How to make more ‘Zuckerbergs’

Who belongs to Generation Y?
Born between 1980 and 2000, Generation Y provides the newest entrants to the workplace. This is the largest generation since the Baby Boomers and will exert even more influence. This is a generation celebrated for its confidence, dedication to equality in the workplace and global perspective. Growing up with digital technology, their numbers and unique characteristics mean that they have a huge impact on society – not least, on employment patterns.

Why should organizations care?
Since there are not enough members of Generation X to replace the Boomers, organizations will definitely need Generation Y to fill the leadership gap once the Boomers retire. In short, Generation Y is the future of Asia’s workforce and there is a need to cultivate, as well as leverage, this talent pipeline.

The war for talent demands that more focus should be placed on Generation Y. How to cultivate this emerging talent pipeline in order to effectively recruit and connect with Generation Y in Asia?

In Vietnam, for example, 50 percent of its 90 million people are under the age of 30. They are highly literate and speak several languages.

In China, there are 567 million people below the age of 30, of which 200 million are over the age of 18.
In Singapore, there are currently approximately 400,000 members of Gen Y in the workforce.

Approximately half of India’s one billion people are under the age of 25. With the Indian economy continuing to boom, thousands of new jobs are created daily. The lifestyle of India’s young generation is changing. Whilst they retain deep connections to family, they are motivated by money and the social status that follows. Loyalty to an employer is no longer a priority, pay is the considering factor. Employers have to deal with high rates of attrition.

In China, many between the ages of 18 and 24 grew up as the only child due to the country’s one-child policy. It is the first time in the history of this cultural monolith that the nation’s youngest adults are defining themselves as individuals, whilst eschewing the imperialist and collectivist traditions of the past. These young Chinese are the same as their peers from other regions of the world - they are rejecting the old “work hard and get rich” mentality in favour of a lifestyle dedicated to freedom and personal satisfaction. They have their own set of values, views and opinions on the ideal work environment. Being technologically sophisticated, Generation Y is the highest performing generation in Chinese history.

Multinational companies identify these Generation Y Chinese as not only high achievers, but also extremely adventurous, impressionable, and consequently, highly employable. Urban Generation Y Chinese are far more susceptible to Western influences than their older city counterparts. This is the group leading the globalization of contemporary China. Known for their better education, open-mindedness and drive, they are the hottest commodities in the current job market across Asia, and there is a huge effort on the part of multinationals to attract this target market and shape them into tomorrow’s business leaders.

Since Generation Y from China, India, and throughout Asia are the anticipated leaders of tomorrow’s Asian business world, multinational organizations are hotly debating strategies for attracting and retaining this most entrepreneurial and individualistic population group.

Employers have to recruit differently in this changing employment market, regardless of geography. Generation Y values work/life balance more than any other generation. The historical Asian culture of working long hours over many years of loyal service to a single employer is now passé. Organizations need to offer a more flexible work style: it is not a matter of where employees work (office versus home), the time of day they are working (daytime versus evening/night), or the amount of hours they choose to work, but their overall performance and contribution that count.

Generation Y is a highly entrepreneurial group who grew up multitasking with the great advantages of technology. Companies will need to learn how to blend the workplace and the life-place to stay connected to this borderless Gen Y group by offering flexible work schedules, the option of telecommuting, sabbaticals, and exchanges with other offices around the world. Rotational development programs, leadership development, mentoring programs, and continuing education are normal expectations of the Generation Y candidate. Their thirst for a quick path to success means that companies who can provide such programs will attract the best that generation has to offer.

Rejecting the traditional “command and control” style of work environment evident amongst previous generations, they need to have their suggestions heard by employers, be treated as individuals, and feel a connection with the company and its values. For Generation Y, the workplace acts as a social network and they want to create relationships within the organization. Team building and company social events will help keep them connected with their colleagues.

In an ever-shrinking world where the number of Generation Y expatriates continues to grow, an increasing number of new graduates seek to gain an advantage over their peers, selecting global companies who offer increased opportunities for overseas assignments and the international exposure that results. The reality is that relocating to a new country is viewed by Generation Y as an exciting adventure to be enjoyed, offering the chance to explore a new environment and culture, whilst providing in many cases a stepping stone to a new and lucrative job with another company upon their return.

It is clear that companies in Asia are evolving in order to offer high degrees of flexibility, personal development, and training and career opportunities that attract Generation Ys. For Generation Y, career changes are regular. Candidates will select an employer who can help them not only achieve their professional and career aspirations, but also their personal and social needs. It is no longer a case of the employer selecting the candidate, but rather, the candidate selecting the employer.  

Marion Gamel, Global Director of Marketing, Alexander Mann Solutions