Press Release |
Managing Generation Y as They Change the Workforce
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Experience, Inc. CEO outlines top employment trends of 2008 BOSTON--(Business Wire)--Experience Inc., the nation's leading provider of career services for college students and alumni, today revealed its top five trends for managing Generation Y in the workplace. As CEO and founder of Experience (http://www.experience.com), Jenny Floren has been monitoring entry-level jobs and hiring trends for more than a decade. An industry leader who has created a critical bridge between college and the working world, Floren has communicated with 18-30 year-olds on multiple levels and understands the incredible impact this generation is making in today's workforce. She is available to discuss these critical employment trends as they relate to hiring Gen Y. "Gen Y has created a need for a cultural overhaul that has not been this dramatic since women entered the workforce en masse," Floren said. "We need the talent and creativity this generation brings, especially when you take into consideration the looming employment gap occurring from the outflux of retiring Boomers." 2008: Top five trends for managing Gen Y 1. Compensation: Compensating Gen Y is not solely about money. Eighteen to 30 year-olds are characterized by the desire to receive training, take on new challenges, expand their capabilities and as a result, advance to new, more highly compensated roles. The focus for these individuals is less about the compensation and more about the advancement, the improved capabilities and the recognition of achievement marked by a new position. Offering Gen Y employees a raise while keeping all other factors the same will not have the same impact as giving them new challenges. In fact, in many cases a raise alone could backfire and cause the Gen Y employee to seek job satisfaction elsewhere. 2. Communication style: Gen Y employees speak a different language, so hiring and department managers need to practice a new style of communicating. Gen Y employees respond to humor, passion and the truth: don't even think of "spinning" a message with this audience. As Gen Y employees increasingly dominate the workforce, people who work with them should also realize how important direct and timely feedback, frequent encouragement and recognition of efforts are to 18-30 year olds. While this may feel like pampering to some, the outcome is a set of employees who are engaged and motivated to show their best work. 3. Management training: Employers will invest heavily in management training - not just for the Gen Y set, but also for Generation X and the Boomers who manage them. Employers are re-designing their organizational practices and culture to accommodate these changes. From training to goal-setting and performance reviews, employers are urged to re-evaluate their standard procedures: reviews should become more frequent (focused on quarterly steps as opposed to annual advancement), reward and incentive programs should be re-examined and other elements of organizational design will need to be reconfigured. Though this process may be very time-consuming, it will better reward and motivate Gen Y employees. 4. Lifestyle benefits: Employers are making extra effort to meet Gen Y's needs by treating these team members as a special class of employees. Employers are bringing them together for meetings and training sessions by combining entertainment and learning. This creates the feeling of community so desired by Gen Y while also emphasizing an investment in individual performance. Employers are also getting more creative in the work/life balance arena by offering perks, such as one-month sabbaticals after five years of service. This recognizes Gen Y's strengths and offers them time to explore civic interests and volunteerism in a supported setting. It also reiterates the commitment to community that is so inherent in 18-30 year-olds. This may also help to offset the perpetual job-hopping which frustrates so many employers, providing the above criteria are met. 5. Distributed work environments: The office will no longer be the hub it once was. Working remotely will become standard, leveraging technology and virtual relationships. Gen Y is at the core of this trend because for them, meeting and interacting online is just as comfortable and "real" as face-to-face meetings (unlike Gen X and Boomers who see a clear difference between online and in-person experiences). Eighteen to 30 year-olds have grown up with online social lives, classrooms and entertainment, making the virtual world a natural extension of their personal experiences. This will benefit companies greatly as the need for global teamwork and flexible work hours continues. Floren explains, "If employers evolve as their workers evolve, the end result will be a more dynamic and competitive organization where knowledge is shared, action is taken quickly and new avenues are opened." About Experience Experience is the only university-endorsed career network bridging the gap between college and the working world. Since 1996, we have partnered with universities to educate, assist and inspire college graduates to launch and lead extraordinary careers. Each year our award-winning network connects millions of candidates from 3,800 colleges and universities with more than 100,000 employers. For more information, visit www.experience.com. Key words: Generation Y, Gen Y, entry-level jobs, employment trends Experience Inc. Molly Smith, 978-499-9250 x234 firstname.lastname@example.org Copyright Business Wire 2008