Generation Y is changing the landscape of the current global workforce everywhere. New world employers must understand how to utilize the modern co-generational workforce by leveraging strengths, but also integrating a updated strategies within their established business dynamics. The management of Generation Y and their influence within major corporations means a complete rethinking of how businesses are run. Such a tremendous overhaul within businesses globally has not been seen, since women started entering the workforce during the 20th century.
To their credit, Generation Y brings much to the table.
Their talents, creativity and innovative skill set are greatly desired by the new corporate world. They also represent a fresh population of workers, all ready to take over en masse for the generation of Baby Boomers getting ready to exit the workforce soon. This new generation of college graduates will have an impact on the modern business world in multiple areas, all being critical to future employment trends. So the key for employers is to attract this new flood of young potentials and keep them interested enough to get their loyalty.
How the Generation Y gets along with the older generations of workers is the key. At all business levels, human resource departments and general management need to work towards leveraging the enthusiasm, energy and knowledge that young employees bring to the table. This must be done by understanding the inherent differences in how Generation Y thinks, acts and responds to the workforce of today.
Generation Y is not easily swayed by pure material gains or salaries.
Therefore they must be compensated with other options, such as faster advancement, new challenges, specialized training and expansion of their existing skills. They are more interested in advancement than direct compensation. Any raises must be complimented with similarly structured advancement opportunities, or they will lose interest and leave most companies.
Generation Y has a uniquely different style of communication.
Most younger employees speak their own language, so this must be understood by those involved in hiring. Companies and their department managers need to practice this new style of communicating. Younger employees respond to honesty, humor and passion. They expect feedback that is direct and timely, but also want to be recognized and encouraged by their older counterparts. When engaged and given proper motivation, the younger workforce shows productivity that is unparalleled.
Generation Y needs open and virtual workplace environments.
The office of tomorrow will become distributed, unlike the networking hub that it formerly was. Working from home and networking remotely will become the standard. The new offices will use this separation of physical space, as a tool for leveraging technological and virtual relationships between co-workers. This is not just a trend, as the younger generation sees interactive communication via online spaces as more comfortable, perhaps even more legitimate. This is a primary difference from Generation X and Baby Boomers, who both see online and personal communication as different. Generation Y sees all communication as equal, if it had to be generalized.
Generation Y is a special class of employees.
Modern employers are learning to make younger workers feel appreciated by engaging them with lifestyle benefits. The goal is achieved by bringing them together in corporate meetings and training sessions collaboratively. Education and entertainment, both are necessary in the corporate learning process. This creates a sense of community for younger workers, but also emphasizes self worth that is earned through individual performance excellence. Offering perks that are supportive of civic duties, volunteering and personal interests are very lucrative to the Generation Y mindset. In essence, all rewards should be given based on commitment to the greater community, at work or otherwise.
As employers evolve, so will their workplaces and the new generation will evolve with them. The new business world will have to adjust itself, but the benefits will be overwhelmingly profitable. There will be a transfer of new ideas and different ways to make the old machines work more effectively. For all generations, where knowledge is shared can only lead to better ways of doing business, but for many employers action needs to be taken quickly. Otherwise they will lose their opportunity to hand pick the best new talent from the Generation Y ranks.