Those born between 1980-2000 are considered to be members of Generation Y, which is the fastest growing segment of the workforce and has started to take a gradually more active role in business.
Since Gen Y working in teams of Generation X across many industries is currently 35% of the employees, this amount will boost up to 58%, therefore the rules of business will be regulated according to characteristics and expectations of millenials.
According to CEO of Algedra Group, Mohab Ayoub, understanding the vitality of re-shaping the new business models to keep it up with younger generations plays a crucial role but more importantly we have to know the features of Gen Y to create a brand new approach.
So what are the salient features of Gen Y?
- Tech-Savvy
- Family-Centric
- Achievement-Oriented
- Team-Oriented
- Craving Guidance and Feedback
- Job-Hopping
Mohab Ayoub ‘’Gen Y was raised by television, they met computers at the earliest of childhood, and naturalised to the internet before long, quickly adapted to technological advancement, whatsoever this gen is open to innovations in which they live the extremely productive era of their life where their lifestyle changes frequently,’’ says.
Freedom is an essential concept for millennials. They aren’t pleased by taking orders or having authority over them.
They oppose old management styles, and are happier, more successful in jobs where they feel free. Although they are labeled ‘selfish’ or ‘egocentric’ due to the tendency of freedom, in point of fact, this information is off the mark.
Millennials are much more super sensitive to the environmental elements as well as the world than the X generation.
‘’Seeks to make the world a better place and to perceive the globe in which they can think universally, they look about to be more ‘citizens of the world‘ rather than ‘selfish’.’’ says Mohab Ayoub.
An innovation that they do not know why or that has not been fully explained to them is a situation in which they refuse to be involved. A millennial who does not give in to the various requests his manager demands of him can easily give up and choose new beginnings.
As a result of their devotion to the freedoms of the gen Y, their creativity is also sufficiently high because of this reveal of their entrepreneurial side. Since their education level is highly qualified, they can easily communicate with people not only from the same culture but also different nations. While not missing new connections and opportunities, they especially prefer to establish a unique balance between private and business life.
Conditions to keep gen Y loyal
Conditions that keep the young generation’s commitment and excitement alive to the company:
- Defined goal: Unlike the generation that preceded them, Gen Y wants to have a specific purpose that supports their faith as they climb the career ladder.
- Desires and goals are more attractive than fuller paychecks.
- Guidance: They prefer career coaches to guide them in business life instead of bosses.
- Lifestyle: Their approach to work not just 7/24 jobs. They turn it into a lifestyle in which they are happier.
- Development: Generation Y is excited about the jobs they can improve themselves
- Continuous Communication: The new generation prefers to be in constant communication with their managers about different ways of improving themselves instead of traditional annual career evaluations.
It is the responsibility of the managers who will produce new business solutions that can meet the needs of this generation by appealing to the young ages and staying loyal to the companies they work with.
