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Posted: 11 Sep 2007
In 2006 the first of Australasia’s baby boomers beginning to retire and from 2008 more people will leave the workforce than enter it. This is one of them most significant challenges for employers, as they grapple with how to attract, manage and retain a new generation of employees.
Enter Generation Y. Research has been undertaken around the latest group of people to enter the workforce. We know that this generation has different work ethics, management styles and career expectations.
Generation Y- born between 1980-994, makes up to 20% of the population. They have been described as less loyal and transitional, have greater expectations, technically savvy, and self interested unlike previous generations such as Baby Boomers and Generation X.
Employers have to do more than just observe the times, they must understand this new generation and take action otherwise they are only one generation from extinction.
Generation Y values the opportunity to try tasks and challenges not challenges not repetitive type activities, they want to be mentored and coached instead of managed, they don’t want a job, they want a career and career path, they want to communicated to, not ignored, they need participation and interaction.
In consideration of these, ask yourself how ready is your business for this new generation? Are you in a position to attract, mentor and retain this generation?
The good news is that all companies can become Generation Y friendly by reviewing policies, management systems ands styles, the work environment and office structures. By being proactive in doing the above your business will thrive and attract this great poll of talent.
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