Companies should devise potent strategies to retain youth: CII

Says in order for companies to build effective retention strategies, they need to tailor their overall business priorities

Moving away from the "one size fits all" approach, India Inc needs to devise potent retention strategies tailor-made to suit today's youth, says a survey by industry body CII.

"With abundant opportunities in the current Indian economy, the youth of today is job-hopping, which is unlike their parents' generation... In order for companies to build effective retention strategies, they need to tailor their overall business priorities," said the CII survey on Gen Next workforce.

Factors like policies and processes; rewards and benefits; culture and career growth emerged as the top priorities across all generations when it came to deciding career path, it said.

"While the corporates have realised the importance of the financial priorities of Gen Y, they often fail to understand the non-financial needs of their employees, such as strong leadership, effective communication and career advancement opportunities," it said.

The survey covered sectors like Automotive, Consulting, Consumer Business, Energy, Financial Services, Hospitality, Infrastructure & Real Estate, IT/ITes, Manufacturing, Media & Advertisements and Pharmaceuticals.

Interestingly, females attached the highest priority to employee-friendly policies and practices, whereas males rated rewards as the most important criteria influencing their career decisions.

As per the industry-wise analysis, the brand assumes a high importance for individuals employed in the hospitality industry. However, in the media sector, employees give high importance to the role being offered to the individuals.

However, although younger generation does not see themselves staying at one organisation for long, their commitment and dedication towards work and responsibilities has not reduced, said the survey.

Moreover, they prefer a fair system, where processes are more transparent and there is less bureaucracy within the system, it added.