Understanding Generation Y
First came the Baby Boomers, then generation X, now the latest cohort of workers to hit the job market is generation Y. Generally speaking the 4.2 million Australians born between 1980 and 1994 constitute generation Y - a massive 26% of the population.
So what is gen Y all about? And more importantly, what do employers think about them?
Recruitment consultants Drake International commissioned a study into how gen Y operates in the workplace. The study found that mass generational change in the workforce means companies are putting more resources into attracting and retaining generation Y employees.
Australia is experiencing the biggest generational shift for 60 years. Over the next two decades the last of the Baby Boomers generation will east out of the workforce, leaving a labour and management void.
Generation Y are:
- operating in a worker's market, with unemployment at just 4.3%
- highly motivated, ambitious and goal-oriented
- respond well to regular feedback
- technologically savvy
The Y generation have so many options - travel, working overseas, retraining for another career. It's a big change from the Baby Boomer generation, who were more likely to stay in one career for their entire working lives. People aged 20-24 are three times more likely to change jobs in a year than those aged 45-54, and nearly 25% of 20-24 year olds change jobs in any given year.
The Y generation will not only change jobs when they're not happy, they demand a lot from the jobs they're in.
It's not just about financial reward anymore. The expression 'We work to live, not live to work' does ring true for many young people today. Gen Y workers want to achieve a work-life balance, which includes:
- fun
- social connection with colleagues
- personal development
- on the job or external training
- environmental sustainability
- corporate social responsibility
Generation Y employees are also rebelling against the rigidity of traditional workplaces, and often campaign for flexible hours, unpaid leave, and work from home options instead of the usual 9-5 grind.
Companies are taking a critical look at how they handle their gen Y employees in order to retain them and avoid falling returns and higher recruitment costs. Unless employers are prepared to meet their needs, gen Y employees will be searching for a better offer before their bosses can say 'promotion'.
Source:
Generation Y: Attracting, engaging and leading a new generation at work
Drake International 2006