Generation Y: what are they all about?

Stories of this techno savvy, opportunistic, well-educated and ambitious group of young workers are flooding the business press, but what does Generation Y mean for employers?

Despite what some commentators suggest, Generation Y aren’t remarkably different to other generations. They want a good work-life balance, they want meaningful work, career and professional growth opportunities, but let’s face it, who doesn’t?

Generation Y have given a new meaning to loyalty. Not content with waiting for organisations to decide their fate they will actively seek out career opportunities that best suit them, and aren’t afraid to jump ship to make this happen. They have shown to commit to jobs that provide defined avenues for growth, and opportunities to learn and develop. Be realistic in setting their expectations though; there’s nothing more damaging to an employment relationship than making promises that can’t be delivered.

Businesses need to be aware that imminent labour shortages will change existing concepts of recruitment and retention. It stands to reason that Generation Y will demand more from an employer, but this may be more to do with economic factors than with any profound differences between the generations.

Businesses need to be mindful that people look for different things at different stages of their career. Where younger employees may be geared to be highly ambitious risk-takers, older employees may seek greater job security and certainty. This is not a generational issue; it’s simply a fact of life.

Given the opportunity to grow and learn, Generation Y will be productive and valuable employees. Forget the stereotypes and hype; good management is good management, whatever the generation.

 

John Varvarigos

John Varvarigos is a Senior Consultant at DC Strategy.

DC Strategy is the region’s leading specialist consulting and legal firm. Our specialist teams in Strategy, Franchising, International and Legal have developed the networks and brands of many of the region’s most successful businesses. Contact John Varvarigos at john.varvarigos@dcstrategy.com 

www.dcstrategy.com 
© DC Strategy