Current demographic shifts are favouring gen X and Y as aging baby boomers continue to leave organizations - resulting in a demand for young workers that promises to outstrip supply over the next 20 years.

Once, employees stayed with their company for many years. People wanted a job for life, career moves were unusual and company stability was assured. Organizations even had confidence in their succession plans.

Now, young workers regularly change jobs to build a portable career - not one that is necessarily in a straight line. These workers have flexibility in mind, bringing the average stay in any one organization down to less than four years.

What these young employees want is not so very different from their predecessors. The difference is they are not afraid to ask for it. But companies should avoid creating unrealistic expectations by explaining that only high performers receive high rewards, independence and more responsibility.

In 2006 the Corporate Leadership Council conducted a global survey of more than 60,000 employees and candidates to discover what generation Y want from employers. The study found job candidates in the West take a rational approach, looking first at compensation and career opportunities. But the picture changes when it comes to retention, when gen Yers' emotional approach means they look for camaraderie and a socially responsible organization.

Company examples

Recruitment Ernst & Young's recruiters use flash drives rather than brochures and send texts to schedule candidate interviews. They were also the first using Facebook to recruit gen Yers on their own territory. Merrill Lynch involves parents in the recruitment process by holding parents' days for visits to the trading floor.

Induction is a key phase in building company loyalty yet it's often left to chance. Nokia has an intensive onboarding process to foster new recruit engagement during their early days with the company.

Development Many companies, such as BP and Shell, now have good career development programmes, with efforts targeted at graduate entrants. But organizations need a more fundamental change. For example, by flattening traditional structures and hierarchies; introducing flexible working patterns; and ensuring reward accurately matches performance.

Improving staff retention

Staff feedback must shift from periodic to continuous, so that policy makers can feel the organization's pulse as people leave and join.

Equally as important is the continual development of managers in their relationships with gen X and Y. While people generally join the company, they usually leave their manager - so managers must be better equipped to deal with people whose values, beliefs and attitudes may be very different from their own.

What is your experience within your own company?  Are you a gen y who's looking for something different, or a Baby Boomer?  What's your story?  Leave your opinion in the comments section below.

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