8/2/2019 Geny - Six Myths About Geny-2011[1]
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Managing Gen Y at the workplaceSIX MYTHS
Most of Indias high-potential employees (64%) and middle
managers (55%) are Generation Y"born between
980 and 1989. They comprise a larger share of the workforce in
Asia than elsewhere. Clearly, the future of
ndian business rests on its ability to engage this generation.
Yet a Corporate Executive Board Asia Labor
Market Survey' shows they can be an HR directors nightmare,
mature enough to play crucial roles in an
organization but more inclined to leave than any other
generation. Alienating them can result in crippling
vacancies. As managers struggle to tailor practices to attract
and motivate them, research shows two powerful
etention tools can be explicit career paths and innovation at
the workplace. Here we dispel six myths about
Gen Y, and present realistic and cost-effective approaches to
attract and motivate this cohort of future leaders.
A Mint-Corporate Executive Board initiative on exploring
management trends.
Gen Y is all about the moneyMYTH
Future career and development opportunities are more important
for Gen Y employees to stayin an organization than
compensation.
Corporate Executive Board (CEB) research shows that in India,
Gen Y employees who have a highintent to stay with their current
organization are more likely to do so due to future career
opportunities(80%) and development opportunities (70%) than
compensation (61%).
Avoid reactive (and often futile) compensation-based
negotiations with departing employees by helping managersto
critically analyse the development needs and career aspirations of
their Gen Y staff. Development plans andexplicit career paths are
your most powerful tools to retain top Gen Y employees.
Preference for work-life balance by life stage
Future careeropportunities
Developmentopportunities
Compensation
Professional versus personal use of social media in
IndiaPercentage of employees who are power users.
Professional usePersonal use
Percentage of Gen Y employees with high intent to stay at an
organization.
Gen Y
18% 19%
6%
49%
56%
63%
Gen X Baby boomers
Gen Y wants more life in work-life balance2MYTH
In India, baby boomers (born in 1946-64) are most focused on
work-life balance, while Gen Y and Gen X(1965-79) employees are
more willing to put in hours at the office than their peers in the
US and Europe.
CEBs analysis shows that in India, younger generations
preferences about work-life balance are strikinglydifferent from
more mature economies. Attitudes do not converge globally until
workers reach their late 50s.
Design work-life balance programmes that cater to the individual
needs of your employees rather than making
generalizations by age group, keeping in mind that geography
plays a stronger role in preferences thangenerational
differences.
Gen Y hiring requires a cool, youthful employment brand4MYTH
Gen Y is attracted to organizations for the same reason as
employees from other generations.
CEB research shows that in India, seven of the top 10
preferences for joining an employer are commonacross generations.
Gen Y stands out only in its strong preference for innovation in
the workplace.
Dont send mixed signals to candidates and employees by playing
to generic Gen Y stereotypes. Instead, consistentlycommunicate a
universal employment brand that emphasizes the characteristics of
your organization that appealmost strongly across generations.
Gen Y needs constant manager feedback6MYT
H
Structured feedback from performance reviews is more important
than frequent day-to-day feedback inkeeping Gen Y employees at an
organization.
Equip your managers to provide specific and constructive
performance reviews. Consistent day-to-day feedbackthroughout the
year is valuable, but real loyalty is generated by explicitly
linking feedback to performanceobjectives and development
plans.
CEB research shows that in India, formal feedback from
performance reviews (55%) matters more
than day-to-day feedback (41%) in making Gen Y employees more
committed to the organization.
Gen Y employees are not team players
5MYTH
Gen Y employees are as generous as Gen X employees, and believe
in assisting peers and volunteeringfor additional duties.
CEB survey results show that most Gen Y employees (58%)
proactively reach out to their peers toassist them during heavy
workloads. Similarly, Gen Y employees do not hesitate to help their
peers ona regular basis.
Dont shy away from asking Gen Y employees to be involved inor
even leadteam initiatives. Teamwork can be apowerful tool to
accelerate skill development and strengthen professional networks
within the organization.
Gen Y is addicted to social media
3MYTH
Personal use of social media is highest for Gen Y, but
professional use pales incomparison and barely differs across
generations.
CEB research indicates that only 18% of Gen Y employees are
power users of social media forprofessional purposes, less than Gen
X employees (19%). Across all generations the use of socialmedia is
significantly lower for professional use than it is for personal
use.
When designing a social media strategy, consider context rather
than generational differences. For professionalpurposes, expect
limited sophistication and familiarity wi th new tools such as
Yammer, even among Gen Y.Consumer tools such as Facebook are now wi
dely used by all generations, but have limited business
application.
Source: Corporate Executive Board
Illustrations by Shyamal Banerjee; graphics by Ahmed Raza
Khan/Mint
The Six Myths series compiled by business advisory firm
Corporate ExecutiveBoard Co. (www.exbd.co.in) challenges
conventional wisdom on how to
address critical management priorities. Send your comments
[email protected]
Reality FactsActionsteps
1
Satisfaction levels of employees with high intent to stay, in
India
n=1,085
n=1,828 (Gen Y); 997 (Gen X); 204 (baby boomers)
n=1,828 (Gen Y); 997 (Gen X); 204 (baby boomers)
n=514
n= No. of respondents
n=1,000
58% 56%
55%
41%
65%
58% 56%
66%
Percentage of employees agreeing to volunteer for
additional duties and helping peers
Percentage of Gen Y employees with high
intent to stay at an organization
Willingness to help others, in India
Satisfaction with different types of
feedback in India
80%
70%
61%
20 25 30 35 40 45 50 55 60
Age of employee
Life
Work
US
India
Europe
Work-life balance
Organization growth rate
Compensation
Stability
Development opportunity
Respect
Future career opportunity
Innovation
Recognition
Technology level
Location
Ethics
Retirement benefits
Gen Y
Gen X
Babyboomers
Gen X, Gen Y,and babyboomers
Gen X andbabyboomers
Gen X andGen Y
Gen Y Gen X Baby boomers
Volunteer foradditional duties
Frequently help peers
Performance reviews Day-to-day feedback
n=3,496 (India); 3,270 (US); 2,238 (Europe)
