Entrepreneurship during a Crisis: An Examination of the Insertion of Millennial Workers in “Yurimaguas, Peru”

Abstract

The goal and purpose of this theoretical research are to analyze the evidence provided on the characteristics of the millennial generation and verify how these traits influence the human talent retention practices carried out by entrepreneurs. The empirical analysis is based on a systematic review of the scientific literature that includes 17 studies that were found in academic Google databases and university repositories. The results indicate that millennial workers are the generation with the highest rate of labor turnover so the retention practices most valued by them are related to opportunities for professional growth, greater flexibility between work and personal life, and better organizational communication. In most of the studies analyzed, economic remuneration is not a practice highly valued by this generation; however, in other studies, the results indicate that remuneration has a higher percentage of valuation, with a slight difference between the factors with greater and lesser representation by millennial employees.

1. Introduction

The term generation has been approached in different ways. However, its definition can be encompassed as the group of people who were born in the same period of time and who have lived within the same historical context. This has allowed them to develop distinctive features (lifestyles, ideologies, needs, expectations, behaviors, etc.) that differentiate them from previous generations. From the perspective of the Strauss-Howe generational theory, generations are characterized by cyclical changes called “turns” that occur in the same pattern. Each turn has specific archetypes classified as: prophets (baby boomer generation), nomads (generation x), heroes (millennial generation), and artists (homeland or centennial generation). According to this theory, after the hero generation, the change would return to artists, thus producing a cycle of archetypes.

For Howe, the hero archetype was born during an awakening, in a time where institutional weakness prevails and where individuals were forced to become self-sufficient and pragmatic. So that it is believed that they grow up as optimistic youth, into energetic, overconfident, and politically powerful adults. This describes the current millennial generation, which, according to these authors, responds to the typical nature of the previous generation and the crises of the new millennium (technological age, economic recessions, political crisis, social movements, etc.). This gives rise to the contribution of Karl Mannheim’s generational theory, whose foundation is that the generations are more influenced by the social contexts they live in than by the generations that preceded them. And it is that in the current world in which we live, dominated by globalization, instability, and constant technological development, a generation has emerged that has changed all the rules of the game: The Millennials or Generation Y.

Millennials are a demographic successor to generation x and predecessor to generation z or centennial. Even if the start and end dates of this generation are not precise and vary according to the authors, most studies consider the age range from 1981 to 2000 given by American authors Karsh and Templin (2013) in their book “Manager 3.0: A Millennial’s Guide to Rewriting the Rules of Management”. There, they mention that Millennials are tearing down the corporate ladder through a creative, collaborative and ambitious approach.

This is how today, this generation is made of people between the ages of 22 and 41, who represent the majority of the workforce worldwide.

In order to understand millennials, the historical aspects in which they were born and raised must be considered. Authors such as Nilda Chirinos point out that, among the events that defined this generation, the creation of computers, the development of the Internet, global warming, the economic boom of the 1990s, and terrorist attacks in various countries stand out ([1], p.140). In this way, millennials were born and grew up alongside technology, understanding it and developing skills that would allow them to master it and thus adapt to the current era of information technology. That is why they are also called digital natives.

According to Karsh and Templin, during their childhood, millennials received a lot of attention from their parents, who made them believe that they were the most special and precious thing in the world and always told them that they could become what they proposed because they had been born perfect (Karsh and Templin, 2013) cited in Mitta Flores and Dávila Salinas [2]. Retention of human talent: policies and practices applied to young “Millennials” in a group of entrepreneurs.

The fact that authors such as those mentioned describes the context in which millennials have developed, and lays the groundwork for understanding their behavior when joining entrepreneurs and the factors that influence them to decide whether or not to stay within those entrepreneurs.

In the workplace, millennials are well-rounded individuals with exceptional skills, making them very appealing to entrepreneurs seeking to attract and retain them. However, their attributes can become a double-edged sword for those in charge of the human resources area, since, although millennials have everything they seek as employees, this generation does not usually tolerate rigid work structures, routine jobs, and much less a bad work environment. They are not willing to sacrifice their personal lives for work and are always looking for more and better opportunities to grow professionally. Unlike previous generations like generation x or baby boomers, millennials do not live just to work, they want to change the world and make a difference. Therefore, having different characteristics, needs, and expectations from previous generations in relation to employment, they show work behaviors and decision-making not fully understood by entrepreneurs, causing them to choose to leave their jobs, causing high levels of turnover. Here then is the need to better understand this generation that has been taking the reins of the labor market and that needs different attention from entrepreneurs in order to retain them through management practices that meet their expectations. Well, now it is the organizations that must adapt to this generation and not vice versa.

In this way, the objective of the following review is to systematically analyze the available evidence about the practices most valued by the millennial generation in the workplace and to verify whether or not these practices are carried out by entrepreneurs, all this with the intention of shedding light on the current panorama and contributing to the better functioning of human talent management.

1.1 Population and methods

In this work, a systematic review of the published scientific literature on human talent management and its relationship with the millennial workforce has been carried out. Next, the elaboration process will be detailed in its different phases.

1.2 Initial search

The first searches were carried out in May 2022 in the Google academic databases as part of the research work II course. The terms “millennial generation,” “workforce,” and “retention of human talent” were combined. The combination of these terms yielded a fairly large number of results, and many of them were not very useful for the review. However, the different studies provided a global vision of the subject and a better understanding of it.

1.3 Systematic search

The systematic search was carried out in August 2022 in the same database, Google Academic, limiting the results from 2015 to the present.

The combination of terms that yielded the best results in this search engine was millennials and retention of human talent “millennial workers.” Specifically, 76 results were obtained in this database. Adding 13 more works found in repositories of different universities, being a total of 89 works. Prior to the selection of the works, the following inclusion and exclusion criteria were defined:

Inclusion criteria.

• Single case studies and not reviews.

• With a quantitative or mixed approach.

• With non-experimental design.

• With the survey used as the main technique.

• With a representative sample.

• With a maximum age of 7 years.

Exclusion criteria.

• Studies with a purely qualitative approach.

• Older than 7 years.

• Non-representative sample of the population studied.

• With experimental design.

• Longitudinal studies.

Based on these criteria, and only by reading the title, 27 articles were considered adequate. After that, it was proceeded to read the abstract, the results, and the conclusions. From this reading, 9 studies were discarded mainly because they were only a literature review (n = 1) and because they did not have a representative sample of the population to study (n = 9).

Finally, 17 articles met the inclusion criteria and were selected to carry out the systematic review.

2. Results

A summary of the results of the selected studies can be consulted in the table provided. However, the analysis to be carried out was considered the most pertinent to facilitate the understanding and integration of the results.

Mitta Flores and Dávila Salinas [2] inquired about the policies and practices of retention of human talent in entrepreneurs, with the general objective of identifying the policies and practices of personnel retention that serve to retain millennials young collaborators. The approach they used was mixed, using quantitative (survey) and qualitative (interview) tools. The survey was applied to 237 students of the ninth and tenth cycle of PUCP of the careers of Management and Senior Management, Economics and Industrial Engineering who have had work experience, while the interview was conducted with the managers and/or managers of human resource areas of a group of entrepreneurs. The results of this study were that, with respect to the behavior of the young people surveyed, it was obtained that 94.94% of the participants reflected that their position regarding the future is optimistic; 92.83% feel the need for feedback about the development of their tasks; 82.70% of the participants look for a balance between work and family; 80.17% consider themselves collaborators; 78.48% feel respect for the authority in their workplace; 74.68% perform several tasks at the same time; and 70.04% of the participants finish their pending tasks in any place. The results reflect in this case that millennial workers value non-remunerated aspects more, such as better feedback from their superiors, as well as the balance between work and family, thus confirming what was previously mentioned about the fact that this generation looks for flexibility and balances its personal life with work.

Bergerman Zapata and Tantaleán Sánchez [3] developed a proposal for the retention of millennials in the Banco de Credito del Peru financial entity in the department of Lambayeque, with the purpose of providing relevant information for that entity and for other companies in order to know the behavior, attitudes, and interests of this group of people who are the direct potential of entrepreneurs today. The approach used was non-experimental and of field, having as a representative sample 148 young people between 18 and 35 years old who work in the Credit Bank branches of the said department. The results showed that millennials look for to transcend and develop experiences in their work stage that help them in their personal and professional development. In this way, the study concluded that it will not be possible to retain them for a long time, since the main characteristic they have is that they look for short-term experiences, and for this, they must seek opportunities elsewhere.

Buitrago García et al. [4] conducted a study about the impact of millennials on human talent processes in the Club el Nogal corporation, located in Bogota city, Colombia. The main objective of the work was to show the impact that collaborators identified as millennials have within the processes of attraction, selection, hiring, and reasons for retirement at El Nogal Club. To achieve the aforementioned objective, the technique of collecting information from the club’s database and the analysis of its content was used. In this way, it was identified that, of the 776 employees of the club, 353 belong to the millennial generation, being the workforce with the greatest presence in entrepreneurs. Likewise, it was reviewed that, of all the retirements by generation during 2016 and the first semester of 2017, 58% came from the millennial generation. Among the reasons why millennial employees quit are job opportunities (37%), study opportunities (14%), and opportunities to become independent (8%). These results are aligned with the global characteristics of this generation, confirming that they are people who are always looking for growth and opportunities and with high job demands, which cause their retirement and high turnover.

Authors such as Pacheco et al. [5] studied the high turnover of this generation from the perspective of climate, motivation, and job satisfaction, with the objective of studying these three factors and the relationship with job turnover in the main banking entities in Cuzco city. The methodology used was descriptive-correlational research with a non-experimental design, with the survey as the main technique for collecting and measuring data. The study sample consisted of 159 workers belonging to the millennial generation of the banking entities of Cuzco. The results obtained by the study indicate that if the staff of generation Y presents a low level of motivation, it generates a 100% turnover as a consequence, but if the motivation is high, the percentage of turnover is 47.7%. On the other hand, it was also observed that of the 100% of the personnel that presented low levels of job satisfaction, and 75% of them presented rotation of their positions; while the staff that presented high levels of job satisfaction, 37.5% rotated from their job. The results also concluded that staff turnover in banking entities does not depend on the work environment.

On the other hand, Leal et al. [6] investigate more about the retention of human talent in the millennial and centennial generations in Bogotá with the aim of generating strategies for the optimization of the processes of retention in Bogota companies, taking into account the differential needs of the millennial and centennial generations, since this would allow not only to increase the efficiency of the programs and projects carried out by the human resources area, but also the short and medium term of collaborator development. The approach used is the mixed one, making use of a survey, which was analyzed quantitatively. Likewise, the qualitative analysis of the results obtained was also used. The sample was made up of 66 people, 56 of them belonging to the millennial generation and 4 of them belonging to the centennial generation. The results of the study determined that the millennial generation is a generation that looks for stability with themselves, growth, and personal development; however, they are still very shy about entrepreneurship and generating ideas that allow them to achieve other results outside of entrepreneurs. This point differs from the study by Buitrago García, L. T., García Castillo, B., Ruíz Bautista, T. G., & Suesca Cortés, A. M, who found that opportunities for independence were one of the main reasons that millennials quit. Therefore, both studies have a slight contradiction regarding the reasons that lead workers of this generation to constantly rotate jobs.

Martín-Buro García de Dionisio [7] carried out a study with the purpose of analyzing the labor factors that millennials consider important to develop their professional career in a company over a long period of time. The approach was mixed, with the use of survey as the main analysis technique. The questionnaire was applied to 149 people who presented an age range between 20 and 24 years old and belonging to different branches of study, such as psychology, pharmacy or nutrition, social sciences such as business administration and management, human sciences such as law or translation, scientific-technological, and artistic-musical. From the results, it was obtained that the majority of the respondents selected four retention variables: salary (72%), work environment (61%), and training (58%), while the variables with less representation were performance information, social commitment, and closeness with superiors with a percentage of less than 20% of the total number of respondents. In this study, the salary issue was the most valued factor, contrasting with previous studies where growth opportunities and work-life balance were the most representative.

Alegre Cruz and Pretell Muñoz [8] conducted a study to determine the relationship between retention and turnover of the millennial generation in the company Homecenters Peruanos S.A. through a non-experimental quantitative approach—transversal. To do this, they surveyed 130 millennial collaborators of this company, obtaining as main findings the existence of a relationship between the retention and turnover variables of the millennial generation, since the data analyzed show that, when retention is very good, there will never be turnover because employees will have no reason to leave the company and they will feel comfortable in it, they will be more productive, and this performance will be reflected in the day to day and in the treatment that these employees give to the client. However, when retention is poor, there will always be turnover, thus confirming the direct relationship between both variables.

Additionally, Viena and Carol carried [9] out a study to determine the characteristics of millennials that influence human talent retention in a human resource service company. The type of research was quantitative with a non-experimental approach. The sample consisted of 87 millennial workers and 5 people in charge of the human management area. According to the results obtained, the characteristics of commitment, attitude, and motivation are the ones with the highest representation of millennials with a percentage greater than 90%. Along the same lines, 60% of those in charge of human management indicate that job rotation has changed due to the entry of generation Y as entrepreneurs and affirm the need to change talent retention policies. These results show, then, that there is an influence of the characteristics of millennials over retention policies and that the actions carried out to change those policies will have a positive impact on the talent management of this generation.

Along the same lines, the work of Bautista et al. [10] determined the impact of retention strategies on job satisfaction and stability of the millennial generation. To do this, its methodology was based on quantitative research with a non-experimental approach. In this way, a sample made up of 98 people considered millennials were surveyed, it was observed that this generation is very open to challenges, to new experiences, and to discovering new skills every day that allow them to perform other activities. According to the results obtained by the study, more than 70% opt for a change of position in which they are offered the possibility of having new challenges and responsibilities, versus to having an increase in salary in the same position and with the same functions. This does not mean that millennial employees are willing to accept low-paying jobs, but rather that they look for jobs with a fair salary, but where their contributions to innovation and, above all, their academic and training inclinations are also compensated. For them, knowledge weighs more than money, and this is a key aspect to be able to understand and retain them correctly.

This topic was also addressed by Ramírez Angel, LM, [11] whose study aimed to determine how the job expectations of the generation of millennial workers influence their permanence in the entrepreneurs. The author used a mixed approach to carry out his research with the application of a survey and an interview as the main techniques of data collection and analysis. A questionnaire was applied to 5027 workers in Bogotá between 17 and 37 years old (ACM analysis of the Great Integrated Household Survey GEIH 2017) and qualitative with 20 generation Y workers between 19 and 39 years old, who have more than 3 months in their current entrepreneurs, who have ever resigned from a job, who have a fixed-term employment contract, and who have more than 1 year of work experience. From the results obtained in the quantitative phase, it was possible to conclude that millennial workers who are older and have a higher level of education have better working conditions, while those who are younger and have a lower level of education tend to rotate faster. On the other hand, of the results obtained in the qualitative phase highlight the development of a career, autonomy, having staff in charge, and being able to contribute to organizations as the main expectations of millennial workers that had not been found in previous studies. Likewise, the study also highlights that non-financial benefits also attract a lot of their attention, as long as they are related to what they expect such as days off, training, recognition.

Aucalla Taira and Benavente Cordova [12] investigated job rotation from the perspective of job satisfaction in order to establish the relationship between the main variables that influence job satisfaction and its impact on the millennial staff rotation intention within the fast food mass consumption sector. The research they carried out was quantitative in nature with a non-experimental, cross-sectional approach. The sample was made up of 395 millennial collaborators who work in the Fast Food of Lima city. The results obtained showed that, as the level of satisfaction of the workers increases, their intention of job rotation decreases. In turn, of the dimensions studied, the most significant refer to remunerative benefits, physical and/or material conditions, administrative policies, and task performance. These are the factors that contribute to reduce the initial intention of labor workers turnover.

Pasko et al. [13] investigated the attributes related to the preferred job of millennials and their relationship with retention. The methodology used was quantitative research with a non-experimental, cross-sectional approach. Thus, a survey was applied to 300 millennial employees of a large firm in the southwestern United States. The findings showed that the attributes with the greatest support by the respondents are related to work, job security, work-life balance, and company leadership.

In turn, the study by Duque Arias [14] identified and analyzed the main factors of attraction and retention of human capital in the millennial generation, in the government administration sector of Quito city, Ecuador. The approach used was mixed with an exploratory scope. The sample consisted of 374 millennials whose age was between 25 and 35 years old, having as main results that factors such as professional growth, economic stability, jobs by objectives, and economic bonuses are the most important aspects to attract and retain millennial workers. The study also identified that job stability, ongoing training, and work-life balance will contribute to the development of strategies within the human resources area to retain this workforce.

From the same perspective, Henao Preciado and Mejía Torres [15] carried out an investigation to identify the facilitating and hindering factors in the retention of a group of millennial generation workers in the city of Pereira, Colombia. The approach used was quantitative of descriptive type. A survey was carried out on a sample of 383 people between the ages of 18 and 34, the results of which indicated that, in order to motivate younger employees, work must be dynamic and with a good work environment, since one of the most valued things for millennials, beyond economic remuneration, it is being able to work comfortably, with a good team, daily dialog, and good training and benefit policies. Active listening was also highlighted as one of the most important factors along with constant training, the application of new technologies, and giving them an important place in the team that they feel really valued within the company.

In a complementary way, the study carried out by Rodríguez Millán [16] identified what young people belonging to the millennial generation value most when looking for a job and staying in it, in the city of Asturias, Spain. The methodology used was a quantitative research with a non-experimental, cross-sectional design. About 359 belonging to this generation were surveyed. The main findings were that the main factors that attract millennial talent are having interesting tasks, job security related to promotions, and a good salary. Likewise, it was also determined that among the main reasons for millennials to remain in the same entrepreneurs for a long period of time (more than 5 years) stand out the value of work, labor flexibility, and the diversity of tasks. The interesting thing about this study was that remuneration was not a priority motive for millennials. This contradicts other investigations where a good salary is one of the factors with the highest percentage of representativeness.

Bocanegra Álvarez [17] also analyzed the motives of millennials in relation to their professional practice in Piura city. The approach used was the non-experimental one with a cross-sectional design—descriptive. The survey was applied to 240 young millennials who have at least one work experience and are between 22 and 34 years old. The results obtained were that the priorities of these young people in the workplace are to have a good salary, get better development opportunities, and achieve a balance between personal life and work. Likewise, the study also found that the respondents would stay in their same jobs only if their working conditions were improved referring to good remuneration, professional development opportunities, and job recognition.

Finally, the research work of Huaraca Yaranga [18] was carried out to determine the relationship between job satisfaction and the retention of millennial employees in Metropolitan Lima. For this, the approach used was a quantitative approach, with a non-experimental and cross-sectional design with the application of a survey to a representative sample of 222 millennial workers. The main results obtained from this study determined that the existence of a positive, moderate, and significant correlation that indicates that, the more intense the job satisfaction is for the functions performed, the more millennial workers will want to stay in their workplace and thus, they will be able to collaborate depending on the achievement of its objectives and goals and vice versa.

3. Discussion

With this review, the objective was to analyze the evidence provided about the characteristics of the millennial generation and verify if these characteristics influence the practices of retention of human talent carried out by entrepreneurs. All the studies were reviewed to confirm the influence between both variables. However, there are differences regarding the factors that millennials consider most important when deciding to stay in the same entrepreneurs for a long period of time. Most of the studies found that millennials prioritize non-remuneration aspects such as growth opportunities, a good work environment, feedback from their superiors, good communication between collaborators, and work and personal life balance as factors that would positively affect their permanence in the workplace. However, other studies found that millennials value remunerative aspects more, such as a fair salary and promotions in terms of bonuses or promotions when deciding whether to stay or not in their same job. Although it is evident the influence that exists between the characteristics of millennials with talent retention, the determining factors between both do not yet fully coincide. This aspect is important because, according to the literature reviewed, millennials are a generation that does not think about economic aspects as something fundamental in the workplace, since they are in a constant search for growth, flexibility, and emotional stability. If in entrepreneurs where they work, there is nothing that involves these aspects, they will not hesitate to look for another job in a short time. However, various studies have different results than expected, raising a new question about whether millennials value remunerative or non-remuneration aspects more to stay in an entrepreneur or not.

Below is shown the table with the studies analyzed in this review (Table 1).

TIPO DE ESTUDIO	FECHA DE PUBLICACIÓN	BIBLIOTECA VIRTUAL	REPOSITORIO	AUTOR (ES)	PAIS	TITULO
Thesis	2015	Google scholar	Pontifical Catholic University of Peru	Mitta Flores, Daniel Dávila Salinas, Carmen Lucero	Peru	Retention of human talent: policies and practices applied to young “Millennials” in a group of organizations.
Thesis	2016	Google scholar	Santo Toribio de Mogrovejo Catholic University	Bergerman; Zapata,; Elizabeth; Fiorella Tantaleán Sánchez, Sarai Eliza	Peru	Proposal for the retention of millennial talent in the financial entity Banco de Credito del Peru in the department of Lambayeque 2016.
Thesis	2017	Google scholar	Sergio Arboleda University	Buitrago García, Leidi Tatiana; García Castillo, Brenda Ruíz Bautista, Tatiana Gisela; Suesca Cortés, Ana María	Colombia	Impact of Millennials in the processes of human talent in the Corporation Club el Nogal.
Thesis	2017	Google scholar	Pontifical Catholic University of Peru	Nelson Báez Pacheco Jorge Luis Esquivel Laurente; Víctor Alfredo Núñez Bueno; Anghela Rojas Marroquín Luis Antonio Zavaleta Flores	Peru	Influence of Climate, Motivation and Job Satisfaction in the Job Rotation of Generation “Y” in the Banking Entities of the City of Cusco.
Thesis	2018	Google scholar	School of Business Administration (ESAN)	Alejandra Martinez Leal Natalia Ruiz Valencia Nohora Esperanza Rojas Pineda; Cesar Camilo Londoño Salazar; Rafael Pérez Uribe	Colombia	Retention of human talent in the Millennial and Centennial generations in Bogotá.
Thesis	2018	Google scholar	Comillas Pontifical University	Martín-Buro Garcíade Dionisio, Cecilia	Spain	Talent management and retention of millennials.
Thesis	2018	Google scholar	César Vallejo National University	Alegre Cruz, Gibsy Geraldyne; Pretell Muñoz, Mery Ruth	Peru	Retention and rotation of the millennial generation in the company Homecenters Peruanos SA Nuevo Chimbote, 2018.
Thesis	2019	Google scholar	San Martin de Porres University	Silva Viena, Jilly Carol	Peru	Characteristics of millennials that influence the retention of human talent in a human resources services company in Metropolitan Lima.
Thesis	2019	Google scholar	Sergio Arboleda University	Ximena Bautista; Andrés Rigueros; Janeth Triana; Alejandra Valero	Ecuador	Talent retention strategies in millennials.
Thesis	2019	Google scholar	Colombia National University	Lina María Ramírez Angel	Colombia	Labor expectations of the generation of Millennial workers and their permanence in organizations.
Thesis	2019	Google scholar	University of Applied Sciences	Aucalla Taira, Sheyla Eunice; Benavente Cordova, Olenka Valeria	Peru	Impact of job satisfaction on the turnover intention of millennial staff in fast food restaurants in Lima Centro.
Thesis	2020	Google scholar			United States	A study of millennials’ preferred work-related attributesand retention. Employee Relations: The International Journal.
			Emerald Insight	Raymond Pasko, Rosemary Maellaro Michael Stodnick
Thesis	2021	Google scholar	National University of La Plata	DuqueArias,Diego Fernando	Ecuador	Management of human talent as a strategy for the retention of the Millennial generation in Quito- Ecuador.
Thesis	2021	Google scholar	School of; Administration, Finance and Technological Institute (EAFIT)	Henao Preciado,Jorge Adrián; Mejía Torres, Julián Adolfo	Colombia	Facilitating and hindering factors in the retention of personnel of the Millennial generation: a case study with a sample of workers from the city of Pereira.
Thesis	2022	Google scholar	Open University of Cataluña	Rodríguez Millán, Inés	Spain	Attraction and retention of young talent: job preferences of millennials in Asturias.
Thesis	2022	Google scholar	Piura University	Bocanegra Álvarez, Andrea Margot	Peru	Millennials facing the professional challenge. Analysis in the city of Piura.
Thesis	2022	Google scholar	César Vallejo University	Huaraca Yaranga, Liz Paola	Peru	Job satisfaction and employee retention in Millennials from Metropolitan Lima.

Table 1.

Cuadro de inclusion y exclusion.

Fuente: Elaboracion propia

4. Conclusions

The Millennial generation is changing the way how entrepreneurs manage their human factor. It is a generation that highly values non-remunerative aspects such as a good work environment, flexible hours, professional development opportunities, good relationship with their co-workers, and constant feedback from their superiors. However, this does not mean that they are willing to accept low wages, but rather that they look for jobs where they feel that their work needs and expectations are understood and, above all, attended to.

5. Recommendations

It is recommended that entrepreneurs get to know their Millennial employees better and analyze what factors they consider essential in their work environment, since only then can they design effective retention policies to reduce the high rates of job turnover caused by this generation.