Monday, December 3, 2012

The Workplace is Changing Due to the Immense Increase of Generation Y Employees

Many college graduates and other young individuals who are searching for employment end up acquiring jobs in the business field because of the wide range of opportunities available. According to a study done in 2010 by Knoll, Inc., the number of these young workers will largely impact the business world.  Knoll states, “by the end of the decade, the balance in the U.S. will flip from approximately 50% baby boomers and 25% Generation Y workers to 25% baby boomers and 50% Generation Y workers” (CNN). What does this transition entail for the future? Although many think that these changes won’t adversely affect the company, these believers couldn’t be more wrong.  There are several attributes that set apart different generations, which are a direct reflection of the time periods that they grew up in. These age differences ultimately lead to business challenges that can negatively affect the company if not dealt with in the proper manner.

According to the comparison chart, specific factors between the different time periods are advancing and gradually changing. Members of each generation have similar expectations in the workplace but different ways and methods of reaching certain goals due to their unique characteristics. Individuals who are currently the largest group entering the workforce and were born among the years of Generation Y are also known as millennials. Businesses need to embrace the differences among Generation Y employees and make appropriate changes in order to accommodate their employees with a comfortable working environment and the best tools possible for them to reach their maximum potential.

Businesses Must Adapt and Become More Flexible to Satisfy Millennials

Companies need to recognize the needs of Generation Y and make changes to accommodate and satisfy these requests. Alterations in the business sector should happen as soon as possible so that employers can produce a millennial-friendly working environment. One of the most notable qualities that make millennials desirable as employees is their familiarity with technologies and their expertise in all things computer related. Growing up alongside the technology boom, Generation Y is at an advantage because they have adapted to learning almost everything about different technological devices. This is a major benefit for them because recently, businesses are utilizing and depending on multiple types of technology on a daily basis to be successful. Other characteristics of millennials include that they desire flexibility, appreciate feedback, are self-directed, hard-workers, and they are more comfortable with diversity in the workplace. Progyan Basu, an accounting professor at the University of Maryland, believes that there are indeed many different, yet beneficial characteristics that millennials bring to the table. 

Basu teaches and interacts with hundreds of millennials each day so he is personally familiar with the multitude of talents that they possess. Every once in a while, Basu even asks the class for help with working his iPhone because he knows we are so proficient when it comes to technology. It is good to know that older generations can see the potential that younger generations have. The versatility of Generation Y is one of the other key components that will contribute to the success that they will provide for their employers. They are willing to work outside of the office because they want to do whatever it takes to achieve the goals they previously set by the deadline they made. While millennials don’t mind putting in the proper hours necessary to achieve their goals, they also are not fans of working from nine to five every day. Deskmag explores into more detail why the regular hour workday is dead and potential solutions to this problem.

Technology is the Key to Maximizing Success and Happiness

Businesses are heavily relying on computers and other forms of technology for their daily operations because they can speed up almost all processes in an advantageous manner.  

This fellow millennial believes that our ability to operate technology efficiently is a major asset that employers will recognize and cherish. The use of technological devices in the workplace will help and satisfy employers, employees, and the overall success businesses achieve. Not only are goals achieved quicker, Generation Y employees will be able to receive the flexibility they desire because technology makes it possible for them to work from home or other places other than the office. As long as employers embrace all components of millennials, all of the time and effort spent in accommodating their talents will eventually be completely worth it.

Now more than ever, millennials are being selective when it comes to selecting what company they plan to work for. For Generation Y, happiness is a deciding factor when it comes to choosing a path for their future. To be content, this group desires a particular balance between work and personal happiness as well as a heavy dependency on technology. Companies definitely need to look into increasing flexibility, social interaction, and innovative environments so that they are sure to satisfy the needs of their current and future millennial employees.