subject: Attracting and Retaining Generation Y [print this page] Attracting and Retaining Generation Y Attracting and Retaining Generation Y
Generation Y, also known as the Millennial generation, are those born after 1980. They're now just starting to make an impact as employees. Never before has such a group been so well educated, so well travelled and so culturally aware. The labour market for these young high flyers is no longer restricted to traditional geographic boundaries and the competition to attract these talented individuals is now on a global scale. In these areas, there is strong alignment of what companies want and what Gen Yers have to offer:
What companies want
Clever, smart & articulate
Global mobility
Your Gen Y employee
Well educated.
(Western) education focus.
Team based problem solving.
Ambitious and smart people from growing economies
Part of the global village.
But how will they fit in the Baby Boomer business structure overall?
In a recent presentation in October 2010 to a group of industry leaders, Paula O'Connell summarised the following positives and negatives of what companies have on offer and what Generation Y (in general) have to give and the subsequent implications for businesses
Companies want - Youth & energy
Your Gen Y employee
Graduates starting from 21 if they are from UK / US.
Starting from 25 if they are from the Continent.
Implications
Young high flyers promoted to senior levels can struggle to find staff for their teams.
Companies want - Ambition
Your Gen Y employee
Hungry to learn.
In charge of their own career.
What will you do for me?
Implications
Regular small promotions and recognition rather than big shifts every 3 years.
Companies want - Experience with one other company
Your Gen Y employee
Large range of options to choose from.
No job is for life.
Implications
Gen Yers will often have tried a number of careers before settling with your company.
Companies want - Will stay and grow within the company
Your Gen Y employee
Know that they are in demand (get headhunted often on LinkedIn).
Only available for a while (they will grow up!).
Implications
Maximise your company alumni and create a culture of company rotation.
Companies want - Identify the next blockbuster product
Your Gen Y employee
Vulnerable to perfection.
Digest shorter information pieces.
Strong association with brands.
Implications
Very high expectations to perform within rigid company structures.
Companies want - Work within a matrix organisation
Your Gen Y employee
Flexible, non hierarchical working structure.
Thrive on peer recognition.
Implications
Incubators or "businesses within a business" can help reduce the enormity of multinationals.
Companies want - Get someone who looks like me
Your Gen Y employee
Brand "Me"
Implications
Companies are still vulnerable to the "Peter Principle".
Companies want - Specific mix of Web 2.0 successes
SEO & SEM
Online customer engagement
Apps & partnership marketing
Your Gen Y employee
Passion for new technology applications in marketing.
Blurred lines between work and home time. Will use Facebook at the office and do your work on a Saturday.
Implications
Companies need to have strong technology already in place and logical user systems to maximise the knowledge that Gen Yers can bring.
