Born between 1977 and 1995, the Millennial or Gen-Y generation numbers almost 80 million. They are the fastest growing demographic in the US workforce.*

Effectively attracting, retaining, and developing this generation will be critical to almost every business segment.

Jason Ryan Dorsey: www.jasondorsey.com the emerging voice of the Y generation, outlined his “TOP TEN LIST” for How and Why the Gen Yers Think and Act at Work in his new book:

Y-SIZE YOUR BUSINESS

How to Maximize Your Gen-Y Employee's Potential

JASON’S TOP TEN

  1. No expectation of lifetime employment
  2. A feeling of entitlement along with big expectations
  3. A hunger for instant gratification and tangible outcomes
  4. A new relationship with technology and communication
  5. A higher tolerance for diversity of all kinds
  6. A desire to be our own boss
  7. Gen-Y decides to stay – or not – on our first day at work
  8. A need for on-going feedback
  9. A lack of real-world expertise
  10. A habit of putting our lifestyle way ahead of work

Turning these characteristics into a competitive advantage will determine whether your company benefits from the Gen-Y ‘s enthusiasm and creativity or continues to have a costly revolving door of employees who disengage rather than getting involved!

To see just what this difference means in dollars and cents, Dorsey offers a simple formula for calculating your company’s investment in Gen Y. Of course, the more accurate the numbers, the more accurate your answers will be.

STEP 1: How many Gen Y employees does your company presently have? (Employees born between 1977 and 1995): ________________________

STEP 2: What is the average compensation for Gen Y employees (include benefits, tax expense, training costs per employee, etcetera). If you don’t have accurate numbers take a guess (then make sure you find out!): ____________________

STEP 3: Multiply the number of Gen Y employees by your average compensation: __________________

For many industries, notably service-oriented ones such as hospitality and food service, the numbers, and ramifications, are HUGE! How about retail, customer service and any other customer facing jobs?

Buzz New Media's Mantra - You Must Change Now!

To consider the “big picture” take a look at your one, three or five-year plan and figure out how big a percentage of your workforce will be made up of Gen Y employees. You’ll begin to see why “YOU MUST CHANGE NOW!” Buzz New Media’s Mantra for over 10 years. Ok, a shameless plug!

Next week we will delve deeper into the issues relating to Gen Y employees and the other generations now sharing the workplace. Subscribe to the Buzzworthy Blog so you won’t miss a beat!

 *Although small in overall numbers, The Centennials (those over 100), are the fastest growing segment on a percentage basis because so many people are now living past 100!
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