We Asked “Y”: Survey of Gen Y Workers Sheds New Light

Ever since members of Generation Y began entering the workforce, employers have been struggling to get a better sense of what motivates and inspires this unique group. To gain insight into the Millennial mindset, Robert Half International and Yahoo! HotJobs went straight to the source, commissioning a national survey of more than 1,000 workers ages 21 to 28. Based on those findings, here are tactics that can help you recruit and retain Gen Y employees:

Offer competitive compensation. Gen Y survey respondents said salary is their single most important job consideration. Moreover, 33 percent of those polled said financial security is their top career concern, followed by job stability (25 percent) and career satisfaction (23 percent). And when asked what factors would most influence them to leave one job for another, “higher pay” topped the list, beating out advancement opportunities, more interesting work, better work environment, shorter commute and more prestigious job title.

To ensure that your compensation standards are above or at least on par with competitors in your region and industry, use resources such as the Department of Labor’s Bureau of Labor Statistics and the annual Salary Guides from Robert Half International.

Keep your door open.  Gen Y grew up with ongoing supervision and validation from authority figures. Many will likely look for similar guidance and frequent feedback from you. In fact, 35 percent of Millennial workers surveyed said they want to communicate with their bosses several times a day, while 25 percent want to touch base at least once a day. Given their communication needs, consider giving periodic “spot reviews” as tasks and projects are completed instead of waiting until annual-review time to offer assessments.

Pay attention to perks. In addition to healthcare coverage and retirement plans, perquisites such as in-house training opportunities, paid time off to attend professional development events, flexible scheduling, recognition programs and mentoring initiatives all appeal to Gen Y.

Because nearly three-quarters of respondents said it’s likely they will return to school to obtain another degree, consider starting (or expanding) tuition-reimbursement programs.