The XYZs of Employee Recruitment and Retention

tTtne Mrr-r-ENteLs-on Generation Y members-are the fastest-growing segment of the workforce. The U.S. Bureau of Labor Statistics predicts they will comprise three-quarters of the workforce by 2030, filling the void left by retiring Baby Boomers and a smaller Gen X.l

What does this mean for the wholesale products industry? That our continued success hinges upon our ability to recruit, retain and prepare these individuals for leadership roles within it.

Those of us who interview, train and work with members of this generation recognize that they have different motivations, behaviors and technological savvy than their predecessors. While this is all true, it is our responsibility as future leaders of our companies to recruit, retain and engage those individuals at our companies and not be afraid of this generation. Good hires are always good and bad hires are still always bad, regardless of their age. It is our job to attract top talent to this fun, exciting and relationship-based industry.

But first, we have to understand them better.

Who are they?

The 79 million members of Gen Y were born between 1982 and 2000, and significantly outnumber the 68 million members of Gen X born between 1965 and 1981. They were shaped by U.S. events such as 9/11 and have grown up using the technology available in our current workplace, including the Internet, smartphones, social media, and cloud computing.2

What motivates them?

According to a 201I PwC survey3 of university graduates in 75 countries, Millenials tend to feel less loyalty to an employer, consider advancing quickly in their compa- nies a top priority, value development and work-life balance more than financial rewards, prefer to communicate electronically (vs. face-to-face or telephone), and would consider leaving a company that didn't have the values they expected.

How do you attract & retain them?

At the 2014 NAWLA Leadership Summit this spring, Gustavo Grodnitzky, Ph.D. introduced attendees to the Gen Y magnet companya-a company that is successful in attracting and keeping Millennial employees. Dr' Grodnitzky shared the common "magnet factors" that those companies display, and challenged us to implement these at our companies to ensure greater success with the next generation.

First, change the way you think about time. Instead of offering sick and vacation leave, shift to paid time off (PTO) and unpaid leave. This is an easy way to provide the flexibility that Gen Y employees seek, while reducing their likelihood to abuse the benefit.

Another way to address the Gen Y need for flexibility is by using time as a reward. Comp time, flexible scheduling, four-day work weeks, job sharing, summer hours, and similar initiatives are found at magnet companies. There may be some limitations to this based on your company's operations, but it is well worth the time to investigate and implement the ones that would work for you.

As was also noted in the PwC survey, opportunities for professional development, advancement and recognition are all highly motivating to Millenials. They also want and tend to work better in a team environment. Bring the best of those traits together by creating an environment where they can easily share and contribute ideas, accept new and increasingly challenging responsibilities, and showcase their newfound skills. Dr. Grodnitzky suggests you package these opportunities as "skill set development" rather than an employee's "career path."

We all know that a supervisor can have the singlegreatest impact on employee tenure. And Gen Y members are likely to show great loyalty to a manager who builds a strong relationship. Be sure to offer frequent feedback and detailed instructions, show an interest in your employee by talking about more than just upcoming deadlines or duties, be mindful of challenging opportunities you can give to your Gen Y employees, and overlook the occasional visit to Facebook (or Twitter, Instagram, Pinterest, etc.). Expect to have a mentor or leader tied to every Millennial you hire. They will not