As retirement is upon the first Baby Boomers and Generation X steps into upper-level management, a very distinct-yet-elusive shift has also begun: the Millennial takeover.
Millennials – also given the unbecoming monikers “Y,” “Entitlement” and “Me” – are those born between roughly 1980 and 1995, thus occupying much of the entry-level workforce as well as midlevel management.
Brought up largely by Baby Boomers, many in Gen Y saw firsthand what an overworked parent looks like, and don’t care to become one. “Generation Y’ers don’t want to repeat what they perceive to be the mistakes their parents make…they don’t want to work long hours at the expense of family, friends, and personal pursuits,” says Cara Spiro in Generation Y in the Workplace.
Boomers and Gen X were generations happy to be in the suburbs, working 9-5 at midlevel careers while shopping at box stores and driving SUVs. The glory was in the security: the 401(k) match, the full-coverage insurance, the unswerving paycheck that came in twice a month. But their spawn grew tired of the mundane, shopping-mall existence, and the counter culture of today emerged. One that, without a doubt, isn’t just rejecting the humdrum of the comfortable suburban life, but implementing a meaningful and creative philosophy all their own. Young professionals are moving back to cities and rejecting the classic “American Dream” of owning a sprawling home and buying a car. (Millennials have even been labeled “Gen N” for their neutrality toward owning a car.) Gen Y wants a more stimulating existence than the one provided to them during their childhoods.
So what does this generational shift mean for HR professionals and hiring managers?
“In order to foster a greater sense of commitment among Millennials…it will be necessary to transform the core dynamics of the workplace,” says PxC’s NextGen: A global generational study. Exactly how to “transform the core dynamics of the workplace” is where things get murky, since money is low man on the totem pole for Gen Y.
“Work/life balance is one of the most significant drivers of employee retention and a primary reason this generation of employees may choose a non-traditional professional career track,” PxC continues. “While working through and excelling…can have significant rewards in an employee’s future career… Millennials are largely unconvinced that what they would have to give up is worth such a sacrifice…the majority of them are unwilling to commit to making their work lives an exclusive priority, even with the promise of substantial compensation later on.” Overall, Gen Y wants to spend their time with friends and family, eating locally sourced food and watching documentaries – after that, they would like a meaningful career with supportive managers.
Offering flexibility is one of the best ways to harness the unparalleled-Millennial energy into company loyalty and longevity. Telecommuting is an emergent trend, exponentially increasing alongside the connectivity of our culture. It’s so popular, in fact, that some say 30% of the workforce could be telecommuting by 2019. Many companies are offering one or two days a week to their employees, affording more adaptability for families together with an implied trust from the employer.
Mentoring and consistent training is another way to keep the innovative Generation Y on its toes and committed to its employers. “Coaching is one of the most successful methods for retaining Generation Y employees because it allows [them] to thrive in an environment designed to enable their success,” continues Spiro. Offering consistent feedback, minor challenges and short-term goals keep things interesting for the Gen Y employee, adding to their sense of significance and creativity.
The innate need of Gen Y to be recognized should be approached as an opportunity to guide and subsequently mold them into a dedicated employee who feels appreciated. Generation Y has definitely gotten its fair share of bad press, what with entitlement and other selfish behaviors, but perhaps it’s time to look at the group as an untapped resource rather than a nuisance.
“Every generation is uniquely shaped by its own location in history, and this formative influence has enduring effects and brings something new and important to the workforce,” explains Spiro. “That is why it is so important for high-level managers and executives to understand, respect, and regularly address generational differences that manifest themselves in the workplace.”
After all, next up is Generation Z.