It seems more and more companies are working to meet the high demands from millienials, who expect to quickly receive promotions, added responsibility and the matching salaries, not to mention flexible work and the option of working remotely.
Within the next 10 years millennials will comprise 40% of the workforce, and it’s for this reason HR must have the tools to find, train and retain Gen Y workers – but can a company go too far? If Gen X-ers and the Baby Boomers are afforded the same accommodations then the result may be an overall happier and more engaged workforce. Otherwise, resentment can build as those who feel they earned their place watch younger colleagues climb faster than they did.
Is it coincidence that the following policies are gaining traction at the same time companies are battling to hang on to their Gen Y workers?
Ways to win with Y:
No-limit vacation time
Sounds like a nightmare right? Who would work when they could be on vacation instead? But most companies with these policies, including high profile employers such as Netflix, say they’ve had little misuse.
Results only work environment
The fact is that you don’t hire someone to sit in an office for eight hours a day. If presence was all a job required you could tap on shoulders at the closest fast food restaurant and pay them minimum wage. So why the focus on time at desk? You want results, so judge results rather than managing based on attendance.
Mobile work options
More than 80% of workers say they want the option of working at home and as more and more jobs have an information-based aspect there are plenty of opportunities. According to telework expert Kate Lister, two or three days a week of working from home is ideal, and she estimates that Canadian companies could save up to $10,000 a worker through better use of resources and real estate.
Fast track training options
Just because it used to take five or 10 years to reach a specific management position doesn’t mean that others can’t get there faster. ING Direct’s Orange Rotation sees workers spend two years working through different departments, and software company Aprimo’s OnTrack program guarantees new grads a promotion within one year if they meet specific performance goals.