Over the last 20 years, 78 million highly motivated Baby Boomers dominated the workforce. However, this working generation will be retiring over the next decade and employers must now get to know the next influential part of working America – Generation Y–workers between 17 and 28 years of age. Gen Y is 60 million strong.
Gen Y’s bring many different characteristics to the workplace that employers must understand in order to attract and hire these workers. Simply put, Gen Y’s are used to adapting and being comfortable in various situations, are technology savvy, have an ability to grasp new concepts, and are efficient multi-taskers.
Monster.com recently conducted a study of more than 300 U.S. Gen Y workers that assessed their work attitudes and how they approach a job search. Here are some key findings from that study.
- Almost half of those surveyed have been in their current job for less than a year, with 69 percent saying they are actively seeking a new job.
- Gen Y workers feel under-appreciated and under-compensated. They are looking for greener pastures.
- Gen Y individuals are heavily influenced by their family. Jobs sourced by family or friends are given the greatest consideration by them.
- They are looking for a competitive compensation package. They also want to know that a company will nurture them through training and career advancement opportunities.
- While Gen Y workers are technology savvy, they depend on social networks. More than 40 percent of those surveyed use a company’s website in their job search efforts. Therefore, companies should actively manage their brand and reputations so that messages are delivered accurately.
- Gen Y workers indicated that their primary frustration is the lack of a company response. Additionally, they feel job qualifications are overly inflated, categorizing them as under-qualified for the position.
Generation Y is the future of America’s workforce. These individuals are ready to prove themselves and are looking for the opportunity to do so. Companies that can prove to Gen Y workers that they can provide them with a nurturing environment and competitive compensation will assure themselves of a motivated staff for the future.