Young people's attraction and retention serve as a means for boosting competitiveness, according to Moschini.
In the heart of Italy, Lombardy's businesses are adapting to the changing landscape of the workforce, as highlighted by the latest Labour Survey. The survey reveals a commitment from these companies to meet the needs of their employees, particularly young workers, who are in high demand but often find the traditional demands of many businesses challenging.
The key strategies to address this issue, beyond salary, involve modernizing work culture and adopting best practices observed in more advanced European countries. Companies are shifting from task-based, low-education roles to more knowledge-intensive work, aiming to engage young talent more effectively.
Emphasis is placed on work culture improvements that enhance employee happiness, as happier employees tend to be more productive and contribute to increased profits. This includes creating workplaces that are more flexible, innovative, and aligned with the values and expectations of new generations.
Traditional entrepreneurial mentalities are being overcome by fostering a company environment open to change and innovation, which is attractive to young professionals seeking meaningful and dynamic careers rather than routine jobs.
Jacopo Moschini, the president of the Young Entrepreneurs of Confindustria Lombardia, is at the forefront of these changes. He is advocating for strategies to attract and retain young people, recognising that salary is no longer enough to retain the best workers. He calls for a reduction in taxes on productivity bonuses and the implementation of company and territorial contracts.
Last year, the "Meet your Future" project was launched by the Young Entrepreneurs of Confindustria Lombardia, in collaboration with the UniversityBox student network. The aim of this project is to bring young people closer to Lombardy's companies, bridging the gap between demand and supply.
The Labour Survey also shows a decrease in voluntary resignation rates in Lombardy's companies, indicating a positive shift in the employment landscape. However, it does not provide specific strategies to retain young people.
The challenges faced by Lombardy's companies are not limited to attracting and retaining young talent. High energy costs and a tax system that reduces competitiveness are additional hurdles. Despite these difficulties, the focus remains on evolving structurally and culturally to better absorb and utilize the growing pool of educated young people, thus retaining their talent instead of losing them to other countries or sectors.
Today's young people have different needs compared to their parents, and the focus is on strategies for attracting and retaining them, not just attracting them. Emanuele Orsini, the President of Confindustria, believes that these changes would increase the competitiveness of Lombardy's companies, making them more attractive to the next generation of workers.
- To address the challenges of attracting and retaining young talent, Lombardy's companies are implementing changes in their policies that focus on work culture modernization, adopting best practices from advanced European countries, and creating an environment open to innovation – all of which are essential factors for young professionals seeking meaningful and dynamic careers in finance, entrepreneurship, and business.
- Recognizing that salary alone is no longer enough to retain the best workers, key strategies to attract and retain young employees involve reducing taxes on productivity bonuses, implementing company and territorial contracts, and launching initiatives like the "Meet your Future" project aimed at bridging the gap between young people and Lombardy's businesses – all as part of a broader effort to shift from routine jobs to meaningful careers in various sectors, including careers in finance, entrepreneurship, and business.
