I am the world’s most interesting in ter n”, was a CISCO Systems innovation, astutely leveraging web 2.0 applications to reach a target audience of potential recruits. It’s a good example of our times. Generation ‘Y’ is clearly compelling organizations to re-look at how they attract talent, develop talent, and retain their tale n t to build a competitive talent edge. This article is about the age cohort that general sociologist / marketers / psychologists refer to as ‘Gen Y’ or the Millennials.

Ready or not, here they come!

They co m prise about 70 million people in the US, an d about 210 million+ people in India, b or n between 1977-1994; this generation is usually described as the most future oriented, confident generation, optimistic in its outlook and opportunity driven. Given the talent pool demographics, Gen Y will constitute over 50% of the workforce of any industry, in any organization. This is clearly a n age  co h ort employers can ignore at their own peril.

A recently released Corporate Executive Board study clearly indicates why this Generatio n is going to be more important than any other for some time.

Most of In dia’s high potential employees (64%) and middle level managers (55%) are Gen Y-ers. They can be an HR director’s  nightmare as while they are mature enough to play crucial roles in organizations, this is the generation more inclined to leave an employer organization than any other generation before them.

Notwithstanding Generational stereotypes and the fact that any characteristic associated with an age- cohort will always tend to be subjected to generalization (we must be mindful of exceptions), we must acknowledge the fact that one generation influences the other through parenting, mentoring and other influences. This enables the bridges of understanding across

generations and strengthens parent- child, boss- employee bonding through being “differently similar.”

So it’s apparent that Gen Y (or the millennials as they prefer being called) are the hottest commodity on the job market. They are typically well educated, collaborative, sociable, optimistic, talented, and achievement oriented. They’ve always felt sought after, needed, and are arriving in the workplace with higher expectations than any generation before them and are so well  connected that if an employer does not meet their expectations, they can tell thousands of  their  cohorts with  a  click  of  a ‘ mouse’!

In a highly competitive business environment – people / talent is clearly the differentiator and those organizations that want to emerge as winners in the war for talent must have their fingers on the pulse of this generation. Employers must scramble to find out everything about them: How do they choose careers? How will they revolutionize the workplace as we know it today? How must managers communicate with and motivate them? How must we engage them in the context of the challenges of managing multi-generations at work?

As organizations race themselves, and embark upon their own journeys of understanding and preparation for Gen Y, there are obvious myths associated with this Generation. Employers can over- simplify the challenge on hand and refuse to innovate, question their own assumptions or go back to the drawing board at their own peril.

The Corporate Executive Board concluded a study called “Managing Generation Y” in t h e workforce, which busted some common myths associated with this generation – moving the responsibility right back to Employers to start re-thinking their strategies  and  approaches for engaging and man aging  this interesting age cohort. Here are the myths busted by the study:-

• “Gen Y is all about money” – the research clearly showed a preference for career opportunities (80%)  and development opportunities (70%) as levers for retention as compared to compensation (61%). This was gathered by surveying a population of Gen Y that had a high intention of staying with their current
• “Gen Y wants more ‘life’ in work- life balance” – the CEB research shows that in India the younger generation preference on work – life balance are strikingly different from more mature In India the Baby Boomers (born 1946-64) are m ore focused o n work-life balance, while Gen Y and Gen X are more willing to put in longer hours at the office.
• “Gen Y is addicted to social media” – the research indicates that only 18% of Gen Y employers are power users of social media use than Gen X across generation the use of social media for professional use is substantially lower than personal This whole ‘techno-savvy’ generation theory that we ascribe to this  age cohort which is called by other names like ‘Internet Generation’, the ‘Nintendo Generation’ the ‘Digital Generation’ etc., was busted in my own experience recently when a group of Graduation Executives (age 21 / 22) confessed to me in private

that they were embarrassed about their lack of knowledge of MS office applications and found it difficult to live up to their supervisor ‘ s expectations of them. This is a social media savvy generation familiar with web 2.0 products but not necessarily in office applications; as employers we must know the difference and develop them accordingly.

• “Gen Y hiring requires a cool, youthful employer brand” – t h e research shows that Gen Y is not different in its expectation of employers, on the top 10 preferences for joining an employer; this relative preference remains the same across age cohorts, Gen Y however stands out only in its strong preference for innovation in the
• “Gen Y employees are not team players” – the survey shows that Gen Y employees (58%) proactively reach out to their peers to assist the m during heavy Gen Y does not hesitate to help their peers on a regular basis.
• “Gen Y needs constant manager feedback” – the research shows that in India for feedback from performance reviews (55%) matters m ore t h a n day to day feedback (41%) in making Gen Y employers more committed to the organization. Having busted these myths, t h e question that arises is – “What can organizations do to attract, engage and retain this Generation of high performers with high expectations? What can employers do differently? If we are designing recruiting program and management systems based on their values, needs how do we proceed? What kin d of environment attracts, retains and motivates Millennial employees?”. Here are some thought- provoking answers:

1. Be the role model – Gen Y is looking for leaders w h o are knowledgeable and honest, with high standards of It’s  not  that  they don’t want to be leaders themselves, they would rather have some great role model first.
2. Challenge m e – Gen Ys are seeking new learning opportunities. They want to be assigned to projects they ca n learn fro Trying new things is what gets them going, they seek growth, development a n d a defined career path.
3. Let me work with friends – Gen Y wants to work with people they ‘click’ They like being friends with co-workers so employers who provide for the social aspects of work will find these efforts well – rewarded by this cohort.

1. Let’s have fun – a fun workplace where individuality thrives and is respected is a huge A work environment that is not too formal – nor too serious -is a great attraction. Breaking through power distances and hierarchies to connect and enjoy work is attractive for this generation.
2. Respect me – Respect begets respect is the Respect me, my ideas even if I don’t have your experiences is w h at t his Generation is crying out loud. Leaders / Managers will d o well reflecting respect for the ideas expressed by Gen Y as they manage them.
3. Be flexible – Th e busiest generation needs more than a job to define itself and employers must accommodate this need for expression by building  an environment of innovation and freedom to express, to be  different, to collaborate and yet  contribute brilliantly to the organizational Re-design work life balance programs that address individual needs rather than make generalizations of expectations.

4.  Avoid compensation based negotiations with departing Gen Ys

– instead offer development plans and explicit career paths to retain Gen Y.

5. Don’t send mixed signals about your employer brand – based on generational Instead consistently communicate a universal employment brand that emphasizes characteristics that will appeal across generations.

6. Get Gen Y to lead team initiatives

– Tea m work is a powerful skill development tool and will strengthen GenY’s ability to build strong internal networks an d develop leadership capabilities.

7. Gen Ys are seeking sound coaching and mentoring at Employers seeking to win the war for Gen Y talent MUST invest in strong C&M programs an d equip their managers with the tools and techniques to become good coaches. Providing consistent feedback and linking the sa m e to perform ance expectations and development can do wonders in retaining Gen Y.

In conclusion, given that this is the largest generation since the ‘Baby Boomers’, growing up in an age of technology with mostly well educated and indulgent parenting, Gen Y is a product of their environment.

The Corporate Leaders hip Council, a program of the Corporate Executive Board, has extensively surveyed various generations, over more than three years, about their approach to work. To quote Brian Kropp: “The reality is that most of the perceived differences about Gen Y are myth…(the) analysis reveals that the generational differences center on satisfying Gen Y’s needs in new and different ways rather than satisfying needs that are different from those of Ge n X a n d Baby Boomers”.

Employers seeking to leverage this highly talented generation must care enough to understand their needs. Perpetuating stereotypes or myths will not do. Understanding and caring for who they are and seeking comfort from how differently similar they are to previous generations must b e leverage d by organizations seeking to win the war for talent.

Do not oversimplify the differences or overemphasize the similarities. This is a generation to reckon with. Strategies for attracting them will need to be revisited using their world of web 2.0 products to attract   them,    training  and development will need to incorporate coaching and mentoring with a  consistent  commitment  to their  development,   and   their engagement will evidently be a product of delivering on the promise of Employee Value propositions.

This generation is better, brighter, demanding and are raising the bar for employers to now begin delivering on the engagement drivers they have espoused all along.

This generation wants to care for employers who care for them. They have got it all right – after all we raised them!!