Retention factors for generation Y non-managerial managers in a bank operating in Africa

Abstract

ABSTRACT Today’s workforce, characterised by four predominant generational groups (namely: The Traditionalists, Baby-boomers, Generation-X and Generation Y (commonly referred to as the Millennials) is seeing an influx of generation Y populating its workforce; the same group of individuals are relatively new to the professional workplace and their influence is still emerging. Generation Y are considered to be the most tech savvy and educated generation born between the years 1982-2000, and they come with an array of talents, skills, character and personality, abilities and innovative thinking that can benefit 20th century organisations and enable them to drive and achieve specific strategies and objectives. On the other hand, they are perceived to be the most controversial and non-conforming cohort and they are characterised by having shorter tenure within organisations and as such, posing an enormous retention challenge for organisations. Generation Y will make up 75% of the workforce in the next 10 years as their numbers in organisations is growing at a rapid pace. In order for most organisations to successfully execute their business strategies and realise their objectives, they need to comprehend the implications and necessities of attracting and retaining the suitable profile generation Y individuals. The intention of this research was to identify and analyse the factors that generation Y non-managerial employees, and their managers, consider to be most important for them to stay within an organisation. This will also provide guidance to managers of this group of individuals on the decisions that they need to take in order to manage the expectations of this generation of employees. The data for this study were obtained through sixteen semi-structured interviews of randomly selected Generation Y non-managerial employees as well as their managers, working across varying functions of a bank operating in Africa. The interviews were conducted at the respondent’s place of work and

this was done over a period of approximately three months (December 2015 to February 2016). The research confirmed that generation Y considers it important to stay with an organisation when they are afforded opportunities of career development and advancement, learning, training and development, inspirational and authentic leadership, provided with mentorship and coaching, work-life balance, autonomy and fulfilling work, as well as fair remuneration. Finally, generation Y employees need to be continuously empowered and developed in the workplace for greater individual satisfaction which has also been found to be positively correlated to retention and employee engagement, according to other researchers.