Abstract

The vital role of the private sector in the overall development of a country is crucial as proven by private tertiary industries. Despite its phenomenal success all over the world, private sectors are facing enormous challenges due to the frequent turnover of Generation Y (Gen Y). Such phenomena cause massive overt and covert losses. Gen Y workers are optimistic, practical and often have attrition tendencies at workplaces. Extensive literature indicates the turnover problem of Gen Y remains unresolved. Frustration acts as the most crucial factor contributing to frequent turnover. The employers state similar effects. Turnover studies have been performed in the Western sense, though turnover problems exist all over the world, which include a developing country like Bangladesh. Another problem is the turnover rate in the public sector is lower than in the private sector. Since each company strives to achieve the best output and lower turnover to avoid brain drain, they refrain from high turnover costs and maintaining competent staff. This quantitative study discovers that there is an urgent need to establish retention-friendly approaches to mitigate Gen Y frustration and retain them in the workplace. Gen Y retention approaches, management initiatives, soft HRM, work-life balance, and employee satisfaction are vital resources for Gen Y retention in the private sector.