How to Successfully Attract, Retain, and Develop Your Multi-generational Workforce
Discover the value of attracting, retaining, and developing your best talent
Today’s workforce spans four generations, each with its own set of behaviors and preferences. It can be hard to manage such a varied group, especially when you have to deal with turnover. Replacing an employee costs an estimated one-half to five times their annual salary. In an industry with ever-shrinking profit margins, we cannot afford to lose our best talent. Developing your employees is a practical, proven way to retain your best team members, and the payback stretches beyond employee satisfaction.
- Although there is variation in what motivates each generation, we should focus on the commonalities among them to provide opportunities that motivate all
- Retention should be employers’ number one priority. Find out how much it costs to attract new talent at your company by conducting a cost analysis
- There is no such thing as too much recognition! As long as the recognition is true and genuine, employees will benefit and grow from the feedback
- Compensation is not the only motivator for employees. Consider offering unique competitive benefits, such as gym membership or family care, to attract and retain employees
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