5 ways to hire and retain Generation Y's superstar talents in Singapore

Singapore is a witness to varying workforce generations. Welcoming the Generation Y into the corporate world can sometimes be challenging. Here are tips you can make use of to utilise Generation Y's potentials.

Generation Y, the Millennial Generation

The Baby Boomer generation currently makes up the bulk of senior management and many will retire by the end of this decade. They are habitually portrayed as unconcerned with the next generation, workaholics, and preoccupied with their earnings, to the detriment of their happiness at work.

Generation Y, however, does not wholly share this outlook.

Generation Y, also known as the Millennial Generation, is the population born after the early 1980s and before the 2000s. They are the 20-30 something workforce who fuelled today’s socially-networked culture.

According to the Singapore Department of Statistics, as of June 2012, there are about 519,000 Generation Y Singaporeans. They are confident and opportunity-driven.

This generation can be restless, have a penchant for job mobility, and it is estimated that they will make up 75% of the local workforce by 2025.

However, in a survey released by the Tripartite Alliance for Fair Employment Practices, only 33% of young workers surveyed said that they were committed to their organisations. The question now is, how can a company manage to both successfully hire and retain Gen Y’s superstar talents?

5 Strategies for Attraction and Retention Success

1. Opportunities for Recognition

Generation Y likes to be recognised for their hard work. Companies should implement rewards systems to encourage them; recognition and positive reinforcement breed pride and increase motivation.

Illustrate how the individual Generation Y can contribute to the bigger picture and reward them frequently with positive feedback and specific successful accomplishments. 

2. Mentoring

Mentoring encourages rapid development and helps the Generation Y talent align their professional aspirations with those of their respective companies, a crucial factor in building loyalty.

Incentives for experienced personnel to act as mentors should be implemented as these employees trust their superiors and want to learn from seasoned professionals in their fields.

3. Embrace Technology

Generation Y grew up with the Internet and learned how to be digitally hyper-communicative from a young age. These digital natives are always ’online’, whether it be on Twitter, Facebook, or WhatsApp.

Rather than balancing work and life, their focus is work/life integration and how tasks can be completed, faster and easier.

Generation Y can switch from work to personal at the speed of a tweet and as their careers and their lives become one and the same, companies should embrace the technologies that make it possible. 

4. Social Networking and Recruiting

Social networking is Generation Y’s digital life force. While companies are looking for talent online, this generation is also searching for new job opportunities on social media such as LinkedIn, Twitter, and Facebook.

Consequently, company reputations are in the hands of these friends and acquaintances as they are the advice givers. Companies should leverage social media for positive information dissemination and recruitment. They should embrace new technology and the ease of use it offers.

Businesses should leverage their social presence by spreading the good word online and encouraging employees to post about their job fulfilment and enjoyable work environment.

5. Concrete Career Path Growth

Be transparent. Generation Y value honesty and open communication. They want to be challenged and want to work towards a larger goal.

Speak with them about clear career development paths and show them the concrete steps they need to take. Encourage them to think big and let them take the wheel.

Generation Y’s motivation to remain with their current employers is based on their level of fulfilment. Based on a 2012 global report conducted by Kelly Services, 75% of respondents from Asia Pacific said that personal growth, fulfillment, and work-life balance are more important than compensation and benefits.

If your company is looking to hire the best and the brightest Generation Y talent, retaining them is just as important. This generation wants to trust their leaders’ corporate vision and strategies for the future.

Throwing money in their direction is no longer a sure-fire strategy to bring them on board and keep them happy. They believe meaningful work is fulfilling work.