Generation Y, or Millennials, as they’re also known, are rapidly becoming part of the present workforce. They’re individuals who were born approximately between 1980 and 2000. They’re described as independent, optimistic, highly educated, goal oriented, technologically savvy, and ethnically diverse. They’re also highly collaborative, expect instant gratification, and believe work should be fun and challenging. Given these characteristics, what strategies should companies utilize to retain these young workers? The objective of this research paper is to provide company executives or anyone interested in the topic with information on how to effectively manage Generation Y employees in order to motivate them to stay with a company. This report is organized using the general to specific pattern. This is done in three parts. The first part provides a general understanding of the topic researched. The second part provides a literature review, which is a summary of the sources utilized in the research. The third part presents an analysis of the research results which leads to a conclusion on the topic. The expectation at the beginning of the project was that companies would try to retain the Millennials by paying them higher salaries and making work fun. However, research conducted on this topic showed that although Generation Y employees desire an enjoyable work environment with great pay, they place a strong value ongoing training and feedback from their superiors, flexibility to balance work and personal life, and the ability of a company to utilize new technologies to improve performance.
The research for this paper was limited to the Montgomery College Library online databases and government internet sites. The sources surveyed were from various business periodicals. Ten sources were researched from two databases, Academic Search Complete and Business Source Complete. The latter being the most useful because it provided information from business professionals on the topic. Literature Review
Conrad, S. (2009) Feedback Loop. Mechanical Engineering, 131(8), 24-25. Retrieved from http://memagazine.asme.org/ Sean Conrad is a senior product analyst at Halogen Software of Ottawa. Ontario, a provider of talent management systems. According to its website, Mechanical Engineering magazine is the award-winning flagship publication of ASME international (The American Society of Mechanical Engineers). It provides an interdisciplinary view of engineering, the challenges it faces and its future breakthrough technologies. This source came from the Business Search Complete Database of Montgomery College library and therefore it is reputable. The author’s essential thesis is that young engineers want constant performance feedback from their employers. His advocacy position is that engineering firms need to provide constant performance feedback to their Generation Y employees in order to keep them motivated. He provides examples of how some firms are introducing new programs that provide ongoing feedback to their employees. This source provides an overview of how engineering firms need to change their strategies in order to attract and retain their younger employees. The most significant information related to my topic is that the author suggests that engineering firms should provide constant performance feedback to their younger employees and provides evidence of how following this strategy has benefited a particular firm. In this case, Kennedy/Jenks Consultants, an engineering consulting firm. Havenstein, H. (2007) IT Faces Stiff Challenge From Emerging Workforce. Computerworld, 41(51), 16-17. Retrieved from http://www.computerworld.com
Heather Havenstein is a senior reporter for Computerworld. She covers Web 2.0, emerging technology, application development and business intelligence. According to its website, Computerworld has provided information on new technology, desktop computing, networking,...