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A Whole New Work World: Meet the Millennials
March 06, 2009
We know the Baby Boomers all too well. Now its time to meet their kids—Generation Y. Weaned off the thrills of technology and propelled into maturity by a new global order, these kids are growing up and moving the generational revolution from the home to the workplace.
By Karen Yi
Millennials, born between 1980 and 1995, are a confident generation, imbued with a sense of entitlement and the need for constant reinforcement. A workforce to be reckoned with, Generation Y is predicted to be a larger presence in the workplace than the Boomers by the end of 2009. And despite the financial fuddle, companies are going to have to adapt to this new workforce. "Gen Y is coming in no matter what," says Vin McCaffrey, founder and CEO of Game Theory Group. "They are not going to wait until the economy recovers."
In With the New
Amidst the economic fears, the Boomers' exodus is leaving behind a huge talent gap. A gap Generation Y is poised to fill. Despite the climate of pink slips and layoffs, "a lot of companies are very committed to hiring Gen Y's," says Tamara Erickson, author of Plugged In, “they recognize Y's bring in a different perspective." But in order to recruit and retain top Millennial talent, companies must—at least somewhat—acclimatize to Generation Y's high expectations.
Getting to Know Millennial Demand
In these tough times, how can managers best recruit and attract top young talent in a growing digital age? And, more importantly, can managers afford to meet Millennial demand given the shaky economy?
"This is an economic cycle, cycles go up and down," says McCaffrey, "[Generation Y] is a demographic, they don't shift—this is something companies are going to have to address." Otherwise, companies will miss out on the talent Generation Y has to offer, because Millennials don’t seem to be settling.
According to Ron Aslop, freelance consultant and author of The Trophy Kids Grow Up, some of Gen Y’s demands include:
• Flexibility
• Work-Life Balance
• Innovative Technology
• Constant Feedback and Direction
• Career Development
• Community Giv-Back Programs
"For managers, these are probably areas where they've never felt the pressure to adapt so much," says Alsop, "but there has to be a meeting halfway on this."
• Give and Take. It's Gen Y's demand for flexibility that's pushing the accepted norms in terms of work schedules, location and use of technology. "For the older generation, going to work is at a place at a time," she says, "For Y's, work is something to do anywhere, anytime." Companies need to arrange flexible work environments, both in terms of time and place, letting people work from home, and not necessarily abiding by the nine-to-five work cycle. Companies should also begin to hire people part-time, contract-based and project-based says Erickson.
But as Gen Y's begin revolutionizing the old established ethics of work, Erickson says it is important to maintain clear expectations. "Y's often just don't get how corporations work. Managers have to have very open conversations of norms," she says "and communicate standard corporate practices."
Constant communication and feedback is key for these Gen Yers, who typically need a lot of direction and handholding. Managers need to serve as mentors, helping Y's become self-reliable, preparing them to think independently and take risks, maybe even creating check-lists for their initial months of employment.
• Efficient and Effective Methods. Millennials need to be indoctrinated into corporate culture, but at the same time companies need to be wary of confining this generation. Imposing strict boundaries and failing to break with the old could hamper Y's creativity and innovation that is critical for companies in the new digital age.
For example, technology is second nature to Gen Y. They approach technology as a tool "to free up time to work on other opportunities," says McCaffrey. He says that because efficiency and effectiveness is a high priority among Millennials, a broader and practical approach to technology will create a more efficient environment that will ultimately become more innovative.
• Personal Growth and Career Expansion. According to Game Theory Group, a talent-management consulting firm, the top priority for Gen Y's is a corporations’ learning culture. "They want to go in and be trained for management, companies with rotational programs," says McCaffrey, "[They want opportunities] where they’re really going to start to get a sense of where they’ll develop within that company."
Gen Y is a very motivated and driven group that wants to make the most of every opportunity. For Erickson, the most important characteristic a company needs to convey is "that the job they are offering is going to be meaningful, challenging, learning-oriented, etc. A job one would conceivably want to have if you were living fully."
And developing an environment with a heavy emphasis on training and learning can lessen harder to meet demands, like compensation.
NYU finance student Jiminian says, "The only reason I would continue doing a job with less pay or less bonus is if I know that I'm working with people that are going to teach me what I need to know."
Alina Koltunova, a student at New York University up for graduation in May 2009, says she values corporate culture. "I want to work with the people who are leaders in their industry so I can constantly be challenged and pushed to learn."
Reaching Out to the Y's
With social networking sites like Facebook, MySpace and Twitter proliferating the Internet scene, companies have no other choice but to get with it. "This generation…wants to be reached in their own turf—cyberspace—and get information when they want it, as fast as they can," says Alsop.
Gen Y's can easily scour the Internet for blogs, comments, videos, Facebook groups, etc. about the companies they want to work for. Erickson says that with the wide variety of information easily available, companies need to "know what’s being said and be able to address it."
And this could mean getting on places like You Tube and Facebook or simply restructuring your career Web site to be more interactive. But McCaffrey says it's important to balance cyberspace with face-to-face contact. "You still need to create that presence," he says.
Additionally, companies must incorporate the high demands of Millennials into their recruiting messages. For NYU senior Koltunova, in order for employers to capitalize on top talent, they need to begin to "offer people above and beyond the standard employment package"—benefits that don't necessarily correlate with financial incentives, like diversity and corporate social responsibility programs.
Having grown up around cataclysmic negative events—like 9/11, Hurricane Katrina and the war on terror—and positive new social trends—like Habitat for Humanity and Bono's RED campaign—Gen Y really cares about the socio-economic aspect of companies. "This generation really feels committed to giving back to societies and local communities and they want their workplace to be a part of that," says Alsop. "Companies will have to make CSR a basic part of their business. This is a must, not a choice."
Apart from go-green initiatives and community giveback programs, Millennials, like NYU finance student Colon Hooper, are looking for diversity initiatives. "One can associate diversity…with an open culture that fosters innovation, promotes new idea development, and encourages employee empowerment," he says. "All traits that reflect well on a company."
Generation Y Taking it to the Next Level
Reacting to the demands set forth by Gen Y can benefit a company in the long run. Meeting Millennial expectations is not about indulging the seeming tantrums of a newbie employee, but rather responding to larger social and corporate trends. Y's are merely actively voicing a trend that has become reality among many. "[Gen Y's] think multiculturally. They think multinationally. They have a true perception of this global economy that is very much in line where business is leaning toward, if it’s not there already," McCaffrey says.
By gearing up for the workplace boom of Generation Y, companies can ready themselves to lead the way in tomorrow's global economy.
"This is a special generation," says Alsop, "it's not an easy one. It's a complex, demanding group, but they really do have a lot to offer."
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