Get All Access for $5/mo

Young Talent Demands These 6 Things for Their Loyalty The same traits entrepreneurs seek in young talent are also the traits that make it most difficult to retain them.

By Peter Gasca Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.


My father's generation was raised with the expectation that they would learn and hone one expertise and work in one company for most of their lives. Most of them did.

My generation had much the same expectation, but instead we worked with a number of different companies throughout our careers and even changed vocations a few times.

Today, young talent entering the workforce has altogether different expectations. They are expected to work and gain experience in a number of different jobs and to have general business skills that make them more adaptable to the rapidly changing environment.

Moreover, millennials and subsequent generations will find it easier to swap business cards because of the flexibility and ease by which their jobs, particularly technology related jobs, allow them to work in a variety of different capacities and different locations.

Related: 4 Ways to Get the Best Talent to Choose Your Startup Over a Big Company

While entrepreneurs and business managers may value these skills, they are also aware of the significant costs associated with employee turnover. So what is the best way to retain top talent?

Turning mercenaries into loyalists, as described by technology venture capitalist Fred Wilson, comes down to providing your team members validation and inspiration. Here are a few ways to assure your best team members don't jump ship.

1. Mission

Employees and young talent in particular want to have significance and validation, so you have to demonstrate that your business is making an impact. Take time to craft a meaningful mission statement for your business that encapsulates your goals and will provide inspiration to your team every day.

2. Culture

Your business will be led by its mission, but your company culture is derived and driven by your core values and those of your team. Engage your young talent when defining your company values, and allow them to cultivate and nurture your business culture.

3. Location

With high speed Internet, most tech and creative jobs can be done from anywhere. Consider setting up shop in undervalued and underutilized places, such as Myrtle Beach, S.C., which has existing fiber, an affordable cost of living and new initiatives that are attracting top tech talent and companies. Keep in mind as well that if you are located in highly competitive cities, such as New York, Boston or San Francisco, then your best talent is likely to get recruited by companies with much more capital.

Related: Why It's Smart to Treat Your Employees Like Your Best Customers

4. Workplace

If you are providing a workplace for your team, planning the space is important. It should come as no surprise that many of the "best places to work" are companies with the most creative workplaces. Your young talent has options, so consider providing a space that promotes productivity, inspires creativity and innovation, and ultimately makes your team comfortable and happy.

5. Perks

Salary, bonuses and retirement funds were all the default set of company benefits when I was beginning my career. Today, young, ambitious employees have different priorities, such as flex time, upward mobility and even convenient concierge services. Understand what motivates your employees and never assume you know what is best for them.

6. Leadership

The one thing that binds all of these things together is leadership, without which even the best businesses will fail. Leadership skills can be learned and should be constantly refined, but be sure to hone those skills before you start, because nothing will kill employee motivation faster than a lack of leadership.

In the end, entrepreneurs need to understand that employees come and go -- it's nothing personal -- and for the most part, broad experience can be good for both employees and employers alike. The more you work with younger talent, the more you will come to understand what drives them and, consequently, what you need to retain them.

What tips do you have for retaining talent in your organization? Please share your thoughts in the comments section below.

Related: Money Is Nice, But It's Not Enough to Motivate Employees

Peter Gasca

Management and Entrepreneur Consultant

Peter Gasca is an author and consultant at Peter Paul Advisors. He also serves as Executive-in-Residence and Director of the Community and Business Engagement Institute at Coastal Carolina University. His book, One Million Frogs', details his early entrepreneurial journey.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick


ChatGPT is Becoming More Human-Like. Here's How The Tool is Getting Smarter at Replicating Your Voice, Brand and Personality.

AI can be instrumental in building your brand and boosting awareness, but the right approach is critical. A custom GPT delivers tailored collateral based on your ethos, personality and unique positioning factors.

Business News

You Can Now Apply to Renew Your U.S. Passport Online — But There's a Catch

The U.S. State Department officially launched the beta program this week.

Business News

Is the AI Industry Consolidating? Hugging Face CEO Says More AI Entrepreneurs Are Looking to Be Acquired

Clément Delangue, the CEO of Hugging Face, a $4.5 billion startup, says he gets at least 10 acquisition requests a week and it's "increased quite a lot."

Growing a Business

He Immigrated to the U.S. and Got a Job at McDonald's — Then His Aversion to Being 'Too Comfortable' Led to a Fast-Growing Company That's Hard to Miss

Voyo Popovic launched his moving and storage company in 2018 — and he's been innovating in the industry ever since.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Apple Reportedly Isn't Paying OpenAI to Use ChatGPT in iPhones

The next big iPhone update brings ChatGPT directly to Apple devices.