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8 Points to Consider When Crafting Your Gen Y Strategy
Written by Buddy Hobart on August 14th, 2009
There are many news outlets and economists who are saying the recession may be over. The challenging part of this prediction is that we won’t know for some time since recessions are not like a light switch that is either on or off. We now know we were in a recession as early as 12/07. It takes a bit of time for all of the evidence to be examined.
If we are, in fact, out of the recession, Gen Y will start to enter the workforce in record numbers. It is CRITICAL for businesses to be ready. Just like a recession, sometimes it is too late once all of the evidence is available. Businesses that have proactively put a Gen Y strategy in place will have access to the best and brightest.
Here are 8 points to consider:
1. Focus on your Gen Y recruiting and retention strategy IMMEDIATELY. Do not wait until you need to hire a number of new folks. Then it will be too late.
2. Get aggressive for talent. While there may be thousands of Gen Y’ers available, the best and the brightest will be snapped up quickly.
3. Make sure you have trained your experienced folks to be mentors for Gen Y. They are looking for leadership, and will be drawn to organizations who have a mentoring program in place.
4. Gen Y has learned a great deal from the recent recession. The current economy has taught them some valuable lessons about money and career, make sure you can help build on these lessons.
5. Make sure your “short timers” are on board. Just because they may not be working with Gen Y for the next 30 years, they should not be allowed to drive your talent out the door over the next 30 months.
6. Many folks have been humbled in these tough economic times. Do not allow your employees to take an “I told you so” attitude with your new folks. Once jobs are plentiful again, Gen Y will be as likely to leave a poor workplace as they were in November 07.
7. The recovery will be built upon a labor force who has 30 years left, not 30 months. Make sure your culture can support both and does not just support the folks who will not be here in the long term.
8. Gen Y will be looking at how you are loyal (or not) to your current employees, therefore it is critical to support BOTH ends of the tenure curve. Gen Y can be extremely loyal to those organizations who also display loyalty.
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