by: Joanna Gammon | Client Relationship Manager
More than 70 million Americans were born between 1977-2002 (or a narrower definition of 1978-1989), and known as Generation Y. This Generation is not as interested in a company’s “typical” benefits package, but is more attracted by the company’s non-traditional benefits. If you’re wondering what it takes to attract this group, focus on non-traditional benefits such as:.
Retirement Plans
Earlier generations faced financial insecurity by experiencing layoffs, the dot-com bust, and the Enron scandal. Today's newest entrants into the workforce, Gen Yers, are generally more precautious when it comes to money and savings and are enticed by 401(k) retirement plans.
A survey by Purchase, N.Y.- based Diversified Investment Advisors says that “37% of Gen Yers expect to start saving for retirement before they reach 25, with 46% of those working now indicating they already do. And 49% say retirement benefits are a very important factor in their job choices. Among those eligible, 70% of the Gen Y respondents contribute to their 401(k) plan.”
I knew what a Roth IRA was before graduating college and had an account set up within 6 months of being employed at Integra Staffing.
Work-life balance
The baby boomers tended to put a high priority on their career, while today's youngest workers want their jobs to accommodate their family and personal lives. We want flexibility, telecommuting options, shorter work days or 4 day weeks, and the option to work part time or leave temporarily when children come into the picture. We want our employers to support our outside activities even if that means cutting out of the office a little early from time-to-time. Extended lunches, the opportunity to volunteer throughout the day, tuition reimbursement for continuing education, more paid time off, etc. are other desires. An interesting idea my company offers - After 5 years of employment, you are eligible to take a Sabbatical – 1 month of paid time off (not including our 2 weeks paid vacation). Side note: Integra was voted the #1 Best Place to Work in Charlotte in the small business category! All companies nominated implemented the above.
Business Casual Dress Code
In the workplace, conflict can arise over a variety of issues, but one in particular is dress code. Baby Boomers are accustomed to the suite and tie look as Generation Y is more comfortable in flip-flops, tattoos and capri pants. Appropriate office attire can become outdated and needs to be reevaluated every so often.
Instant feedback
As mentioned in a previous post, Gen Y employees look for constant feedback as they have had this type of recognition from parents, teachers, and coaches their whole life. They will resent it or accept it, and make all appropriate changes. No matter what, day-to-day interaction is needed (not 1 year review) or they may feel lost if communication is not regular.
Great post, Joanna. It's really nice to see a positive article about how to work with Gen Y rather than all the negative blog posts about this generation. Thanks for the good ideas!
Lindsey Pollak
Author, "Getting from College to Career: 90 Things to Do Before You Join the Real World"
http://lindseypollak.blogspot.com
Posted by: Lindsey Pollak | January 06, 2008 at 08:14 PM