When talking about Generation X or Y, the stereotypical description often suggests that “Generation Y is lazy, spoiled and selfish,” but the real definition isn’t so simple. So, what kinds of people come under this unclear term and what new skills can they provide to employers?
The terms Generation X, Y, and Z refer to groups of persons born in the same period of time. The generation born after the baby boomers of the 1960s are known as Generation X, those born between 1980 and 2001 are Generation Y and everyone born after 1995 fall under Generation Z. The philosophy and habits of these groups strongly affect the economic world, particularly Generation Y – also known as millennials.
Millennials are particularly demanding and shine in entrepreneurship, innovation and creativity. Born in the era of globalisation, where technology has overcome virtually every part of everyday life (the so-called "digital natives"), they are accustomed to a certain lifestyle where speed prevails.
So, what are their professional ambitions and what should a company do to attract them?
This generation is less interested in the salary that their future employer is offering. Rather, their motivations lie within the training they will receive and the prospects of a challenging career. They want to see themselves within the values of the company and be able to share them within their surroundings. They also need to be able to continue their education, and benefit from advantages such as flexibility (remote working) and professional mobility, without disrupting work-life balance.
A survey by Deloitte highlighted the impact that flexibility has on millennials. Whilst 65% of millennials would prefer to have permanent jobs rather than freelancing or a consultancy role, flexibility within these permanent roles is essential for millennials. In Deloitte’s survey, over two thirds of millennials, thought that flexibility has a positive impact on productivity (67%), improves well-being, health and happiness (66%) and believe it enhances work/life balance (65%). The survey also demonstrated the impact flexible working has on the business through the eyes of millennials, with 62% believing that flexibility has a positive impact of their organisations ability to meet objectives and 56% thinking that flexibility enhances their organisation’s financial performance.
Promoting teamwork and collaborative working, while also facilitating and managing training, talent acquisition and optimising careers are all solutions which can help meet the needs of the new generation of workers. For example, specific tools such as the use of recruitment software, can help locate the right candidates that best meet the expectations of a company, while also building the loyalty of a new generation of employees.
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