Gen Y Employees: The Future Leaders of Moving Companies
With a new generation comes a new group of employees. Today, pressure of developing today’s employees into tomorrow’s leaders is increasingly glaring. Why is the training so important? With different sets of skills than the previous generation, they can provide a competitive advantage. However, group characteristics make this difficult.
According to the U.S. bureau of Labor Statistics Generation Y employees, also known as Millenials, will make up as much as 40% of the U.S. workforce by the end of the decade. However, today most companies are devoting more than three-fourths of their development and training efforts to the previous Generation X employees and only 20% to their Generation Y employees. Today, this mistake can prove to be costly in the future.
Generation Y is a group often described as results-driven and entrepreneurial self-starters. Being surrounded by technology, this group is inherently more tech-savvy than their predecessors. These two aspects can prove to be a great advantage to companies if leveraged properly. Unfortunately, according to the Future Workplace survey, a staggering 91% of Generation Y employees have an affinity to job-hob. They stay at their current job for no longer than three years at a time in the pursuit of faster job advancement or a change in company culture. Because of this, some workers go through their entire careers without formal training. In addition, this high turnover rate is costly for many companies.
By training them early, you benefit both your Generation Y employees and the company as a whole. You not only give these employees enough to develop into great leaders, you also provide them with an incentive to stay onboard longer. If companies show a strong commitment to supporting the professional development of its Millenial employees and promote from within, you make it harder for them to leave the company for “greener pastures”. Of course, the sooner you begin training, the easier it is.
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