Did you know that each day for the next two decades, 10,000 baby boomers will turn 65?1 Besides the office celebration, pooling together for cake, and the generic “from all of us” card, how does this affect a company? Not only is a portion of your workforce getting older, they’re also prepping for the big “R”; retirement. While you knew this day would eventually come, is your company in shape for it? Don’t panic, there’s no need for any sort of exercise equipment; however it’s time to evaluate how attractive your business is to potential candidates who are admittedly more tech savvy.
Millennials, or those born during or after the early 1980s, are one of the newest and, sometimes, underrated groups to join the workforce2. Although Gen Y applicants may not have as much professional or life experience as would a Gen X or Baby Boomer, they do possess technical and timeliness skills that outreach their older counterparts. Not only are they extremely tech-proficient, they also value a good work/life balance, bettering their internal and external environments, and typically do not require as much long-term job security as their older co-workers. Another Gen Y characteristic that improves the dynamic of a company is their fast-paced, on-demand nature; they’re willing and able to make things happen quickly, as long as their environment is set up for it. So how can your company attract these prospective top performers?
Gen Y-ers are eager to contribute to company improvement and enrichment. To stand out amongst other companies, you must evaluate how streamlined your technologies and business processes are. You don’t have to be Google, but in order to fish in the high tech applicant pool you better have tech savvy bait on your line. This means more than just investing in new computers. It means moving your company forward through business process automation, and leaving antiquated, largely inefficient methods in the past. Due to their “on-demand” nature, Millennials just won’t tolerate business practices that create unnecessary bottlenecks. They’re looking for streamlined and automated processes that allow them to focus in areas of business where they can make a greater impact.
Largely, Generation Y has a multitude of assorted knowledge, technological skills, and new ways of thinking that could benefit the right companies, but in order to attract these potential top performers, organizations must adapt to meet the growing needs and expectations of these potential applicants. If you’re asking yourself, “Why would I change my business to get younger, diverse talent?” Think about the companies who failed to adapt quickly enough (i.e. Borders, Circuit City) and their gloomy fate. Perhaps it’s time for change.
1 Pew Research Center Study
2 PrincetonOne “Understanding Generation Y: What You Need to Know About The Millennials