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UCT HRM | M10 Generation Y Employees
Transcript of UCT HRM | M10 Generation Y Employees
STATISTIC: 72% of Gen Y employees entering the workforce want to make a direct social and environmental impact.
Generation Y (otherwise known as Gen Y) is very different from other workforces. Here are some common views held by Generation Y employees:
"Business should be measured by more than profit".
"On-the-spot recognition is better than formal reviews".
"I want to personally make a difference in this world".
"I want to start or already have started my own business"
"I don't want to work at this company for more than 2 years".
Gen Y grew up surrounded by technology and relies on this to perform their jobs better. They are armed with laptops, smartphones, iPhones and other gadgets, and are"plugged in" 24 hours a day, 7 days a week.
Gen Y also prefers to communicate quickly over email, social media or via text messaging as opposed to traditional means of communication.
Companies that present themselves as tech-savvy and implement these new means of communication into their business are more attractive to this generation.
STATISTIC: 77% of Gen Y has smartphones and expect to get information they need from it.
Work/life balance is very important to Gen Y. Instead of working long hours to move up in an organisation, this generation prefers a flexible working schedule and a healthy work/life balance.
Older generations may view this as lazy, but millenials (another word for Gen Y) view life differently; they want to find the best blend of an enjoyable life and a fulfilling work environment.
STATISTIC: 89% of Gen Y wants to choose when and where they work.
Gen Y is confident and ambitious. They have high expectations of their employers, seek out new challenges, and are not afraid to question authority.
Organisations need to manage expectations of Generation Y without stifling creativity and development.
Giving Gen Y the resources they require for development should be seen as a strategic measure. Millennials want meaningful work and a solid learning curve.
STATISTIC: Only 57% of employess feel they have the training they need to succeed.
Teamwork is a high priority for Gen Y. Working as a team, regular team meetings and collaboration with colleagues is preferred. They want to be involved and included.
STATISTIC: 89% of Gen Y considers positive culture to be essential for a dream job.
This generation expects openness and transparency from management and colleagues, as well as a team playing mentality within an organisation.
Gen Y craves attention in the form of feedback and guidance. They appreciate constant communication and seek frequent praise and reassurance.
Senior management in previous generations could consider this level of communication to be unheard of, however, millennials in the workforce seek this level of "love".
Some companies have implemented mentor schemes to develop and guide young talent in their careers.
STATISTIC: 75% of Gen Y employees want mentors.
By 2025, Gen Y will make up the majority of the workforce. But are they ready for the workforce? And is the workforce ready for them?
Many companies already have a negative view of this generation, and believe that there are downsides to hiring people from this age group.
So, what are some of these concerns?
STATISTIC: 68% of HR professionals say that the impending retirements of Baby Boomers (people born between the 1940s and the 1960s) will have a major impact on the workforce.
Managing a multi-generational workforce
Three generations exist in today's workforce, namely Baby Boomers (1940s - 1960s), Generation X (1960s - 1970s), and Generation Y (1980s - 1990s).
Managing and motivating collaboration between multi-generational employees is a major challenge for organisations. Bridging the gap between generationally diverse employees can be a difficult and stressful task.
How does one take advantage of a diverse workforce? Here are three methods managers can use to make the most of the strengths and differences among their diverse workforce.
1. Recognise their strengths.
It can be difficult to keep multi-generational teams productive and focused on company mission and values. By identifying the strengths of each generation, it can help delegate tasks accordingly.
2. Capitalise on the differences
Each generation brings a different and wide-range set of skills to the table. Figure out how to capitalise on it. For example, co-mentorships will create an harmonious environment and well-rounded employees.
3. Provide training programs
Most employees would take advantage of training provided by their employer to improve their skillsets. Since there are three generations in the workforce, people are concerned with job security and would take great interest in becoming more marketable.
Providing more training programmes has a high return on investment; employees are happier and more confident in their abilities and their increased expertise add value to your organisation.
Introduction to Generation Y
Like to be loved
Generation Y continued...
Due to their growing importance, it is vital that companies successfully manage and develop their Generation Y employees.
In this prezi, a number of unique characteristics that are exhibited by Gen Y were discussed, such as being tech-savvy, ambitious, seeking work/life balance, team-work, and the need to be loved.
Three strategies were also introduced to deal with a multi-generation workforce, such as recognising strengths, capitalising on differences, and providing training programmes.