Generation Y will be the largest part of the workforce in 2015. A new study from Ashridge Business School and MSLGROUP says that Generation Y have a completely different attitude to work. The study shows that Generation Y, also known as Millennials, no longer go into the world of work with the expectation of staying in one organization and working their way up. In fact, 43% of those surveyed worldwide said they intended to leave their current company in the next two years.
Experts from the hospitality industry comment on the Generation Y workforce:
Research shows that Generation Y would prefer to have some freedom to live their lives rather than dedicate all their time and energy to work. On average, 89% of the working under 30s surveyed by Ashridge in India, China, UK, France, USA and Brazil, said that work-life balance was important to them. This tallies with research by PwC in which 71% of their millennial employees said that work demands interfere with their personal lives. This report also found that: ‘Millennials do not believe that productivity should be measured by the number of hours worked at the office, but by the output of the work performed.’
Generation Y also wants a new type of manager. In the Ashridge survey, overall, less than a third (31%) felt the role their manager played fitted what they want. They consistently said their ideal manager would act as a friend or mentor. In their working lives, a sense of achievement, feeling valued or respected, and job security were also highly valued.
This week’s videos feature comment from:
Nicolas Mayer, Partner, Industry Leader – Lodging & Tourism, PWC on how to maximise your Gen Y workforce.
Karen Friebe, Partner, Berwin Leighton Paisner LLP on increasing flexibility in work.
Ömer İsvan, President, Servotel Corporation on working with a new generation of talent.
Wolfgang Neumann, President & Chief Executive Officer, The Rezidor Hotel Group on company leaders connecting with Gen Y staff on social media.
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Video clips produced by ybc.hpgcms.wpengine.com for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.