Understanding Generation Y at workplace with special reference to their Retention

Abstract

The workforce of India consists of Generation Y and Generation X as per the Indian demographic age composition, with Generation Y being more compared to other generations as per the Indian Inc. demographics. Generation Y though share similar life approaches to the previous generations, they still have different work preferences. This needs to be acknowledged so as to retain this generation and prevent generational conflict. This paper aims to understand, what appeals to Generation Y in order to retain them and how their strengths can be used to leverage organisational development. Employees from Generation Y in the corporate, irespective of their hierarchy at all levels were interviewed regarding their preferences at workplace, bifurcating into nine variables. Model validity was tested through confirmatory factor analysis. Factors that impacted retention of employes of Generation Y were found through regression. Results identify the characteristics and work preferences of Generation Y. Findings can be used as a basis to create a work environment in organisations which can increase overall efficiency. Communication, personal beliefs and interpersonal relations are found to have a significant impact on retaining Generation Y. Results can help HR fraternity to enhance the retention of Generation Y employees and create a preferable work environment. The paper underlines what is significant for Generation Y employees at work. Research and HR pro fessionals globally has acknowledged the importance of generational work preferences and problems arising due to that and this study can create a base for further researc.