Generation Y: Why This Powerhouse Generation May Hold the Key to Your Retail SuccessWorkforce strategies for attracting and retaining young professionals |
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In a challenging economy, cultivating Gen Y talent can position savvy retailers for the next upturn. Understanding what motivates Gen Yers is a critical part of this process.
The results of our latest survey reveal both similarities and some marked differences between Gen Yers in the retail industry and their peers in other sectors:
- They are loyal but less engaged
- They seek opportunities for growth and development in the right locale
- Salary and advancement opportunities are important, but not the only factors motivating them to stay with an employer
What are the implications of these findings for retailers, particularly when they are focused on generating sales and reducing costs to make it through the recession? The strategic development of the Gen Y workforce can help retailers leap ahead of their less agile competitors by:
- Reinforcing the organization’s image as a high-value brand
- Inviting Gen Yers to the innovation table
- Retooling the technological infrastructure and approaches used to communicate and train within the workplace
- Using a laser, not a torch, for short-term workforce reductions.
- Using talent management strategies to integrate Gen Yers into the workforce
Retailers have a built-in advantage among prospective Gen Y employees because of their brand-building and customer-centric strategies. Those who can use this advantage will be able to better attract, engage, and retain new crops of talented Gen Yers.
To learn more about how retailers can strategically develop the capabilities of their Gen Y employees while navigating the downturn, read the full report.
As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Tax LLP, Deloitte Consulting LLP, and Deloitte Financial Advisory Services LLP, which are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
Generation Y: Why This Powerhouse Generation May Hold the Key to Your Retail Success
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