Good Morning SkedX'ers!
Today I wanted to share with you all some information on how you can be better prepared for employing and ensuring the success of Generation Y. As some of you may already know Generation Y are mostly those under the age of 30 and are the children of the Baby Boomers. Generation Y are very tech savvy and expect more than just a paycheque from the workplace, they seek a positive work environment with a strong organizational culture as well. They also seek to be put in higher positions earlier and have greater input in the decision making process.
Many employers have been unable to meet the requirements of Gen Y though, as HR consulting firm Aon Hewitt recently released information showing Generation Y has the lowest employee engagement levels. Generation Y only makes up 5 to 20 percent of the workplace, so organizational culture tends to be geared more towards Baby Boomers.
This gap in the workplace also leads to technological frustrations as Generation Y feels they need certain technological tools to be successful where Baby Boomers may not. Generation Y also requires a greater need for feedback/recognition versus Baby Boomers, as Generation Y has become accustomed to real time feedback and recognition.
Gen Ys have a high need for feedback and recognition from their bosses, “It’s not just about stroking,” he says. “Even if they’re not performing well, they want to hear about it sooner rather than later,” says Aon Hewitt HR consultant Neil Crawford.
Most companies usually conduct annual or semi-annual performance reviews, which was fine for Baby Boomers but for Generation Y feedback needs to be more frequent and in some cases real time. (Read more about real time feedback here.)
For 2012, employers have to go too far greater lengths to make Generation Y not only passionate about your organization but loyal as well. "Each person’s perception of the workplace is different, and you have to work with that. You have to see each person as an individual,” says Monique Howat, a motivational expert in Toronto.
“The best employer is saying, ‘I don’t have all the answers. I need to consult you,’” says Ms. Howat. That doesn’t mean giving the millennials a veto. But they can try to take their needs into account where possible.
An example of this is ATB Financial, the Alberta financial institution, has made it a focus to align organizational goals with Gen Y values. “Millennials expect us to listen to their voice,” says Darleen Holroyd, senior manager, staffing and recruitment. “They expect us to get them more quickly into a leadership role.”
How ATB aligns itself with Gen Y values is by running a trainee program that allows new hires who showed real leadership potential (but lack front line skills) to have the opportunity to fast track. They can have the opportunity to be trained for branch manager or customer service supervisory positions.
“A lot of times [in the banking sector] there is the perception of a hierarchy you need to burrow up,” says Ms. Holroyd. “In a smaller organization such as ours, we will take a leap of faith and put them in the right roles at a faster pace than they would typically see at the larger banks.”
ATB also uses technology to not entice Generation Y but rather to be used as a bonus for those not in customer service positions by allowing them to work out of a virtual workplace. "We didn’t install the technology to appeal to Gen Y but, as a bonus, it does,” says Ms. Holroyd. ATB also encourages staff to use social media, with CEO Dave Mowat leading the way with a Twitter account.
Many employers acknowledge that Generation Y is more likely to change jobs than Baby Boomers, but in order to keep them from doing so it is important to have a strong culture that facilitates teamwork, responsibility, and decision making.
To learn more about Generation Y and how we here at SkedX can provide an engagement solution for you, please click here.
Happy Engaging,
Aman
