Retaining The Gen Y In The Workforce: Some Suggestion For Future Employers

3757 words - 16 pages

RETAINING THE GEN Y IN THE WORKFORCE: SOME SUGGESTION FOR FUTURE EMPLOYERS

RETAINING THE GEN Y IN THE WORKFORCE: SOME SUGGESTION FOR FUTURE EMPLOYERS Sabri Hassan Assaari

RETAINING THE GEN Y IN THE WORKFORCE: SOME SUGGESTION FOR FUTURE EMPLOYERS TABLE OF CONTENTS CONTENT ABSTRACT PROBLEM STATEMENT WHO IS GEN Y RECRUITING GEN Y TACKLE THE FAMILY MENTORSHIP CHALLENGING WORK WORK LIFE BALANCE GROWTH OPPORTUNITIES BENEFITS AND COMPENSATIONS CONCLUSION RECOMMENDATIONS REFERENCES PAGE 3 4 5 6 7 8 9 10 11 12 13 14 15

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RETAINING THE GEN Y IN THE WORKFORCE: SOME SUGGESTION FOR FUTURE EMPLOYERS Abstract Generation Y or the Millenials are set to take over and revolutionize the world. ...view middle of the document...

For this reasons it is important for organizations to understand and able to engage and retain their Generation Y workforce to minimize internal frictions, able to rejuvenate itself in the dynamic and rapidly changing marketplace of today. If not handled correctly, these multi generations at work will not be able to work cohesively towards a common goal, resulting in company not able to maximize the wisdom and experience of the older staffs while at the same time also fail to harness the energy and enthusiasm of the Millenials. At the end, due to this generations’ friction, company will lose its competitive advantage and struggle to defend its market share in today treacherous economy. Hence, it is important for strategies to be devised so that potentials of Generation Y could be tapped to help propel organizations in the more challenging futures.

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RETAINING THE GEN Y IN THE WORKFORCE: SOME SUGGESTION FOR FUTURE EMPLOYERS Who Is Gen Y? Different experts have slightly different definitions of Gen Y, however the more inclusive definition was by Sara D. Smith and Quinn Galbraith (2012): Generation Baby Boomers Gen X Gen Y Born Between 1946-1964 1965-1980 1981-2000 Table 1: Generations and Associated Years Generation Y is also interchangeably referred to as the Millenials (Lisa L. Schlitzkus, Kimberly D. Schenarts and Paul J. Schenarts, 2010). Gen Y was touted as the largest educated generations in history, all while having easy access to global information through cell phones, computers and technologies that are available in their time (Lisa L. Schlitzkus, Kimberly D. Schenarts and Paul J. Schenarts, 2010). Being a technology native, they expect technology to be at their fingertips and they are allowed to utilise technology in performing their work effectively and efficiently (Lisa L. Schlitzkus, Kimberly D. Schenarts and Paul J. Schenarts, 2010). Each generations grows up in different time, hence experience different world events. Gen Y grows up in uncertain era, affected by globalization, war on terror, international crisis and diversification (Lisa L. Schlitzkus, Kimberly D. Schenarts and Paul J. Schenarts, 2010). With these as backdrop, they have huge desire in them to give back to the society around them and impact the world (Lisa L. Schlitzkus, Kimberly D. Schenarts and Paul J. Schenarts, 2010). All these values shape and influence decisions they made and what they look for in their career, how long they will stay in a job and what motivate them to work hard (Sara D. Smith and Quinn Galbraith, 2012).

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RETAINING THE GEN Y IN THE WORKFORCE: SOME SUGGESTION FOR FUTURE EMPLOYERS Recruiting Gen Y Although they live in what supposed to be a financially uncertain era, they are still inundated with jobs advertisement by prospective employers who are looking for the top talents in the generation. It’s a competitive labor market hence, employer will need to really stand out and offer and interesting Employee Value Proposition to entice...

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