Young Retribution

Thinking Out of the Box Young Retribution

Funny Things

When it comes to remuneration for people’s work, money is a funny thing. It has different meanings to different people: some view it as freedom, some as the means to a lifestyle, some as security, some as status, some as recognition. In essence, money can fulfill any of the needs that we address through working. That’s why it’s impossible to put a dollar amount on motivating young people. The wage or salary that is offered would have to meet all of these various needs to be satisfying for everyone. Of course, everybody needs sufficient earnings to pay for the necessities of life. Beyond this, however, today’s young people are more likely than previous generations of youths to put an emphasis on the status and lifestyle aspects of money, which means that they will be seeking wages that seem exorbitant to some employers and which are unlikely to be attained in today’s economy. For young people to avoid the dissatisfaction and anxiety that come with unmet pay expectations, they are going to have to assess what it is that they’re really looking for from their working lives – their true work values – and how they can achieve them without high salaries.•

Forget Price Tags

Money and titles are not enough for Gen Y. They want much, much more than that. Beyond compensation and benefits, attracting and retaining Gen Y employees requires work-life balance, leadership opportunities and meaningful work. Gen Y doesn’t have such a strong attachment to that division of work and personal time. A weekend email from the boss or a client text after-hours is not such a big deal – as long as they also have the flexibility to let their personal lives occasionally intrude on their workday. Leadership for Gen Y isn’t about being the boss. They define leadership as being able to move a team towards a collective goal. As a group, they tend to be collaborative and very communicative. They are accustomed to using technology in their day-today lives and will naturally expect to have those same communication tools at work. Meaningful work means means challenging responsibilities and not just menial tasks. Having grown up on the Internet and social media, these young people consider themselves global citizens – and they want to know their companies are making the world a better place.•

Rewards

Generation Y members don’t seek a job as much as they seek an opportunity. The results of the different studies concur the size of the employer and or the recognition of the employer brand did not define an employer of choice but rather the job opportunity and challenge, varied role and career pathway, workplace culture, lifestyle benefits, management style, and work-life balance. The increase in workplace ping pong tables, lunchrooms equipped with coffee machines and sandwich makers, and work meetings held in the local cafe highlight the recognition of staff wellbeing, team engagement and activity-based working in achieving better retention and commitment. The favor is likely to be returned as well – with the advent of technology Generation Y is likely to be found checking their work emails frequently out of hours, as well as working on the weekends as well. It is self evident that every business, team and brand is just one generation away from extinction. Only by recruiting and engaging with the next generation of employees will we maintain an innovative outlook, a relevant workplace culture and a future proof organization. Oh, and it will probably be a dynamic and fun place to work too. •

SEAN LYONS

is Assistant Professor at University of Guelph. He teaches courses in Organizational Behavior and Human Resource Management. ELIZABETH COGSWELL BASKIN

is president and CEO of the communication agency Tribe. She is the author of several books, including “Run Your Business Like A Girl.” MARK MCCRINDLE

is the Director of McCrindle Research is a renowned social researcher, demographer and commentator.