I attended an interesting webinar by Brenda Kowske, Senior Analyst at Bersin & Associates, earlier today. The focus of the webinar was what organizations do to keep their Gen Y employees happy and how do they support the unique needs for Gen Y. Here are some key take aways from the webinar.
- Encourage open communications. Have a system to sift to through ideas. Just-in-time (JIT) teams are a good way to capitalize on their individualistic nature but at the same time promote collaboration. JIT also provides leadership opportunities to various team members.
- Reward learning and provide JIT learning delivery and knowledge management tools. This is in line with the fact that they Gen Y aren’t doing terribly well in standardized tests compared to older generations!
- Considering the importance placed by Gen Y workers on their work-life balance, provide flexible work hours, and an option to telecommute when possible. Flexibility in career plan is also appreciated by the Gen Y crowd.
- It has been observed that Gen Y draw lots of satisfaction from their work. Organizations should make sure they have processes and systems in place to track job performance data and identify pivotal talent roles. Identifying pivotal talent roles makes a huge difference to the organization’s bottomline. In the book, “Beyond HR: The New Science of Human Capital”, the authors talk about how Disney realized that Disney’s most pivotal talent is their street sweepers — the workers who direct screaming children to the best spots to see the parade, who locate shady spots for tired parents, who provide assistance to lost patrons. Among all Disney employees, street sweepers have the biggest impact on the customer experience — perhaps the most critical element to Disney’s success. Understanding this, Disney places a greater emphasis on developing and nurturing these employees and their careers.
- As seen with other older generations, Gen Y workers tend to have a larger turnover as they are a young population. The key to retaining Gen Y employees is to convince them that the organization values their services resulting in goodwill and reciprocal loyalty.