The Generation Y Factor

Echo-boomers, the Google generation, Generation WHY, Generation Next, the DARE generation – even the Cynical generation.

Call them what you will.

But if you were born between 1978-1994, have a piercing, a tattoo and can listen to an iPod and a mobile phone at the same time as juggling three friends on an email conference call, chances are you’re probably one of them - a Gen Y’er.

Gen Y’ers, alike their Baby Boomer and Generation X forebears, are a product of their times.

As the generation that will shape society over the coming decades, they represent the most educated generation in history, make great consumers, are fiercely independent, have strong opinions and they like and want to be heard.

They are also renowned for getting bored very easily.    

There are many good reasons for employers to be curious about what Gen Y’ers want from a job.

Gen Y’ers, unlike their Baby Boomer and Gen X predecessors, ‘work to live’ as opposed to ‘live to work.  And business owners that help Gen Y’ers achieve work/life balance will have a head start.

Gen Y’ers are the ‘immediate generation’ and they want everything right now - training on demand, recognition at the time that it’s deserved and up-to-date technology.

It’s important to note that Gen Y’ers dislike authority so a dictatorial management approach doesn’t work with them. They respond best to managers that act more like mentors.   The key with Gen Y’ers is to take the time to build a strong relationship with them and understand their needs and goals. Make an effort to meet those and you’ll have their loyalty.

The reality is that there are not enough Gen Y’ers entering the workforce to replace the retiring Baby Boomers.  This means that business owners can expect staff turnover to increase and their recruitment efforts toughen unless they’re able to attract, motivate, engage and retain their employees.

It’s interesting to note that with the Gen Y candidate pool, career planning is not just about vertical growth. It’s more about developing a range of marketable skills that the employee can take with them.  Gen Y’ers need constant learning and challenges – it’s been said that as soon as you notice that a Gen Y’er is at the 90% level of learning in their role, then it’s time to offer them new challenges.  If you wait until they are 100% competent they will soon get bored and leave and this decision can sometimes be made in a day.

How many organisations can cope with that level of change?