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Originally Posted by BwoodBMW
This is exactly right... except they aren't principled about it. So even when they feel like they are changing the world they will still jump ship for $5k more/yr at the company 3 doors down. As dumb as it is we have found that you have to appeal to their lifestyle expectations. Cool office space. A free weekly yoga class, paying $20/month for a gym membership, monthly company barbecues, solid treats/good coffee machines etc...
Even though they could pay for that on their own for $1k-$2k/yr it will keep them more loyal and reduce churn.
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Instead of just monetary compensation you can retain younger workers by offering other perks like casual dress all the time, booze in the office, game rooms, free lunches, work events etc.
My office does those things and it creates an atmosphere of community and gets employees to meet people in other areas of the business. Sense of belonging and people feeling like they're part of a work society does wonders for loyalty.
It's exactly why the Federal Government is having such a hard time attracting young bright people.
EDIT: I just realize I responded to the wrong reply and just basically repeated exactly what you said lol, oh well. And you could just pay them more but then you wouldn't get the added benefit of co-workers who normally wouldn't interact with each other to actually interact with each other. You can pay someone an insane amount of money but if they feel isolated it's hard to feel loyal to anything.