|dc.description.abstract||This is the first time in history that the workforce is comprised of employees
spanning four different generations. Due to age, experience, and the generational size,
members of the Baby Boomers comprise a majority of the management positions.
Generation Y is the newest generation into the workforce and possibly the most
influential due to their technical savvy. However, the generational differences between
these two cause many managerial issues; the most important of which is motivating and
retaining these Generation Y employees. This project delves into comparisons between
Generation Y and Baby Boomers to determine the best methods of retention.
Employee retention is one of the most important issues companies face.
Replacing an employee typically costs at least 150% of that employee’s annual salary.
High turnover also makes it extremely difficult to cultivate new managers from within
the company. With more than half of generation Y employees having either already
switched careers or planning on switching sometime before they retire, Generation Y
retention becomes very difficult.
After examining personal experience, interviews, and an online survey, I have
found that to best retain these employees, a company must understand what keeps them
satisfied in the workplace. A majority of Generation Y members are concerned with
keeping a work/life balance. Offering flexible hours, fewer overall hours, and more
vacation time allows these individuals to balance their life outside of work, while still
succeeding for the company. Almost all companies can compete with salary, so
companies must use other techniques such as advancement and schedule to keep these
important Generation Y employees for the long haul.||