Generation Y, or Gen Y, is the name given to the generation of people born between 1980 and 1994. They represent the single largest generation in history and by 2025 will make up 75% of the world’s workforce. Some other facts about Gen Y:
Gen Y’s currently make up 20% of the Australian population
Almost half of them have been to university
They are the most highly educated cohort ever to enter the workforce
They have higher expectations of promotion than previous generations
One in four change jobs in any given year.
Tips for Managing Gen Y Employees in Your Organisation
Working successfully with Gen Y employees can require some adaptation and flexibility on the part of their manager. For example, if they want to make their mark by trying new ways of doing things it shouldn’t be seen as a rejection of established practices in the organisation. Here are 6 tips for managing Gen Y employees in your organisation:
Gen Y employees have a strong desire for knowledge and learning; and will often demand workplace training as part of their employment conditions. Lack of personal development, along with limited opportunity for progression, are major factors in why Gen Y’s leave organisations. Managers should plan for this and aim to provide ongoing learning that is mutually beneficial to the employee and the organisation.
Gen Y’s need plenty of feedback and recognition. Having grown up in an era where these were freely given in school, they expect it. They are happiest when they are being listened to and respected and will perform better if this is so. They want to feel they are working towards a purpose and this will encourage them to stay motivated.
Research shows that Gen Y’s want work-life balance and are strong advocates of flexible hours and working from home. The saying ‘work smarter not harder’ resonates strongly with them. With this in mind, managers should factor in a flexible work/life plan to suit both the employee and the business.
Gen Y’s are more technologically savvy than any previous generation. They use the Internet widely in everyday social interaction and for sourcing business information. Over 75% of them have a profile on social networks such as Facebook, Twitter, and LinkedIn. Their managers can tap into this capability to help drive technology-based innovation in their business.
Gen Y employees value teamwork because they enjoy participation, interaction and collaborative decision-making. As a result, they appreciate managers who pay attention to building effective teams. Because they like environments that are social and fun, managers should also ensure they make time to debrief and celebrate team successes.
6. Career Development
Most Gen Y’s will expect a pay increase within a short period of time in a job, along with good prospects of promotion. Whilst this may not always be feasible, managers can ensure they are being given new challenges, are included in decision-making and have access to coaching and mentoring so they feel their needs are being recognised.
So, does this seem like managing Gen Y’s is hard work? If it does, consider this. Gen Y’s are energised by challenge. They find new tasks and jobs as opportunities to grow. They enjoy finding new ways to do things, as well as connecting with and learning from other people. Managers who account for the wants and needs of their Gen Y staff will find a refreshing flexibility among them. In addition, they are more likely to support organisational change as long as they are provided with the rationale for the change and have the opportunity to explore and discuss the associated pros and cons.