GENERATION Y AT WORK Are they really that different?

Whatever label you use, the Millennial Generation, Generation Y, or the ken lao zu generation are the leaders of tomorrow s business world. But a survey by recruitment agency Hays reveals that in the workforce, Generation Y are not too dissimilar to the remainder of the working population. The survey compares the views of Generation Y, Generation X and Baby Boomers across Asia towards workplace issues such as expected tenure, flexible work schedules, preferred management style and ideal employers, said Emma Charnock, Regional Director of Hays in China and Hong Kong. The aim was to paint a picture of Generation Y, the future of our skilled workforce, and compare this view with that of the remainder of the working population. Work/life balance - the link The research found several areas in which the generations agree. When asked for their view on flexible work schedules, such as telecommuting and flexible hours, the generations said flexible options are preferred but not essential. But when asked what is most important to their future, work/life balance becomes a priority. Work/life balance was also the key for Baby Boomers loyalty. The generations also agree a job that is enjoyable and meaningful is more important than a job that pays well or is exciting. All three generations want to be managed in a democratic fashion, and while all agree recognition and promotion should be based on merit, the percentage of respondents that feel it should be based on tenure increases with youth, from 4% of baby boomers to 13% of Generation Y. Regardless of age, all respondents would like an overseas assignment. More than 9/10 people from all three generations would prefer to work for a global company with better opportunities for overseas assignments, perhaps because of the value employers place on international experience. The findings: - 57.9% of Generation Y expects to stay with an employer for between 3 to 4 years. 42.4% of Generation X and 54.5% of Baby Boomers expect to stay over 5 years. - 42.8% of Generation Y expects to change careers in their lifetime more than 3 times. This increases to 57.1% of Generation X and 65.9% of Baby Boomers. - 34.6% of Generation Y said career progression makes them most loyal to an employer, followed by ongoing learning and development (33.3%). For Generation X its ongoing learning and development (28.2%) then career progression (22.6%). For Baby Boomers it s work/life balance (25.0%) then stability of employment (22.7%). - 66.7 % of Generation Y, 63.3% of Generation X and 79.5% of Baby Boomers say a job that is enjoyable and meaningful is more important than a job that is exciting or that pays well. - When asked what they consider most important in their future, 38.4% of Generation Y, 35.0% of Generation X and 36.4% of Baby Boomers said work/life balance, ahead of career satisfaction and financial freedom.

52.8% of Generation Y and 50.0% of Baby Boomers said the reputation of an organisation is desirable, but not essential in their decision to work for a company. 52.0% of Generation X believe it is essential. If they didn t believe in what an organisation stood for, but that organisation was advertising their dream job, 66.0% of Generation Y and 57.1% of Generation X would apply anyway. 65.9% of Baby Boomers would not. When asked what is more important in terms of the company you work for, all rated employee support and development ahead of social/environmental responsibility and strong profit results. 60.4% of Generation Y, 64.4% of Generation X and 65.9% of Baby Boomers say flexible work schedules are preferred, but not essential. 87.4% of Generation Y, 91.5% of Generation X and 95.5% of Baby Boomers say recognition and promotion should be based on merit, not tenure. 93.1% of Generation Y, 88.1% of Generation X and 90.9% of Baby Boomers prefer to be managed by a democratic manager, with employees taking part in decisions. 97.5% of Generation Y, 94.9% of Generation X and 90.9% of Baby Boomers would prefer to work for a global company with better opportunities for overseas assignments.

Source: http://www.hays.hk/common/pages/news/newsdesc.aspx?id=400 Singapore Gen Y as resources that they still have to develop as these resources are the core component of the workforce. 62% of 450 local respondents had trouble managing staff aged 30 and under, as they felt these Gen Ys have unrealistic job expectations and are too impatient. Executives polled also believed that Gen Y employees lack loyalty, need constant attention and have little respect for authority. Despite that, employers across all industries still realised the importance of not only keeping top Gen Y talent, but also developing them. The top three programmes that local employers use to attract Gen Y are those that encourage independent thinking and initiative (52%), provide flexible hours and work-life balance (46%), and mentorship or coaching programmes (44%). Local leaders were also focused on development programmes that aimed at giving Gen Y broader work experience and preparing them to take on more responsibility. More than half (52%) of respondents would provide cross-functional job training and management trainee programmes, followed by leadership development programmes (45%), overseas assignments (35%) and advanced studies (22%). Career development Provide cross functional job training and management trainee programmes Leadership development programmes Overseas assignments Advance studies

Gen Y Focus Resources that need to be Independent thinking and developed initiative Unrealistic job expectations Too impatient Flexible hours and work-life balance Lack of loyalty Need constant attention Mentorship and coaching programmes Little respect for authority Note: Based on the views of the employers in Singapore.

U.S.A What is Gen-Y is looking for in a job? - Flexibility - Alternative hours and job flexibility. Able to choose what to do. - Benefits - Healhcare, 401k, vacation, sick time, leaves - Positive Atmosphere - Is it a positive, proactive office environment? Care about the surrounding. - Comradery - Are people in the office just coworkers or are they friends? Do the people in the office communicate with each other or just a matter of in and out mode? - Mentorship Programs - Gen Yer s are looking for and need guidance. Coaching programmes help them to grow faster. - Growth - Is there room to grow within the company? Is there a possibility for them to climb the corporate ladder in a short period or it is always based on seniority. - Praise - Gen Y wants to be told they are doing a good job No one wants to hear just the negative. Recognize their efforts. - A Cool Boss - They want to view their boss as a mentor and friend rather than an authority figure. Prefer a close relationship compared to regime. What is the situation? - Generation Y is taking over the world and the workplace and employers who want to attract, engage and retain this huge workforce need to understand its preferences and communication styles, especially when it comes to workplace benefits. But Gen Y has different needs, expectations and preferences than previous generations, so companies need to take a different approach when it comes to designing and communicating their benefits packages. Those who don t consider changes could risk losing their competitive edge and may be left behind. said Stephen Bygott, director of marketing programs and research at Colonial Life. - Key information in the white paper that employers and HR managers should know includes: Generation Y tends to be less financially stable than other generations. - Only 58% pay their bills on time, 43% have high credit card debt and 70% aren t building a cash cushion for emergencies. They also tend to change jobs frequently: The average 26-year-old has already had seven jobs. Generation Y puts great value on a strong benefits package, yet is woefully underinsured. - 60% of Generation Y workers list benefits as the second most important aspect of job satisfaction. However, a recent survey on behalf of Colonial Life showed Generation Y is the least likely working group to take advantage of workplace insurance, from major medical plans to voluntary coverage such as life, disability and accident insurance. The workplace is the number one source for benefits information, but Generation Y seems to prefer more personal communication. - Despite their constantly wired reputation, Generation Y employees don t use online resources such as forums or blogs any more than other workers do. And they re significantly more likely than other workers to turn to a family member or friend for information. Benefits Communication Opportunities Benefits communication emerged in the research as a clear opportunity for employers to more strongly engage Gen Y workers, Bygott said. These workers give employers low marks for the effectiveness of their benefits communication, and Gen Y women in particular are much more likely to say the communication they receive about their benefits is not at all informative, including cost, what s covered and what they need.

The white paper outlines tactics and tools employers can use to communicate benefits more effectively with Generation Y workers, including: - Implementing one-to-one counseling. - Using appropriate technology for the message. - Employing multiple communication methods. - Making content more interactive. As benefits decision-making continues to shift more toward employees, Gen Y workers will become more eager for the products and information they need to manage their personal financial security, said Bygott. Employers have a tremendous opportunity to create a greater return on investment by evaluating their benefits offerings and communication methods to appeal to Gen Y. The result will be a more loyal, engaged and productive workforce.

Australia GEN Y workers are the least satisfied with their jobs and are more likely to quit for something better, a national survey has found. 4/ 10 employees surveyed said they were seriously considering leaving their current position, but that figure jumped to more than half in the 25 to 34 age group. Neither pay nor the boss are to blame for the dissatisfaction, however, with younger workers reporting more favorably on the way they are treated by their employer and whether they are paid fairly, compared to their older colleagues. Instead, it is the nature of the job they are doing that fans the discontent. By contrast, older workers are more satisfied with the work they do but report higher levels of discontent over career development opportunities and salary. Intention to quit does not necessarily translate to an employee actually quitting, she said, and in the case of younger people, the desire to quit was partly due to a natural urge for change and the increasing expectation that younger workers will pursue multiple career paths during their working lives. ''But we have also brought Gen Y up not to believe in a job for life,'' she said. ''Now they are acting on it.''

Europe What Motivat es Them / How Do They Work? They are highly ambitious and expect many things now they re used to getting their own way. As well as being driven by the obvious and timeless desire for higher pay and better benefits they put a premium on interesting and challenging work, and a work environment which meets their lifestyles and needs. Whilst these characteristics may be somewhat muted at present by rather sedate economic growth and employment prospects, this has not altered the internal desire of this group to seek new and fresh challenges when the opportunities arise. Fresh opportunities will come back, and those organisations best prepared to embrace the Gen Y workforce as part of this are most likely to succeed long-term. Knowledge above title. Generation Y s ambition is not expressed in a desire for titles and external prestige, but rather through a real urge to move forward in the ranks. They expect to do this through the constant absorption of knowledge and skills. New challenges every 2 years. It is predicted that by the age of 38 an average Gen Y er will have had 14 different jobs that equates to 1 job every 1-2 years. This presents a real challenge for all companies with a desire to retain their best staff. Freedom and feedback. They require continuous and instantaneous feedback from management yet dislike an authoritative management style. They want the flexibility to work to their own schedules, to break when they want to break, to leave when they need to leave and arrive when they need to arrive. A difficult balance for any manager to maintain, placing an important requirement on the need for mentoring and coaching. They seek companionship at work, rather than just colleagues, as they function on a more flexible, social basis. This more casual attitude to work is leading to organizational networks and where staffs are placed by connections and skills as opposed to the more traditional hierarchical structures which place staff by title. In turn, this is creating the greater use of project-based teams to complete assignments. The overriding impact on the workplace is the need for much greater flexibility, where project-based teams can be quickly, efficiently and cost-effectively set-up within the office environment and allowed to function on a rolling basis. The ability to work remotely is also increasingly in demand, facilitated by technological advances. This is a generation which wants to be judged on results rather than on their physical presence in the office. The work-life balance is a significant source of motivation. The need for flexibility to suit the demands of family and social life is a major factor driving employment choices, pushing organisations towards offering flexible alternative working strategies. This does not mean that the workplace will become redundant. In fact, we believe quite the opposite will occur. Given the pressure on companies to attract Generation Y staff, it is important that the workplace has the right blend of social/fun space which Generation Y can positively identify with. In locations where there is real pressure on housing in terms of cost/choice, this dynamic is likely to be even more pronounced, pushing the requirement for companies to ensure staff have their own private space at work.