Working with Generation Y

It seems so often when you read or hear about interpersonal problems that businesses are experiencing with staff the finger is pointed at Generation Y. They are the youth within our businesses yet appear to be exerting power that outweighs their contribution.

Generation Y bring with them expectations and demands. Studies and anecdotal evidence suggest that they expect worklife balance and personal reward within their work but also expect to be well paid; that they expect training in work time but are not likely to stay; that they want to make a contribution to society but expect their boss to pay them to do so. At the same time society demands better and more efficient services, putting pressure on firms to compete aggressively for this generation of employees even during the current economic climate.

The difference between Generation Y and their older work colleagues lies not in what they are seeking in their working environment, but in their willingness to express these demands. They are voicing the desire for benefits and improvements in the business environment that other generations in the workforce also appreciate. The difference is that “we” as a society and as parents raised this generation to ask for and expect their desires to be fulfilled, and that is exactly what they are doing! It is easy to lay the blame for our recruitment and retention problems with Generation Y but are they in fact providing a catalyst for more effective people management, for the benefit of everyone in your organisation? A firm that strives to become “Generation Y friendly” will find that it creates a culture that motivates and retains other generations within their team.

Despite the global economic crisis, the next retention crisis looming in Australia will be the retention of wisdom and experience.  Businesses will need to convince Baby Boomers to stay on at work a little longer, to postpone their leisurely trip to Europe, their Grey Nomad status and their move to their favourite seachange destination. Their superannuation is worth less than they expected, as is their property, but their desire to escape from the rat race may still win.

Are the demands of Generation Y an opportunity to re-examine our people management and create business cultures that encourage recruitment and retention, no matter what age or generation?