To hire Gen Y, meet high expectations
Gen-Yers were born from the late ’70s to mid-’90s. They account for one quarter of the U.S. population and represent the fastest-growing segment of the work force. In fact, they now outnumber their parents.
According to Census Bureau figures, there are 78.5 million baby boomers and 79.8 million Gen-Yers. That makes them an enormously powerful group with the sheer volume to transform whatever stage of life they’re in – just like their parents.
Gen-Yers were brought up in an age of personal computers and electronic gadgets. They’re the highest per capita spenders in the country and receive more of their product information from the Internet than anyone else.
They’re ambitious, socially conscious, optimistic and accustomed to saying what’s on their minds and being heard. After all, they were raised by baby boomer parents, who not only encouraged opinions, but also entertained them.
Factor in the affluence of the 1980s and ’90s and the guilt of working parents, and the result is a generation that’s self-confident and savvy. The goal while growing up was to get into a great college, which would pave the way to a great career and a very good life.
In short, Gen-Yers were raised to feel special, and like it or not, employers need to recognize this.
Late last year, SALO commissioned the first of what will become a twice-yearly survey of finance staffing issues in the Twin Cities. The findings from the first survey paint a grim picture of what recruiters and hiring managers will face in the years ahead in terms of attracting, recruiting and retaining qualified finance professionals. One sought-after group jumped to the top in this survey – Generation Y.
That’s not surprising when you consider that about 64 million baby boomer workers will start to retire at the end of this decade. Gen-Yers are stepping into their shoes, yet this is hardly a case of one generation of workers replacing another. Expectations couldn’t be more different.
While Gen-Yers are ambitious and like to work, they don’t want work to be their life. If they’re in a job they don’t like, they don’t put up with it – they quit. Where employers are concerned, that means that Gen-Yers are in a position to dictate job terms, forcing companies to think creatively about what may be the most challenging job of all – getting Gen-Yers to stay on the job.
What’s an employer to do?
First and foremost, money is definitely an incentive for Gen-Yers, and they’re not shy about asking for sizable sums. Tales abound of new grads asking for – and feeling they deserve – mega-salaries right out of the educational gate.
But if you’re a small company that lacks the deep pockets of larger firms, take heart. Gen-Yers also place a high priority on family, personal lives and downtime. They want to feel rewarded and encouraged, they like feedback and flexibility, and they seek work-life balance, all of which is good news for employers.
While you may not be able to afford a huge salary, you can offer alluring trade-offs, and chances are you can do it without the hurdles and red tape that often impede larger firms.
Nothing routine
Consider the following when cultivating ties with Gen-Yers:
Change is good, as is access. Routine work is a death sentence for Gen-Yers. They thrive on multitasking, variety and real responsibilities. Also, because Gen-Yers grew up being encouraged to speak their minds and to question everything, it will behoove you to minimize dictatorial hierarchies, provide access to senior people, and ensure that ideas are heard and treated with respect.
Consider telecommuting options and flex time. Gen-Yers and computers came of age together. This group isn’t accustomed to being limited by the parameters of a traditional work day or the confines of an office. Give them a laptop or reimbursement for home-office equipment and let them work a percentage of time offsite. If children are in the picture, telecommuting and flex time will be all the more important, as will the ability to take a leave of absence.
If a job mandates travel, keep it to a minimum. And always reward those who go the extra mile, figuratively as well as literally. Gen-Yers aren’t likely to tolerate a steady diet of 60-hour work weeks, so don’t make it the norm. When long hours are necessary, compensate Gen-Yers in ways that are meaningful to them, for example, time off in the form of a shorter work week or extra vacation time.
A little recognition goes a long way. Make sure that even your youngest workers have business cards. Mark milestones like birthdays and significant achievements on projects. Provide ample social activities, from group lunches and happy hours to classes, concerts and sporting events. In addition, Gen-Yers tend to be highly fitness-oriented; consider offering membership discounts at a gym.
Time off to do community service is another drawing card – Gen-Yers are very socially conscious. Consider structuring time off on an individual basis or get the whole company involved. For example, many companies regularly devote a day or two to projects like Habitat for Humanity or helping out at local food shelves.
The bottom line is that the expectations of Gen-Y workers are high. If you’re willing to work with them, the odds are that they’ll return the favor. In light of the talent shortage, it’s the only wise path for an employer to take.
