RETAINING THE YOUNG AND THE RESTLESS
Employees under the age of 35 are spending an average of 20 months on a job before they leave to job hop or start their own businesses.
Ouch! This makes it difficult to boost morale or revenues, and nearly impossible to do a little something called succession-planning.
Obviously, what’s worked in the past isn’t working for younger generations.
I’m often asked to share examples of successful retention techniques. More often than not, these programs have one or all of the following traits in common: professional development opportunities, an emphasis on relationship-building, respect to work-life balance, and contribution to community.
Here are a few examples of organizations that are retaining the young and the restless with ease:
- Cancer Research UK – Focused on training the ‘next generation of cancer scientists and doctors’, this charity runs two graduate training programs. Graduates are assigned a mentor on arrival, attend a week-long get-together with other trainees, and have their own Facebook group to communicate with each other and incoming trainees.
- PricewaterhouseCoopers – PwC offers a three-year business course with an externally recognized qualification from London Business School. The Emerging Leaders Program provides hands-on training and access to senior-level executives and the Signature Program aggressively trains senior managers interested in becoming partner. The firm encourages career breaks (extended vacations) and uses instant messaging to share information.
- Whirlpool – Whirlpool’s three-year Leadership Development Programs rotate new employees through several different positions within the company, providing access to high-level projects that have a direct impact on the success of the company. Whirlpool also provides access to global projects, mentoring programs, tuition reimbursement, fitness rebates, sports leagues and activity clubs, and opportunities to volunteer in local philanthropic programs.
- State Department - Foreign Service Officer candidates know exactly what day-to-day work is like in U.S. embassies and consulates abroad. Trainees go through a series of simulations that mimic typical experiences such as visiting a morgue to identify a corpse and a pretend visit to U.S. citizens in a foreign jail. Trainees then perform three years of consular work abroad helping U.S. citizens from Afghanistan to Zimbabwe.
By 2010, 40% of our workforce will be eligible to retire. If your company is struggling to retain younger workers, it’s high time to reconsider what your company is offering them.
 
Sarah L. Sladek, President & CEO
ssladek@limelightgenerations.com
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NEXT GENERATION NEWS
| THE MOMMY MBA: SCHOOLS TARGET YOUNG WOMEN |
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Graduate business schools are fielding new programs to attract young women who are working, self-employed, and/or raising children. At least three schools have started part-time ‘morning M.B.A.s’. Among full-time programs, the University of Chicago's Graduate School of Business is allowing students to do summer internships at other times of the year and The University of Massachusetts-Amherst Isenberg School is encouraging networking between students and female executives and faculty.
- The Wall Street Journal, August 20, 2008 |
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| RESTAURANT PREFERENCES VARY BY GENERATION |
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American foodservice consultants Technomic have discovered age-based distinctions among consumers’ use of restaurants. The findings reveal that Generation Y is the largest users of natural and organic foods. Nearly half of all Gen Ys eat more meals away from home than at home, and Ys are the most likely to use online foodservice ordering. The most important restaurant feature for Gen X? Kid-friendly menus.
- Austrailian Food News, August 26, 2008 |
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| GEN Z GETS A PLATFORM OF THEIR OWN |
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There’s nothing exactly newsy in the fact that young people read the paper less than their elders. That information has been around for awhile. What is news, however, is that it might be a misconception to think young people (under 25) are getting news from any type of source. The latest Pew report states that 34 percent of the people surveyed under the age of 25 get no news on any typical day. Ten years ago, in 1998, that number was at 25 percent. While these same people might check a social networking site daily, such as Facebook, that still isn’t getting any news to them.
- Dsgnwok blog, September 1, 2008 |
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