Generation Y, also known as Echo Boomers or Millenniums, are the second biggest population in the labour market at this moment. Most commonly defined as: the group born between the 1980s to the early 1990s that follow generation X, which is currently the biggest population in the labour market. Each year more Millenniums are entering the labour market, and even more of them have already been gaining valuable work experience, all of which undeniably establishes the big issue of trying to get to know them, and see what Generation Y brings to the business table.
The incentives and motives that Generation Y has, when entering the labour market, can vary in several different ways than that of Generation X. First, they value the work-life balance on a much greater scale. Working long hours and climbing up the hierarchical ladder are replaced with affinity towards flexible working schedules and environments. That does not mean that Generation Y is unambitious, on the contrary, they are; they just have the need to create a fulfilling life, which is a bigger priority for them. They grew up in the era of globalization and easy access to enormous amounts of information. So, they have seen much, and have had the chance to build and establish firm individual believes, tastes, incentives and needs. Furthermore, they grew up in times when topics such as equality, equal rights, and the right of being different and accepted are no longer a taboo. All this has created a generation that knows what they want, and that is not afraid to demand and fight for it—and creating a valuable personal life outside of work is one of those things.
Second, the demands from their work life are different as well. Money and profit are not the measurement of success. Generation Y values more career development and growth rather than the material returns of it. They prefer to engage in a job that is meaningful in a way, and that makes a difference in the world. They value recognition, innovation and constant personal development more than the profit they receive. The Millenniums are also team players; they value teamwork, trust and openness from their colleagues, as well as from their mentors and leaders.
Constant need of feedback and gratitude of doing a good job is another essential characteristic of Generation Y. While Generation X is used to working in a hierarchical system of management where direct communication of such sort is quite uncommon, Generation Y is keener on a transparent type of management and direct mentoring programs, where they can receive instant feedback and recognition, and guidance in their career development. On-the-spot recognition is preferred more than formal reviews. This stems from the fact that Generation Y is known for their lack of patience and need of instant results. This can be seen as well in the way they form their communication. The Millenniums were born in a world with fast developing technology, whereby by the time they have entered the labour market they have already become tech savvies—as technology is an inseparable part of their lives. They prefer to communicate via emails, social networks, and text messages as opposed to more traditional means of communication, such as phone calls, because of the faster response they receive that way. Moreover, their employment tenure is on average two years. Generation Y is less loyal to a specific brand, but they are very ambitious, and have great expectations from their employers and work environment. Therefore, if their needs are not met they will not hesitate to change jobs.
Of course, generalizing a whole generation is impossible; however, we are only establishing the average and most common characteristics, and trying to get to know what Generation Y can bring to the business table. They are different and come with their advantages and disadvantages; however, they are a significant change on the market that needs to be well understood.
By Iva Plocheva