New Kids on the Block: No, Not the 80’s Boy Band — the Millennial Generation & Generation Y
Hewlett Packard recently announced that employees would no longer be working from home and Yahoo announced a ban on working from home back in February. These changes from flexible working options to the traditional model of yesteryear are especially surprising given an article recently published in the October issue of HR Magazine about The New Kids on the Block.
Deloitte & Touche LLP hired 17,000 U.S. employees during 2012, and most of them were Millennials. “By 2015, over half of our employees will be Millennials,” says Paul Silverglate, a partner in the financial services company and managing partner for work/life in San Jose, Calif. To understand what is important to this generation, Deloitte created a national Gen Y Council in 2009 to serve as a sounding board for senior leaders.
Who are the Millennials, and why does their influence matter?
What’s important to Generation Y? Flexibility, transparency and community. They demand flexibility around everything – when they work, where they work & how they work. They want transparency – they want to understand how and why things are done as well as how decisions are made. And they want a sense of community in their professions – places to gather and share ideas, to be part of a group and work in teams. Why is their voice important? By 2015 they will outnumber baby boomers in the workplace and by 2025 they will make up 75% of the workforce.
Before long these “New Kids” will be the majority, and no matter what their voices will be heard. Moving back to old models of employment might seem to behoove a struggling company in the short-term, but cause brain drain and recruiting problems if organizations hope to lure in the best of Gen Y and Millennial talent. It’ll be in interesting to see how these new policies work out for HP and Yahoo.
