Report: Portraying Generation Y
Implications for Australian and New Zealand Workplaces
Generation Y are confident and optimistic. With this comes an expectation of responsibility and challenges, which they seek earlier in their career than previous generations. While Baby Boomers believed if they worked hard and did a good job their employer would look after them, and Generation X are content to work their way up the corporate ladder, Generation Y need to be continually challenged in the workplace, or they will go elsewhere.
Generation Y are technologically savvy and were raised with fast-paced multimedia, where computer games, emails and text messages are instantaneous. As a result, they are accustomed to fast-paced results and would not consider spending years developing their career. This generation will not start at the bottom by getting the tea and coffee. They want immediate challenges and with it, recognition.
Generation Y may be confident and ambitious, but they still require mentoring and development. They value strong leadership and will not tolerate ineffective managers who are incapable of providing the direction they seek. Mentoring systems and programs within your workplace, and a clear career path and logical reasons for doing their job, will help overcome this. The provision of training programs or courses is also an integral part of this development.
For Generation Y, technology is part of their life rather than just a tool. Outdated technology in the workplace is not viewed positively.
Generation Y are creative problem solvers and they want recognition for their efforts. A workplace where Generation Y are to thrive requires clear reward and recognition programs to celebrate a job well done. But traditional methods of rewarding success will not work. Forget the corner office, gold watch or casual Fridays! Instead, develop a program in consultation with your Generation Y employees; don't expect them to be grateful for the opportunity to provide input, but they will work hard to achieve rewards and recognition they value as significant and desirable.
Generation Y expect flexibility and view work/life balance as a given, not a benefit. They want to enjoy their life while maintaining a rewarding and successful career. But it is important to remember work/life balance is not a one-size fits all circumstance. The ideal work/life balance varies from person to person and according to the stage of their life. For example, the right balance for an employee when they are single will probably be different when they marry, if they have children, when they start a new career, or when they near retirement. An effective work/life balance is about enabling your employees to have choices about how they manage their workload, rather than assuming the 'ideal' work/life balance will be the same for each employee.
The most common work/life balance arrangements include time off in lieu, staggered hours, flexible working hours, time off to travel and working from home. We have also seen instances recently of fractional employment options, where employees reduce their working hours in order to fulfil other responsibilities by working a fraction of the full-time week.
Fundamentally, work/life balance has to be a win-win for all parties and consistency is critical - one employee cannot be given more flexibility than others. However, the overall result has to be in the best interests of the business, as well as your employee.
Since 60 per cent of Generation Y view themselves as a risk-taker when it comes to their career, they are more likely to jump at another opportunity or resign if they are not satisfied in your workplace. Therefore it is important to address the issues they view as valuable and important in a workplace.
The 'War for Talent'
Summary of Findings
Loyalty and Generation Y
Implications for Australian and New Zealand Workplaces
Recommendations for Attraction
Recommendations for Retention
Report: Portraying Generation Y
