Companies seeking to retain employees from multiple generations should begin by looking at strategies that allow them to meet the needs of these groups. These guidelines can provide some direction:

Reward both performance and tenure. It's customary for employers to recognize and reward employees differently based on seniority. This strategy may backfire in a multigenerational work environment, as highly productive, younger employees may start to feel resentful of the time it takes to reap rewards they may feel they've earned. A company with multiple incentive strategies will ensure that all employees feel equally rewarded for their work.
Tailor reward and recognition efforts appropriately. When recognizing a Gen Xer, do so in private since they prefer a little less fanfare. Rewards should include professional development opportunities or extra time off. Millennials prefer experiences to certificates, but tend to like the fanfare that goes along with a company-wide awards ceremony. If possible, allow high-performing employees the opportunity to choose their own reward from a pre-determined list, or offer enough varied recognition events to appeal to both groups.
Mirror communication to employee preferences. Millennials tend to value accessibility and constant communication in the workplace, and have a need for consistent validation from managers. However, Gen Xers prefer to operate more independently and don't want or need as much "face-time" with managers. Leaders working with both groups should be aware of their communication styles, and try to accommodate those preferences whenever possible.
Offer some flexibility. Flexibility is one benefit that is important to both generations and they will seek out employers who offer the ability to work from home, control their own hours and provide generous leave policies.

Companies that find a way to create work environments that appeal to employees from multiple generations will not only have an advantage when they need to recruit new employees, but will also have lower employee turnover and greater employee retention.

Special Reports /

4 keys to retaining a multigenerational workforce

Related Stories

Recommended For You