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What is Generation Y
Generation Y born between January 1980 up to December 1999.
Other names for Gen Y : the Millennial Generation, Generation Next, the Net Generation, and the Echo Boomers.
They come from the family of better economic achievement ( middle-up in socio economic class), experience less hardship compared to their parents.
They tend to be much more optimistic facing their future compared to the older generation.
Familiarity with communications, media, and digital technologies.
In most parts of the world its upbringing was marked by an increase in a neoliberal approach to politics and economics;
Trendy and Modest appearance, tattoo, mix languages.
What is Generation Y
Differences with older generation
Generation X ( their parents) work for money and status.
Generation Y care less about salaries, and more about flexible working, time to travel and a better work-life balance. They expect employers to meet their demands.
Generation X thinks about security (permanent job with good salary) , Generation Y thinks about opportunities.
Generation X work mostly to earn money to feed their families. Generation Y expect great fun, job satisfaction and job that fulfill their dream and values.
Generation Y rebel against their parents' values and were determined not to lead lives that revolved so heavily around the world of work. Money and work are not the be all and end all.
Differences with older generation
Instead, they were ready to resign if their jobs were not fulfilling and fun, with decent holidays and the opportunity to take long stretches off for charity work or travel. Salary and status were not high on the priority list.
The older generation (X generation) created the culture of long working hours, The Generation Y reluctantly accepted it, since they don't live to work.
Differences with older generation
They have grown up in relatively affluent families.
They want to be sure that they can strike a balance between work and their personal life, and so the opportunity to take time off, to travel, to work for a company with a strong social responsibility record,
These are all concerns that increasingly appears when recruiting generation Y with a good talent.
Differences with older generation
What it offers to meet the needs of Generation Y, in addition to stressing good salary, the company is recommended to give them : the opportunity for flexible hours, the chance to work from home, the offer of up to a year of 'family leave' to look
after children or elderly parents, the promise of travelling and regular sabbatical
leaves. These packages are given by Procter and
Gamble. Similar packages are being offered by companies across Britain.
HR Policies for Generation Y
Generation Y changed jobs more frequently,
They were less willing to put up with long hours or poor holidays.
Officials in the US have estimated that a typical member of Generation Y will have 10 jobs by the age of 38. 'People think, why stay in a job you do not enjoy?' he said.
as work-life balance, personal development, exciting jobs and motivating managers
Differences with older generation
'They have only ever known economic prosperity. They have many choices: gap years and
extensive travel are the norm.
They can join a company, or set up their own.
Differences with older generation
They have seen their parents in stressful jobs, working long hours, and realize that hard work for big companies apparently does not bring prosperity and happiness, or make the world a better place.
They want their lives to be different - and this shows. If they are dissatisfied, they resign.'
Differences with older generation
Their attitude is: "If I can't get one job, I will get another one."
They are not preconditioned, like many of us, to be cautious of authority. Generation Y workers are far more willing to challenge managers and are undeterred by traditional hierarchy.
Much of what the workers were demanding. They demand a work-life balance, personal development, exciting jobs and motivating managers
Differences with older generation
Generation Y wanted to spend 30 per cent to 70 per cent of their time working from home. More than half wanted a flexible working arrangement.
The top priority when choosing a job was 'doing work they love'. 'Earning lots of money' was far behind, in seventh place.
Differences with older generation
When it came to walking away from an employer, a lack of motivation was the top reason followed by a work-life balance leaning too far towards the job. They will get the job done on time ... but on their own terms.‘
The confidence, it said, came from a feeling of security: 'Unlike Xers and Boomers, they are not remotely daunted by the spectre of unemployment.'
Differences with older generation
The overconfidence of Generation Y is proving a challenge for employers. This summer the Association of Graduate Recruiters will host a conference, at which delegates will debate how far firms need to go towards accommodating the desires of younger workers and how seriously they should take the concept of Generation Y.
Carl Gilleard, chief executive of the AGR, recently described young workers as 'opinionated' and more demanding of employers. He said: 'One colleague who recently faced a barrage of questions about what her firm will give one young man, was forced into reacting with the question, "And what are you going to give us?" '
Differences with older generation
While warning that those who did not make an effort to respond to the needs of this group would end up 'dead in the water', Gilleard added: 'Just how far do employers lean over backwards before they end up being horizontal?' Others felt that companies should not 'overreact' to the new values and attitudes, warning that things could soon change again.
Helen Bostock, global head of campus recruiting for the investment bank Credit Suisse and a board member of the AGR, said: 'A few years ago I recall the dotcom bubble when everyone was trying to reinvent themselves with an entrepreneurial culture. Now it is generational theory. What happens is that employers get sucked into the whole thing, then the pendulum swings one way or another. One thing that is consistent is that there is always something we are tackling. If it is not work-life balance, it is diversity, inclusion or something else.
Differences with older generation
Gen Yers are self-directed, results-oriented, and seek advancement opportunities. As “digital natives,” we have a desire for flexibility, yet maintain a preference for speed and efficiency. We are also willing to put the time in to stay ‘digitally literate’ as technologies rapidly change.
So what are my thoughts for today’s world leaders? The Gen Y mindset isn’t going away as we grow older, we will be more difficult to recruit and manage. Yet if we can harness the wisdom and organizational knowledge of the older generation and the creativity of the younger generation, we have the possibility to create a very high-performing work environment for the future. I’ll be thinking about all of these things at Davos and blogging about the conversations I have there.
Differences with older generation
Culture SimilaritiesAsia – the rest of the World
The top four things Generation Ys are looking for from an employer are the same the world over:• Having the chance to learn and develop.• The opportunity to do work that excites
them.• Having a job aligned to their talents.• Having a mentor at work.
Good managers who understand them and trust them are essential. This is one of the main reasons Gen Y leave organisations where-ever they are in the world.
Being trusted is the key to keeping this generation motivated and engaged at work. This is undoubtedly more important during times of economic downturn as people become more insecure about their jobs and concerned about changes that may happen in their organisations.
Culture SimilaritiesAsia – the rest of the World
Cultural Differences Asia- the rest of the World
Asia-based Gen Ys key influencers are different. the Western world Gen Ys look firstly to parents and then
peers and mentors. In Asia peers and parents are viewed as equally important. But there are differences when we look more specifically by
country. ▪ For example in China after parents, members of the older generation
are the next most influential. Peers, mentors and the media come next. In
India after parents, academics are the most influential. Understanding these differences can be enormously helpful when planning marketing campaigns and knowing who to target other than Gen Ys themselves.
The company brand is far more important to Gen Ys in Asia than it is to Gen Ys elsewhere. They are much more likely to be turned on and off an organisation based on what they hear in the news or how it is portrayed by friends and family.
Cultural Differences Asia- the Marketing Generation Y of
the World
Lack of support and poor management are the main reasons for Asia-based Gen Ys leaving employment, whereas in the rest of the world the two most common reasons are work is not motivating and for better work/life balance.
Asia-based Gen Ys told us that having access to mentors was very important to them. While this is also important to Gen Ys in the rest of the world our research shows that this is more of a deal breaker in Asia.
Cultural Differences Asia- the rest of the World
.
Gen Ys are loyal as long as they are getting what they need. They expect not to get their job choice right first time but they are much more likely to stay longer - perhaps 5 years or more - in their second job.
In Asia however, there is less loyalty second time round.
They are much more likely to leave if they think it’s taking too long to get promoted.
This links with their greater need to understand their career path than their counterparts in the rest of the world.
Cultural Differences Asia- the rest of the World
Asia-based Gen Ys have a stronger view that they are different from their older co-workers.
53% of Asia-based Gen Ys as opposed to 43% in the rest of the world feel they are different to older co-workers.
Enabling the workforce to understand generational diversity – why people from different generations act and think the way they do - can go a long way to alleviating potential inter-generational conflict and increase the productivity of teams.
Cultural Differences Asia- the rest of the World
Having access to social networking sites was low down the priority list for Asia-based Gen Ys but they still rated it more important to them than Gen Ys elsewhere.
Being connected technologically at work was also a much bigger deal for Asia-based Gen Ys.
Cultural Differences Asia- the rest of the World
The importance placed on the opportunity to work globally. This is more important to Asia based Gen Ys than having flexible working.
The company brand is much more important for Asia-based Gen Ys. This means that they are more likely to turn on and off an industry/company based on good or bad publicity.
Cultural Differences Asia- the rest of the World
Source: Justine James, Sally Bibb, Simon Walker. (2008
Source: Justine James, Sally Bibb, Simon Walker. (2008
Source: Justine James, Sally Bibb, Simon Walker. (2008
How to treat Generation Y Transformational Leadership Flexible time and more sabbatical leaves More travel opportunity Give them feedback on their job Give them work that fit to their values Give them meaning in their job (3 M). Participative decision making. Provide opportunity for more personal
development training Provide them with information technology
Thank you
References
"What Gen Y Really Wants". Time Magazine. 2007-07-05. "The millennials - ever optimistic about jobs". CNN Money.
2011-05-18.. "Generation X and Y: Who They Are and What They Want".
Board Matters Newsletter 8 (3). 2008-11. Justine James, Sally Bibb, Simon Walker. (2008). Generation
Y: Comparison between Asia and the rest of the World. Highlights from the global ‘Tell it how it is’ Research 2008.
• "How Millennials Perceive a New Generation Gap“ TIME. 2010-03-11.
• Davie, Sandra). "Gen Y @ work" The Straits Times, (12 May 2008
Thank you
