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What is generation Y?
Generation Y, also known as millennials, comprises people born between the 1980s and mid-1990s. Born in the age of the internet boom, this generation is known for being the most connected generation and is often dubbed as the digital natives.
Generation Y is predicted to be a major part of the working population in the next few years. These employees demand a sense of autonomy and purpose in their job role, like to be held accountable, enjoy feedback for their work, and value mentorship opportunities and skill training at work.Generation X comprises individuals born between 1965 and 1985 and is the generation that came right before the millennials. They are characteristically independent, self-reliant, self-sufficient, resourceful, and hard-working. Generation X is characterized by their capability for self-care and had a tougher childhood than millennials or Generation Y.
Baby boomers are the people born between 1946 and 1964 and are the employees who are next in line for retirement. Unlike millennials, baby boomers value non-monetary rewards like flexible retirement options and peer recognition in addition to monetary compensation.
What do generation Y employees look for when choosing a job role?
Company culture
Generation Y employees respect companies with strong ethics and good work culture. This is the generation most likely to choose a job based on what aligns best with their ethics. Therefore, organizations with a culture built around values attract the interest of these employees and are able to keep them engaged for longer.
Flexibility
Being the youngest generation of the present workforce, millennials prefer organizations that follow futuristic employment patterns. They are more likely to go for jobs that allow them flexible work schedules and the option to work from anywhere.
Continuous feedback
Generation Y thrives in an environment where there is open communication via multiple channels. They expect to receive regular feedback for their work and appreciate actionable insights which they can work on and grow as a professional.