As we can see throughout history, each generation has unique factors and experiences that distinguish it from previous cohorts and sets them apart from those to come. Listed below are five attributes of Generation Y that are slowly changing the dynamics of the workplace.
- Compensation is not solely about money. The Millennial generation, those between the ages of 18-30, are characterized by a desire to receive training, take on new challenges, and expand capabilities as a result. There is less focus on compensation, and more emphasis put on recognition of achievement and meaningful work.
- Millennials communicate through humor, passion, and truth. It is also important to show “direct and timely feedback, frequent encouragement and recognition of efforts.” This keeps employees engaged and motivated.
- Employers will invest heavily in management training for the Generation Y cohort. Companies are redesigning their organizational practices and cultures to accommodate changes in generational trends.
- Benefits should be consistent with lifestyle. Employers should seek ways to creatively manage the work/life balance. One example is to hold training sessions that are mixed with entertainment and learning. Another idea is to offer sabbaticals to allow a Millennial to explore some civic interest.
- Working remotely will become standard. Meeting and interacting online is just as comfortable and “real” as face-to-face meetings. Many Millennials feel that the virtual world is a natural extension of their personal experiences.
Source: Managing Generation Y as They Change the Workforce, Reuters, Jan. 8, 2008