Generation Y brings a lot of changes. The working culture changed a lot compared to the generations before. The focus is not only on finding a job where you make a good amount of money.
Our future belongs to generation Y (millennials) and generation Z. First of all, what does this mean?
People who were born between 1981 and 1995 belong to generation Y. This generation knows how technology works and depends on it. People who were born between 1996 and 2010 belong to generation Z. They are also called post-millennials. We will have a more precise look at the working culture and values of generation Y, because most people of generation Z are not in the work environment yet.
Generation Y is more developed than ever before. A lot of them go to university, travel around the world und would like to work in big cities. The focus of this generation is on self-realization. They spend a lot of money on education in order to get a job they like. Fun within a job and flexible working hours get more and more popular. The term 'work-life-balance' gets more and more common. People don’t just work to make a good amount of money. They also work to fulfil themselves. This doesn’t mean that millennials don’t want to work extra hours at all. Most people believe that millennials put their freedom and fun above obligations. But they are also ready to put a lot of effort into their job in case they find one they like.
Lots of employers already try to accommodate themselves and offer drinks for free, football tables and flexible working hours. It still gets more and more common that millennials change their job every 1-3 years. According to Zeit.de, 70% of the sample of a survey stated that missing appreciation and missing feedback are the reason why the employees just do what they are told to and not more. Feedback is vital for individual fulfilment. Individual fulfilment is according to Maslow's hierarchy of needs the highest goal of most people. Without feedback on a regular basis, misunderstandings occur and lead to a wrong self-image and image of the other. The top-down feedback process becomes less important. Employees want to tell their opinion too. They want to receive constant and efficient feedback but also be able to give feedback to colleagues and managers. Millennials need the possibility to co-determine.
Employers should be aware of the development of the new generations. Otherwise they will lose high qualified employees. In return, millennials need to get out of their comfort zone and take responsibility for others in order to achieve a high goal for the company.