Gen Y@Work 4 - How Employing Generation Y Will Benefit Business

Employing Generation Y is more than filling in a gap in the workforce

Modifying their recruiting, managing and retaining processes to cater for Generation Y may seem like a high maintenance chore to some employers. They may feel that they have been pressurised to make changes to suit their Generation Y employees because they need to fill the workforce gaps left by their retiring Baby Boomers.

However, the benefits of having a satisfied Generation Y workforce are more considerable than just having a complete workforce.

Having Generation Y on-board and engaged will support their employers to naturally develop further proven sources of competitive advantage:

• Engaged staff & higher productivity
• Increased CSR capability
• Increased collaborative working
• Enhanced problem solving capabilities
• Maximised use of technology
• Enhanced core competency development
• Increased internal entrepreneurship

Engaged staff & Higher Productivity

The "good work" and "management" that Generation Y require are also conditions that the rest of the workforce will thrive under, increasing their happiness levels at work. Happy workers are more engaged in their work which which will result in higher levels of productivity, creativity and innovation and lower levels of stress and sickness. A more detailed discussion of the link between happiness and engagement is detailed in our previous blog summarising our happiness conference research. The current level of workforce engagement is only on average 30%...even an increase by a few percent will provide substantial productivity improvements.

Furthermore, a Generation Y workforce will challenge outdated ways of working that are entrenched in the organisational culture....Generation Y love to ask "Why?"...especially when it means that they could be sacrificing their work-life balance. Generation  Y will be incentivised to work with employers to reshape job roles so that they are more effective and more conducive to work-life balance...this should result in increased productivity over a shorter working week.

Increased CSR capability

An organisation's CSR activities will be a key attraction and retention tool for a Generation Y workforce who want to contribute back to society. Furthermore, an organisation's Generation Y workforce would be delighted to support their organisation to develop its CSR capabilities further. If the organisation is able to engage their Generation Y workforce in their CSR development, then they will be able to implement highly leveraged creative CSR solutions with a limited resources because of the passion and enthusiasm of their Generation Y workforce. Additionally, many Generation Y employees will be willing to implement community focused CSR activities in their non-working time as it will contribute to their personal social responsibility.

The CSR business case - the government CSR department is currently working to show that organisations that take on CSR actively improve their profitability because they will be able to attract better customers and business partners.

Increased collaborative working

Collaboration is one of the most difficult activities to develop in business because most people have been trained to work and deliver as individuals...developing effective teams has always a significant challenge for the management in all organisations.

Generation Y are naturally collaborative employees - the majority of Generation Y love to work in teams rather than as individuals. Furthermore they are savvy with technology based collaboration tools, facilitating collaborative working even when the team is working remotely. This passion and enthusiasm for team working should rub off onto the other members of the workforce who are working with Generation Y team members.

Enhanced problem solving capabilities

Generation Y love to solve problems. They are not stopped by the fact that the organisation has not succeeded in the past with any particular issue - they love to take on these types of challenges and they will not stop until it is done. Typically, Generation Y have no problems in risking failure in order to learn how to solve problems...this mentality comes from their game playing activities where you need to fail in order to learn how to get to the next level. Properly supported through mentoring and good management, an organisation's Generation Y workforce will be a great asset in supporting the organisation to solve their long standing issues.

Maximised use of technology

An organisation's Generation Y workforce will know more about how to use the latest technology applications effectively and creatively than the rest of the workforce. They will facilitate their organisation to learn how to use the latest technology to improve performance and they will also teach the rest of the workforce how to use it. Generation Y will be particularly useful in helping their organisations to implement the web 2.0 and 3.0 tools (on line social networking etc)to improve connection, sharing and collaboration internally within the organisation and externally with customers, suppliers and partners.

Enhanced core competency development

Generation Y want to learn a portfolio of skills that they find interesting rather than concentrating on specializing in one job profile. Generation Y also prefer a portfolio way of working where they are doing several job roles at the same time. Organisations that facilitate their Generation Y workers to do this will both increase retention (as their Generation Y workers will not need to leave the organisation in order to learn other new and interesting skills) and increase the organisation's ability to transfer knowledge and best practices across different functions.

Increased internal entrepreneurship

Generation Y value autonomy, independence and entrepreneurship. They would love to help their organisation to improve its entrepreneurship activities.

Generation Y articles in this research series (in date order)

• First Steps conference - research background
• Generation Y research strand
• Generalisations & Generation Y
• Generation Y articles used for research
• Gen Y1 - role of Generation Y parents
• Gen Y2 - role of technology
• Gen Y3 - other factors influencing Generation Y & the Generation Y divide
• Gen Y4 -Generation Y characteristics and values in life
• Gen Y5 - the marketing view of Generation Y
• Gen Y at work 1 - characteristics and values at work
• Gen Y at work 2 - Generation Y and intergenerational conflict
• Gen Y at work 3 - Generation Y - vision, good work, work ethics, work-life balance
• Gen Y at work 4 - how employing Generation Y will benefit business
• Gen Y at work 5 - how to manage Generation Y
• Gen Y at work 6 - Generation Y and career
• Gen Y at work 7 - recruiting Generation Y

Posted by: Hina Patel