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Generation Y is also known as the Millennial Generation, Millennial, ME generation, Generation Next, the Net Generation or the Echo Boomers.
This reference is made to people born in late seventies or early eighties. Following are the characteristics of Generation Y and can be positively used in a business environment:
1. Lack of clarity in life:
They have been exposed to too many options in the environment. This creates the urge to experience everything. In an organization scenario it is best to show these folks range of career options and allow experimentation. But please be clear to define timeline expectation for each rotation.
2. High material orientation:
Create skill based pay structures and results directly linked to tangible rewards. This is the best motivator. Create flexible salary structures directly linked to results. Incentivize heavily and they will enjoy the work environment.
3. Instant gratification:
Gen Y wants everything instantly. They like action oriented jobs. Do not create thinking jobs for them. They love instant results. Keep giving them small tasks, chunk it down.
4. Low relationship orientation:
They will fall out of relationships fast. Do not create long term job propositions. Look at them in short run. Make them comfortable, they do like stress.
This generation is very high on wild ideas, use them in creative spaces. They thrive in such areas.
6. Wisdom means nothing:
They demonstrate the trait of know it all. Allow them to fail then they will surely focus on learning.
7. Soft environments:
It is imperative to understand they come from cozy environments. Managers will have to create a system for their success. Don’t expect them to fight it out.
Their imagination runs wild to compromise on efforts. Review very stringently.
They love ambiguity and will remain in ambiguity. Do not expose them to structure. It is a disaster.
Their strength lies in creativity. Make their jobs interesting and environment creative. My experience is once they experience failures they are back on track and can be the best resources you ever had. They love managers who give freedom so also do change the mindsets of Gen Y.