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Keep Gen Y’ers with pay for performance and lots of options

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in Office Management,Payroll Management

Your youngest employees have parents who raised them in a culture of rewards: They got money, gifts or privileges for doing their chores and earning good grades.

Here are some strategies for attracting, motivating and keeping your Generation Y employees—those born in 1983 through 1997 and sometimes called “Millennials”:

Employees in their 20s want flexible work schedules,
telework opportunities and reimbursement for their cell phones and PDAs. Give it all to them—in exchange for achieving company-set goals. If their performance dips below the level that earned them the perks, take the perks away until it improves.

Encourage good performance with financial incentives. Rather than handing out bonuses for holidays and longevity, tie them to specific achievements.

Offer lots of options when it comes to benefits and compensation. Employees in this age group appreciate having choices.

Young workers are drawn to socially responsible organizations. Tout your organization’s philanthropic activities and encourage employees to participate in them. Consider allowing paid time off to employees who choose to volunteer in the community.

Create opportunities for young employees to socialize. Friends rank high among the Millennials’ priorities. Help them make friends at work.

Millennials are eager to learn, and your baby-boomer employees have a lot to teach. Pair off employees from different generations to help retain both.

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