Gen Y – Employment Risk or Sound Investment?

Gen Y, love them or hate them they are here to stay. But have you considered the fact that these challenging treasures could be your company’s competitive advantage?
Imagine the sort of productivity you could expect to receive if your brand is attractive to this generation and your business motivates them to deliver?

Born between 1980 and1995, Gen Y is known for being self confident, tech savvy, goal oriented and independent. They are a product of the world they have been born into and it’s darn fast! Gen Yers live, breathe and love technology and have grown up in an ever-changing environment exposed to an abundance of information.

When it comes to the workplace they are not keen on working late nights, not interested in long commutes and crave inspirational leadership - they want to move quickly. It can be said that they are career loyal as opposed to company loyal. Gen Y is obviously incredibly high maintenance!

But is there anything wrong with this? Of having high expectations of ones self to make a difference and achieve for the company! They may have high expectations of their employers but they also expect a lot of themselves. Gen Y want what we all want from a job, the only difference is they demand it.

Trish McLean, Group CEO of Retailworld Resourcing, has a total of 65 staff across Australasia, of which only four are over 40 years of age.

“Gen Y is the dominant group in our business. We’ve embraced them, it’s working for us and we love them! They definitely do require a lot of leadership and different management but they are worth the effort,” McLean says.

To inspire Gen Y, it is about having an employee value proposition (EVP) that will motivate them to want to work for your company. Evaluate your employer brand. What does it say to potential Gen Y employees? Does it appeal to their interests - career growth, a trendy workplace, work/life balance and socially responsible policies?

“We have focused on building a workplace and position descriptions that appeal to Gen Y along with promoting a fun and down-to-earth culture of achievers. We challenge them as much as possible, have regular catch-ups and give accolades for good performance. This motivates them to want to work hard for the business,” McLean says.

It is also important to invest in them to maximise returns while you have them. Don’t expect them to stay for ever. Two years is a long time in Gen Y terms - be open to having them back - more worldly and wise! They are a probably the highest performing generation if you inspire them. They seek instant gratification. They want to work but they don’t want work to be their life.

“One of our high achieving staff members has been with us for two years and is about to go on her OE. We have known about the OE for a year and have been able to prepare the business for it. We have even had discussions with her about coming back to work here when she returns to New Zealand. Working with Gen Y can definitely work in your favour,” says McLean.

Managing your relationships with your new Gen Y employees from the offset is key. Make sure your induction process is tailored to their needs and offer thorough training and succession planning. Finally, include them in the decision making process - if it affects them, involve them by asking for their feedback, it lets them know you value their input.

“Gen Y is not a problem employee group. If you engage them you will keep them interested. In fact, should you have success in growing a strong culture of Gen Y employees, a high performing team will thrive and productivity levels will soar within your company,” McLean says.

Gen Y is the workforce of the future. Look at this generation as an opportunity. Gain a better understanding of them and you will position your company as an employer of choice. The right mix of leadership, organisational policies, structures and training will allow you to unleash the potential of this high performing culture and use it to your advantage.