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Abstract
Organisations face a daunting challenge in retention of Generation Y workforce in a vulnerable, uncertain, complex and ambiguous (VUCA) situation. Their parental brought up, sense of get-now attitude and immediate gratification culture, 24*7 technological connections has all facilitated the Gen Y to adhere to sky rocketing expectations from the workplace. This study identifies the significant factors for retaining Gen Y, namely, mentoring, career development, job satisfaction, inclusive style of management, work environment and nature of working style. Descriptive statistics, correlation, and regression analysis were used. The study implies that organisations have to redesign mentoring support and work environment retention strategies..
Keywords : Generation Y, Employee Retention, Enablers, Mentoring, Work Environment
Organisations in today's scenario confront challenges in managing and retaining employees. Employee retention is a process of making employees to stay with the organisation. Employee retention is the responsibility of the employer to retain their best employees, if not the organization will lose the star performers (Gurumani, 2010).Generally Gen Y is not loyal to the company but they are loyal to the job. Retaining Gen Y employees in today's corporate scenario has become a phenomenal task for the organisations in this VUCA scenario. The generation Y are those who are born in the period 1980 - 2000. Gen Yers are also known as Millennials, Next Gen, Dot com generation, Net generation, Digital natives, Sunshine generation and a number of other terminologies that denote their newness and lifestyle. These young employees are rejuvenating every institution of modern life, from the workplace to the marketplace, from politics to education, and down to the basic structure of the family.
Gen Y possesses significantly different characteristics from previous generation and high expectations of immediate results that classify them as distinct employees. Popular media like Time, Newsweek, and Business Week advocates that Gen Y has to combat with globalization, global warming and the advent of social media environment. These external influences have moulded them in a robust manner. The authors, Cone (2006) and McElhaney (2008), have described the generation Y as friendly, open minded, intelligent, responsible, social - minded, informed and civic minded. Apart from these, they are techno savvy and fast learners who enhance the speed and efficiency to the organisations.
Above all, Gen Y, the...