Successful Employee Retention Management of Generation Y. Theory and Best Practice Examples

Academic Paper from the year 2020 in the subject Leadership and Human Resource Management - Generation Y, Generation Z, grade: 1.3, , language: English, abstract: This paper will discuss successful organizational strategies that attract and retain Generation Y employees, also known as Millennials and provide best practice examples from two multinational companies. The topic of employee retention is becoming more and more critical for companies. It is not just about the high fluctuation costs that arise when an employee leaves a company. Other factors will cause companies much more concern. For example, the demographic change, which makes it more difficult for companies to find good employees, or the high losses that can result from the employee's lack of attachment to the company. Given the importance of employee loyalty, the question arises as to how this can be increased. Various models are supposed to lead to higher employee loyalty. The proven theory of customer loyalty research is best suited to show the determining factors for employee loyalty.