The number thirteen myth about Generation Y is that it's impossible to turn them into long-term employees.

Now it is true that Generation Y will have higher rates of turnover than any new generation of workers since those statistics have been kept and there are a bunch of reasons for that. But that doesn't mean you can't turn them into long-term employees. You just have to do it one day at a time. And here's how: You have to turn the reasons why Gen Yers typically leave jobs voluntarily into reasons why they'll stay and want to work even harder.

One reason why Gen Yers leave a job voluntarily is simply buyer's remorse. They start working at a job and very quickly they start to feel like, "Hey wait a minute, this isn't what you told me it was going to be." And the only way to get around that one is to make sure that you are spelling out expectations clearly throughout the selection process and throughout the on-boarding process. You have to make sure they know all the downsides of the job before they're sitting at their desk or standing at their work station.

The second thing that causes Gen Yers to leave a job voluntarily is when they find themselves in a downward spiral of failure when they're not doing well. And the only way to get around that is to spend more time guiding and directing them and make sure that you are setting them up for success. When Gen Yers succeed one little bit at a time---when you set up one small target after another and help them hit those targets---then they start feeling like they are in an upward spiral. And then they're much more likely to want to come to work the next day.

Of course the third reason why Gen Yers leave is when they become convinced that there is something they really want that they're not going to be able to get. And I'm not suggesting that you should give them everything they want. Rather, I think you need to put yourself in a position where you help them earn as much of what they want and need as you possibly can. When Gen Yers come to you and say, "I want this, I want that," the right answer is, "Oh good news. I'm going to try to help you earn that. Let me spell out for you exactly what you'd need to do to earn that." And if you help them earn what they need and want one day at a time they're going to start to think, "Gee, maybe I couldn't get this deal somewhere else."

BONUS MANAGEMENT TIP
BONUS RETENTION BEST PRACTICES:
-- Instead of trying to eliminate turnover, take control of it. Not all turnover is bad. Your goal should not be to eliminate turnover among Gen Yers. That’s never going to happen. Your goal should be to take control of the turnover among Gen Yers. You want the high performers to stay and the low performers to go. The only way to make that happen is if you are the one deciding who stays and who goes.
-- Make your job the prestige job. How? You have to be extremely demanding, highly competitive, and fiercely merit based. Shine that bright light of scrutiny on yourself as a leader and on every single person you manage. Hold everyone to a higher standard, and help everyone meet that higher standard. Set up a constant loop of challenge and evaluation.
-- Push out the low performers. Remember that stubborn low performers hate the bright light of scrutiny and usually will find a way to escape. You rarely have to fire them if you are willing to shine that bright light.
-- Turn the reasons Gen Yers might leave into reasons they will stay... and work even harder. Gen Yers are coming to work to earn. Part of your job is to help them earn whatever it is they need and want. And that's the key to retention.
-- Find out what you can do to keep them. When Gen Yers express needs and wants that are totally unrealistic, you should let them know that immediately so that their expectations are clear. The next step, however, is to help them see what is realistic... and then help them earn it.
-- Do whatever it takes to hold on to the best and the brightest. The reality is that you can't do everything for everybody. Whatever you are doing to be flexible and generous to retain your good employees, you need to be much more flexible and generous to keep your great employees.