Generation Y, also called “The Millennials,” are transforming the workplace. They are young, aggressive and dynamic, bringing new ideas into businesses and pushing back at traditional ways.
And this is a good thing. In fact, it’s a great thing! Gen Y is the most educated and diverse generation in history, and have been using technology nearly since birth. As such, they are used to working on unchartered territory.
What matters to Gen Y matters to your business!
Craft rewards and work schedules that will motivate each worker and – this is important – are fair to everyone. Talk to each of your employees (including Gen Y) to find out what matters to them and gain in employee satisfaction, productivity, and loyalty. And, lastly, you inevitably gain in financial savings and profits.
As a leader and a business owner, you need to lead differently. A good example is replacing annual reviews for continuous performance feedback management, or in other words, providing instant feedback to Gen Y. Doing so allows managers to provide constructive criticism when it’s needed rather than just once a year.
Another example is that many Gen Y are born entrepreneurs and look at work-life balance in a different way. Many don’t look at it from the perspective of balancing work with life; their point of view is to do work from a location of their choosing.
Implement social media policies
Consider implementing a social media policy that captures business and private use. This will help becoming more transparent and managing expectations.
A few topics your social media policy should cover:
- If (limited) private use in the workplace is allowed, define what this means in practice, including defining working hours and non-working hours.
- Posting relevant information related to your business, employees, or any confidential information on social media. Clarify the employee’s responsibility and accountability, even when this was made outside of regular business hours.
- Employees should be made aware of relevant legislation on copyright and public interest disclosure.
Contrary to popular perception, Millennials are willing to put in hard work and possess a distinct willingness to learn from Boomers and more experienced employees. To attract Millennials and encourage this learning behaviour, you need to inspire them. If you do, you’ll reduce turnover in your workforce.
Image credit: by Susanne Nilson, via flickr.com.