About Gen Y
People belonging to this generation are viewed as technologically savvy and being at ease with diversity, complexity and uncertainty. Multitasking and staying productive in simultaneous projects is one of their unique strengths. Despite their sometimes negative public perception, Gen Y-ers are driven, ambitious and hard-working employees. They have their own preferences, though. Basically, this is the “here and now” generation – they want to see immediate payoffs.
It’s not all about the money, however. They want to save the world, or at least make it a better place. Career is not their only focus. A healthy work and life balance is just as important – so much so, actually, that Gen Y workers will choose a job just to be with their friends. They are also profiled as being commitment-phobic – a warning for employers.
It is worth taking note of how Gen Y workers differ from other employees. The previous generation typically views work as a contract – and a difficult challenge –, but Gen Y-ers tend to think of it as a means to an end. While baby boomers, now aged in their 50s to 60s, were content to be rewarded with money and titles at their companies, and Gen X, now in their 30s, considered freedom more important, members of Gen Y can be best motivated by giving them meaningful work.
Typical messages that motivate baby boomers are “you are valued” and “you are needed,” while for Gen X a healthy dose of “do it your way” or “forget the rules” could do the trick. To drive Gen Y folk – teens and twentysomethings – tell them that they will work with other bright and creative people.
There’s also a noticeable difference in how these different groups deal with money. The post-war generation used to embrace the idea of “buy now, pay later,” and their successors proved to be quite cautious and conservative with money, tending to save, save, and then save. In contrast, there’s a feeling within Gen Y that they “earn to spend.” Boomers’ “live to work” attitude seems to have faded into obscurity, with both Gen X and Y highly valuing a balanced life.
Survey findings
The survey conducted by Hays identified the major sources of dissatisfaction at the workplace. More than 40% of respondents said that they were not satisfied with professional development and training opportunities, and almost the same number of people complained about lacking career progression opportunities. Many employees mentioned being unhappy about their bonus packages, communication within their workplace, and finally a quarter of them said that they were not satisfied with the work and life balance.
What many firms are suddenly discovering is that Generation Y is quite prepared to walk away from organizations that are unable or unwilling to meet their values and concerns. So what can be done to attract and retain top Gen Y talents? Let’s look at a list of factors considered by workers when choosing an employer.
Over half of them said they take into account the opportunity to use their language skills, whether the company offers an international work environment, and the level of professional development and training available for employees. Next came a competitive basic salary and career progression opportunities. Lower on the list but still important considerations included being able to face challenging tasks and take part in interesting projects, having a friendly work environment, and employment stability. A creative and dynamic workplace and, finally, the brand of the company were also mentioned.
Searching for the ideal job
So what is the perfect work environment like? The top three factors were respectful management and co-workers, work-life balance, and a generally friendly work environment. Open communication among employees and management was frequently mentioned as well, along with flexible working hours, a feeling of being part of the company, and last but not least, frequent and useful feedback from a supervisor.
Employers may also want to find out which employee benefits are considered the most rewarding. The survey shows that private health care, performance bonuses and training are the three most popular benefits. These were followed by educational funding and, mirroring the importance of pleasure in life, sports activities and a canteen or subsidized meals.
Employers need to act consciously to be able to recruit and retain Gen Y-ers. In summary, offering ample challenges, opportunities and fun should be enough to attract them. But at the end of the day, the most important thing needed to become their employer of choice is simply to listen to them. (Tammy Stellini, managing director of Hays Hungary)
NOTE: ALL ARTICLES MARKED EXPERT OPINIONS are paid promotional content for which the Budapest Business Journal does not take responsibility.
This article was published in BBJ’s HR special edition on April 8, 2011.
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