By Daniela Aroche

Much has been written about Gen Y and their finicky attitude towards employers and employment. Countless reports imply that Gen Y will bail on a whim and leave their employers high and dry if they are not content - but a recent study by Gradient has revealed that Gen Y are actually quite loyal.

According to the study, which surveyed final year undergraduates across the nation, Gen Y students are not planning as many career moves as employers may think, with less than 10% expecting to work for nine or 10 employers during the course of their 30+ year careers. 

This suggests that the average time spent per employer, (based on working for five employers over a graduate's career) would be 7.5 years. The responses also implied that, on average, students expect to work until they are 58 years old.  

Mark Beard from social researchers McCrindle Research believes that while these study responses do differ from past findings, the apparent change in Gen Y attitudes could be subject to a number of things - including the current economic downturn.

"7.5 years or so in a career is still a lot less than the average normative tenure that used to be in existence in the early 1970's - which was 12 years per employer, so the point does stand that we are in an era of multi-career generation - but definitely [these results] are not the 2-3 years that we've seen studies report before," he said.

"The current economic downturn has also had an impact on sentiment across all the generations - but probably the most profound on the the Gen Y's - because after 17 years of economic growth, suddenly the reality has set in that the 'good times' don't always last. So the change in sentiment or attitude and employment expectations is certainly more sudden and more obvious amongst the Y's than the rest of the generations."

Beard says that the effect of the economic downturn on Gen Y loyalty has given some companies a break from constantly worrying about retaining their Gen Y workers, but warns that the perceived loyalty is short-lived and employers should avoid resting on their laurels.

"Many employers have breathed a sigh of relief now - thinking 'good, the younger staff will stick around a bit more and we don't have to fawn over them or worry that they're not going to leave if we don't get everything right'," he said.

"But I offer a caveat to it just to say that employers can't afford to take their foot off the staff engagement pedal because even though the short-term economic situation has softened the labour market the long-term demographic situation is of a tight labour market. Demographic figures point to more people in retirement relative to the population of fewer young people."

Employers should therefore continue to focus on what Gen Y want. According to Gradient's research, flexible hours are the most desired job benefit by Gen Y - voted as a top priority by 35% of respondents.

"Work-life balance and flexibility in role and flexible job hours is an expectation across the working age population. Gen Y broke new ground in expecting that and demanding it, but everyone now wants it - so that is consistent across the board," said Beard.

However, Beard stated that securing the loyalty of Gen Y employees depends on more than just favourable work benefits. 

"There is a bit of stereotyping out there and confusion in regards to Gen Y," he said.

"Our research indicates that the loyalty for Gen Y is a relational loyalty - not a brand loyalty. So loyalty to people, not companies. Employers need to get that mix right. They'll [Gen Y workers] stick with the boss, their mentor and their team - not with the brand."

For those companies looking to attract and retain their Gen Y workers beyond the economic crisis, Beard suggests the following areas should be of key focus:

• Community aspect of the workplace: the engagement that they feel with other staff members, the connection
• Management style: ensuring that it's a more inclusive, collaborative approach, rather than the autocratic style of the past. "If an employer can build a relationship and can move from just being a 'boss' to more of a mentor or a coach, if there's a team or peer groups within the organisation that the Gen Y's can connect with and there's real community and real cohesion there - then the Gen Y's will definitely stay longer."
• Job description: relates to needing a broader job description, rather than locking Gen Y into a narrow employment areas - they want variety and change
• Training: they've just come out of a long education period and they know the importance of keeping their skills honed, so when training is offered on the company tab - it's not just going to help them do their job better, it's also going to help with retention