According to the BBC survey of 7,500 people, more than half of Gen Y (ages 30-34) have changed jobs 2-3 times, although they have been in the job market for less than ten years. However, half of Gen X (ages 35-49) and Baby Boomers (ages 50-69), who have been in the job market for more than a decade, are still working their first or second job .
Research Questions
So, it is important for the organization to maximize its potential and manage the relationship between different generations and ensure that the organization will attract and retain qualified personnel and ultimately lead the organization to success. In this paper, we will study about the motivation, human behavior and job satisfaction strategies that the employer can adapt to meet the needs of Gen Y and the factors that make employers ultimately retain and retain Generation Y workers to stay in a company and prepare them to be ready to replace important leaders in an organization.
LITERATURE REVIEW
- General Motivation and Reward Type Preference
- Well-being Research Framework
- Motivation and Human Behavior Research Framework
- Maslow's hierarchy of needs
- ERG theory (Existence, Relatedness and Growth)
- Herzberg’s 2 Factor Theory
- Job Satisfaction & Leading Pharmaceutical Industry – Eli Lilly Eli Lilly & Company is the pharmaceutical industry founded by Eli Lilly
The well-being concept, written by Tom Rath and Jim Harter, is intended to increase employee engagement by creating employee well-being in five areas, five of which are factors that can make employees committed to the organization. There is also a well-rounded welfare system related to the health of all employees. It is very important for the company to meet all five points above so that employees feel connected to the organization.
Water, food and air are what the body needs in the metabolic process for energy and growth. 34;People are those who have developed, or those who are capable of doing them." They develop to the full extent of which they are capable. Growth is Maslow's fourth and fifth levels (self-esteem and self-actualization). Although both seem to , that Maslow and ERG are the same theory of human motivation and explain the reasons why people do certain things, but there are some different views between them.
Workers of this type must be controlled, constantly directed, coerced and threatened to do the work. They have no motivation to work or ambition, so they have to be enticed with rewards for achieving goals and monitored at every step. According to the table above, hygiene factors are necessary to ensure that the employee does not become dissatisfied.
Currently, Elanco's business is facing a major disruption of the company as a result of integration, acquisition of Novartis business and restructuring.
METHODOLOGY
FINDING RESULTS AND DISCUSSION
Important reward types ranking preference
It's challenging that made him decide to stay with the company and can help to drive the business result more." When analyzing the exit interview questionnaires of 23 employees who are Generation Y, referring to the group of people born in 1980s and early 1990s, they are shown to rank the 25 most important factors related to employment opportunities/considerations on which they set salary/compensation, benefits (insurance support, sick pay, etc.), opportunities for growth /career advancement, flexible hours/telecommuting. , job security, support from immediate manager top the list. And finally is company location, reputation/brand recognition, tuition reimbursement programs or even charitable efforts /philanthropic and not to mention the CSR program that can significantly increase appeal as an employer and boost employee morale.
The following table shows that Gen Y exit interview respondents ranked the following job-related considerations/factors as important to them. The ranking percentage is calculated based on the 23 gen Y respondents who used the same factors of retention. In the case of the factors that fall into more than one element of well-being, the result will be calculated by the average.
According to the table given on the previous page, it is shown that the following are the 9 factors that Gen Y respondents rank at the top as they relate to their overall job satisfaction from one to one hundred percent, with the most more than 80% are the most important. factors, between 50% and 80% are moderately important factors and less than 50% as less important factors. Benefits (insurance support, sick pay, etc.) Career growth/advancement bonuses Flexible hours/commuting Fringe benefits (fitness, car, etc.) Career Goal/Achievements Job Security support from immediate manager.
Important Factors of Retention
Motivation and Employee Well-being principle
- Financial Wellbeing (30%)
Every organization wants employees to deliver consistent business results, so every organization tries to find ways to motivate employees to do good work to deliver the results.
Well-Being Element Concept by Tom Rath and Jim Harter
- Purpose/Career Wellbeing (22%)
- Social Wellbeing (19%)
- Physical Wellbeing (17%)
- Community Wellbeing (12%)
- Human motivation and behaviour factors
What matters is how powerful this tool is to motivate an employee in the organization to consistently create and contribute to the result. So for me, the salary in itself is not enough to motivate me in the long term. With this method, employees will want to contribute more effectively to the business result, because the better the performance of the individual or team, the greater the increase; likewise, if performance were poor, the associated upside would be minimal.
The good performance bonus structure should be honestly linked to the job performance of the employees, whether the job in terms of the success of the job or employee behavior. It is one of the powerful tools to motivate every individual to take an action immediately. Otherwise, the company may have to spend time and struggle with the compensation system that does not meet the requirements of the company.
Because of the level or job path that they grow, it means that they must also have a higher duty and responsibility. Manager is one of the key factors whose role is not only to supervise their subordinates but also to organize the team, lead subordinates and create a good environment for all the teammates. Some companies aim to be a good employer, which means that the organization has the image of the organization as a 'good place to work' in the minds of current employees and key stakeholders in the external market (active and passive candidates, clients, customers and other key stakeholders ).
Good work - The organization should have a sensible work design, flexibility to work and also include the working conditions in the organization.
CONCLUSION
Recruit: put the right man to the right job
Organizations that can attract and convince Gen Y people to work for the company must have the following characteristics. An organization should value work-life balance, especially in terms of working time which should be very flexible. Opportunities for employees to spend time with family or do things they enjoy compared to the amount of time they spend doing their jobs should be distributed appropriately and perfectly.
This means that there is always communication between groups of employees, so if we can create a work environment in the organization as a good teammate, it will attract more Gen Y people to work better in the organization. Therefore, if the organization has a competitive rewards management compared to the organizations in the market they compete with, it will also attract more Gen Y employees who want to work with that organization as well. If the organization needs a new generation of Gen Y to work in the organization, what we need to create are at least four of the above HR-related management systems that should be prominent and allow people of Gen Y to apply for jobs with the organization.
If this organization is able to meet the needs of this generation well, they tend to become an employee of that organization. After we can get Gen Y employees to work in the company, the next thing is to consider the second R to make Gen Y feel valued and able to work and make a performance contribution to the organization to the fullest.
Relate: create relationship
The next thing that needs to happen in the organization for Generation Y to work for us is to place importance on diversity and inclusion. Creating teams with every person in every generation and with many different types of people from different backgrounds, ages and genres will be beneficial to the business. So if Gen Y works well with other generations, understands how they think and what their beliefs are, it will be effective in terms of working together as a team and transferring knowledge.
According to Mercer research among Generation Y, it works well with the Baby Boomer group if the company has the right buddy or mentor program in place, where new hires have their colleagues as coaching instructors in addition to their direct manager. In this way, they can acquire the knowledge and skills they need, transferred from their colleges, so that they can become effective members of the organization. Happiness in the organization arises when they have or appoint the right buddy as a mentor.
Once the company has gotten the skilled employees of Generation Y to work, it is very important to create a working environment that allows Generation Y to work comfortably and matches the style of this generation. When employees work with pleasure, what will happen is that the work and dedication to work that we may never have had before, and how to keep those employees with high potential and high performance in the organization, which can be explained in the last R, which is Retain. .
Retain: employee retention
What organizations need to do is adapt the mind of the employees in the organization to understand this generation and understand the dynamics of new technologies, this will change the behavior of the new generations coming to work in the labor market, and this is another part of human resource management in organizations , which must change and bring the organization into a new era of human resource management.
APPENDICES
APPENDIX A : QUESTIONNAIRE EXIT INTERVIEW QUESTIONNAIRE
If changes could be made to build your manager's effectiveness, what recommendation would you make?
