gen Z-ers may need opportunities within your business to continue to learn and innovate, e.g. rotation between departments and/or locations.

Read more at NGIA (Gabrielle Stannus)