outline:
Introduction
As generation Z starts entering the workforce, understanding their needs
and preferences becomes crucial for the organizations. This chapter is
describing existing research findings on the topic of employee retention and
how to tailor the strategies and what to focus on, especially in Baltic region,
since the mentioned generation is very different from the previous ones.
Generational Preferences and
Priorities in Employment Cross-Generational Comparison
Compensation
Compensation has often been a cornerstone of employee retention, with
the competitive salary, bonuses, rewards, as well as job security.
Career growth and development
There growth and development opportunities within the companies will be
discussed, for instance, offering a clear career path, personal learning plans,
trainings, and mentorship
Well-being initiatives
The main focus of young people nowadays is mental health. When they
search for work, they prioritize, work-life balance, having more PTOs, and
other flexible arrangements. support and recognition should not be disregarded,
too. mental health support might offered, mindfulness and physical health
initiatives
Organizational culture and
leadership
In this part, organizational culture and environment, including
leadership style, and company’s image and practices will be explored
Adapting Leadership
Styles for Multi-Generational Teams: As the workforce becomes more generationally
diverse, there’s limited research on flexible leadership styles that can cater
to each cohort’s needs, particularly when balancing the direct,
feedback-oriented style preferred by Generation Z with the more hierarchical
preferences of older generations.
Theoretical Employee Retention
Frameworks
Social Exchange Theory
Psychological Contract Theory
Self-Determination Theory
Equity Theory
Herzberg’s Two-Factor Theory
Person-Organization Fit Theory
Expectancy Theory
Employee Retention in the
Baltic Countries
Many concepts have limited research and are understudied in Baltic context.