The paper 'Generation Y Employees Are More Difficult to Maintain than Old Generation Employees" is an outstanding example of business coursework. It has become increasingly difficult to maintain the young generation in workplaces in the 21st century. This has been a concern to many employers across the world. The rising concern is based on the fact that a growing organization needs to reorient its workforce in order to attain maximum success. A firm that constantly upgrades its workforce and its strategies are more likely to perform better as it changes its approach towards tackling major issues affecting it.
The growth in the number of old generation workers compared to the younger workers is as a result of a critical shortage of young workers willing to work. Contraction of the young workers’ labor market started with the onset of the baby burst period. During the latter part of the 20th century, in the period between 1946 and 1964, there was a high availability of young workers (Dychtwald & Baxter, 2007, p. 325). These workers have become of age now and because firms are complacent in recruiting younger employees.
Consequently, the older generation is performing tasks designed for the young workforce. As the older generation retires, the employed workforce declines. For example, the employees who started working in 1946 were to be eligible for retirement in 2006 if the retiring age is approximately 60 years. Thus, these employees need to be replaced by younger employees whose supply is limited. This will create an excess of the older generation workforce. It is estimated that by 2015, the older workforce will comprise 20 percent of the total workforce (Sherwood, 2005, p.
42-46). Therefore, attaining new talent and development of future leaders should be a major concern in every organization’ s staffing process. Organizations need to look into new ways to attract younger workers (Twenge & Campbell, 2008, p. 871). There is intense competition for the skilled labor force among companies worldwide. This is due to the decrease in fertility rate as it is estimated that over the last 30 years, the fertility rate has dropped from 5 percent to at least 1.6 percent (Centre for Strategic and International Studies, 2000, p.
2). The decline in fertility rates has caused a severe shortage of young workers. Firms are therefore forced to retain their older workforce. Each year, the number of a new entrant to the labor market continues to drop and the supply of older workers to younger workers in increasing steadily (BIS Shrapnel, 2001, p. 186). Organizations are therefore looking for the older generation to supplement the skills and knowledge of the younger workforce. Firms will also need to implement new strategies to incorporate the younger generation into their workforce. Organizations need to devise a means to transfer knowledge from the older generation to newer generation employees.
This way, the firms can fill vacancies with an ever-growing number of candidates (Lowe, Levitt & Wilson, 2008 p. 44). However, the management will have to retain the older generation employees by crafting strategies aimed at employee retention. Executives in organizations are forced to come up with outward-focused retention strategies as well as inward-focused retention strategies as this will allow diversity in their workforce, hence an effective team of employees (Myers, Arbor & Dreachslin, 2007, p.
1). Organizations seeking to recruit new and younger workers should be willing to go to campus in order to reach them. Campus fairs are a good source to fish for young workers. They will also need to attend professional conferences and join associations that are mainly youth-oriented. The Internet job posting can also be an activity that a firm can look into in order to ensure the incorporation of young employees. These young employees, often referred to us the generation Y, were raised in a period of economic expansion.
They are now experiencing a recession and this has contributed to their scarcity. Popular literature reveals that older generation workers work best under close contact and strong leadership. This group is willing to work in any environment as long as they achieve meaning in their work. This generation X group of employees is interested in achieving a work-life balance suited to their individual needs. In contrary, the generation Y cohort is social and culturally diverse (Meier, Stephen & Crocker, 2010, p. 68). This group aims at getting an interesting work with flexible schedules.
They want independence and a job that will ensure their growth and development. Both generations have a common aim: they are all motivated to do well and managers should carefully assess them to ensure a diverse employee team. Recently, organizations’ management has started looking into these group differences and their impact on workforce management and employment relations among others. Managers are seeking ways to incorporate both groups in their firms. The generation Y employees are characterized by hygiene and motivation needs such as personal life, working conditions, relationship with supervisor and peers, achievement, advancement and responsibility among others factors (Westerman & Yamamura, 2006, p.
154). Thus to retain this cohort, managers need to support work and life balance in the workplaces. This group believes that professional life is just as important as their general life. Managers also have to provide opportunities for growth and development. This can be done by offering them challenging work as this furthers their knowledge and skills. Generation Y workers need to be motivated constantly and this can be done by rewarding them on their achievements.
A safe, comfortable working environment can also draw the young worker to a firm, thus, the management should be focused on ensuring suitable environments for these workers (Hunt & Rasmussen, 2007, p. 47). Generation Y employees view being trusted with great responsibilities as a great motivator and hence, increasingly challenging work activities must be assigned to them often. Compensation is also a great youth attractor. Fair compensation will pressure the generation Y workforce to remain in their organizations. As many theorists suggest, generation X employees do not need many requirements as they work to fulfill their individual needs.
(Wong et al, 2008, p. 882) In order to maintain this interesting mix of generation Y and generation X, then an effective manager will be required to develop an understanding of the mindset of each of the different generations (Kogan, 2001). So as to retain these two categories of employees, there is a need to identify the factors that affect an industry’ s workforce. Factors like labor retention, labor-saving processes, technology adoption and training among others determine an industry’ s workforce as they can either cause an organization to lack or have employees (Chen & Choi, 2008, p.
597). Employee turnover is greatly influenced by the ability of an organization to adopt new technology. An organization with high technology is more likely to attract employees and moreover, to retain them. In addition, a firm that offers training to its employees will attract more workers, therefore, avoid a high labor turnover. Chen and Choi (2008) suggest that a combination of human capital, demography, and psychological attributes all matter in explaining the variance in turnover cognitions of many organizations.
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