According to a review of employment literature, millennials want more vacation time and time for themselves. It is a stark contrast to the needs and wants of workers three decades before. In addition, millennials wanted greater pay with relatively less work given to their employers. Their attitude towards work is significantly different from those of who are called â€œbaby boomersâ€, the members of the Generation X and Generation Y. They have high expectations and employers had to understand their sentiments or suffer through high turnover rates. However, the high expectations and great demands of the millennials may collide with the reality of present unemployment and the various impacts of the global financial crisis. Nevertheless, it is imperative to ask this question: Does the reality of four distinct generations in the workforce require any organization to reevaluate or restructure their current package? The answer to this question is both yes and no. There is a need to restructure compensation packages with regards to highly skilled millennials but not for those who can be easily replaced and whose jobs can be outsourced.
Before going any further, it is important to point out that â€œmillennials are born between the years 1979 to 1990â€ (Hegar, 2012). This statement regarding the timeframe of their births reveals the age bracket that they belong to and it gives a clear idea of how young the millennials are. The youngest are new entrants to the labor market while the oldest are those who can handle jobs that are reserved for top management.
At first glance it can be argued that millennials are more pampered and more sophisticated than members of the Generation Y. The members of the â€œbaby boomersâ€ are not only hard workers but they are grateful to find work. They know what it feels like when life in the United States was difficult. The members of Generation X and Generation Y are recipients of the hard work of their parents. But members of Gen X and Gen Y still value hard work because these are the people who had to deal with the changes brought about by the rise of corporations and specialization in careers. Thus, members of these two generations had to endure the realities of a working student or a professional who continues to pay for student loans.
Millennials, on the other hand, no longer need to worry about their tuition fees because they have successful parents who can bring them to the best schools and need not worry about the expenses. But there is another reason why millennials have a different view with regards to work. This is the generation that fully experienced the impact of the digital revolution. Secondly, they grew up in an environment where people enjoy life without thinking if they can really afford it. As a result, â€œmillennials love to wear designer clothing, jewelry, and watches. Looking stylish is important as well as feeling good about themselves (Hegar,.93). It can be argued that millennials seem to think that they have rights and privileges.
Millennials have a sophisticated view of the world. According to one commentary, â€œMillennials seek a multidimensional life by satisfying themselves through their work and personal lives. They’re responsible and dedicated, but they expect flexible work schedules that will enable them to lead fulfilling livesâ€ (Sujansky & Ferri-Reed, 12). There seems to be a carefree attitude towards work, â€œMillennials see work as an extension of school without the tests and teachers â€¦ work is like paid recessâ€ (Pasieka, 7). Thus, their attitude is a challenge for their employers.
The initial reaction of those who belong to the other three generations is to ignore their whimsical attitude or their high standards. But there is one problem that cannot be ignored. The members of the millennial generation are those who fully understood the digital revolution. These are workers and specialists who studied computers, networking and mobile telecommunication. These are the people who understood the intricate nature of the World-Wide-Web. It does not mean that the baby boomers, Generation X, and Generation Y do not understand how computers and the Internet work. But the millennials understand the future and they are more aware of the potential of new technology. Therefore, they are valuable workers. Their contribution to the success of the company cannot be denied.
The problem faced by employers is that they need to retain top talent, especially those who are members of the millennial generation. According to one report, â€œUnless companies find ways to attract Millennials more effectively â€“ and to resolve their short job tenure â€“ the turnover problem will continue to cost companies dearlyâ€ (Sujansky & Ferri-Reed, 12). It is very expensive to hire a millennial, train him or her to learn a particular system and then, after less than a year decides to resign.
Â There is no way to deny the fact that â€œbusiness leaders must find solutions on how to attract, manage, engage and retain Millennial employees to have organizational successâ€ (Pasieka, 9). But at the same time the millennials must learn to value work in the sense that they learn loyalty. One way to make them understand the value of loyalty is to make them realize this sobering thought:
In October 2009 unemployment among 16 to 19 year olds reached nearly 28 percent. Among those 20 to 24, it was almost 16 percent, and in the 25 to 34 age cohort (a group that contained the very oldest Millenials), more than one in ten did not have jobs. A pew survey conducted that month reported that nearly two-thirds of Millennials (61%) came from households in which someone was unemployed at some time during the previous year (Winograd & Hais, 34).
For those who are highly skilled, especially those who are experts when it comes to digital technology, mobile telecommunication and the integration of business with computers and the Internet, the employers had no choice but to restructure their compensation packages. These types of workers are specialists and they are in high demand. They cannot afford a continuous turnover rate. It is very costly for the company to lose a highly trained staff. However, those whose jobs are not in demand cannot afford to treat their jobs as if they can afford to lose it. It is no longer true that they can easily find work. This is especially true when it comes to jobs that can be outsourced. Another way to deal with the problem is to make the millennials understand how to value their work. There is one piece of advice given by employment strategists, â€œthose who are older than the Millenials have a great opportunity to influence this huge generationâ€ (Rainer & Rainer, 282). Employers must not only revaluate their compensation packages, they also need to create a program that will ensure the retention of highly skilled members of the millennial generation.
Employers had no choice but to restructure their compensation packages for those who possess sought after skills. They cannot afford a high turnover rate. They have to retain top talent. But for employers who deal with ordinary workers, those whose jobs can be outsourced, they have an advantage over their employees. The employers can make them realize that loyalty is an important virtue in a tough employment environment of the 21st century. But for those who had to deal with highly skilled workers they have to find ways to attract and retain millennials. It cannot be denied that the millennials fully understand the future of digital technology. Their contributions are highly valued and therefore they have the capability to demand higher pay and less time from work. Employers must be wise enough to find the critical balance of a sustainable compensation packages and the need to retain the best workers in order to achieve organizational success.