According to Ferrazzi, the Millennial generation (born from 1981-1996) and Gen Z (born from 1997 - 2012) currently make up the majority of the global workforce. They have unique characteristics in terms of thinking, values, and job expectations. Therefore, HR managers need a strategy to attract, develop, and retain these young employees.
Here are some recommendations:
Firstly, focus on conveying the core values, mission, and culture of the company so that the younger generation understands the social purpose and environment the business is aiming for. This helps them feel that their work is meaningful, increasing commitment and engagement.
Secondly, expand personal development opportunities such as training courses, mentorship programs, job rotations, etc. These opportunities attract the attention of Gen Y&Z, as they consider learning and development crucial for career advancement.
Thirdly, offer attractive and competitive salary and reward policies. This includes competitive starting salaries, regular competency assessments for salary adjustments, performance-based bonuses, and attractive welfare benefits (family care benefits).
Fourthly, empower autonomy and flexibility in working hours for employees. Allow them to choose suitable work methods (in-office, remote, etc.) to balance their work and life, aligning with the work-life balance desire of the younger generation.
Additionally, team-building activities and community volunteering also help increase the long-term satisfaction and commitment of young employees to the company.
A specific example is our Company A, which has successfully implemented these strategies. As a result, the labor productivity of the Gen Y team increased by 20%, and the employee loyalty rate after 3 years reached 75%. This is evidence of a strategically oriented approach to human resource management.
I hope these insights provide practical value to both managers and interested readers.
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