Managing the Gen Y Workforce

The Gen Y members or the millennial generation has a reputation for being spoilt and hard to handle. That’s actually not true. You just need to manage them well. These are headstrong individuals who refuse to be a part of a command and control leadership structure. They believe in doing things because they WANT to and not because they have been told to do them by somebody else. The good news is that the Gen Y workforce thrives on setting new challenges for themselves and is focused on constant self-development. So instead of worrying about how you would manage the millennial clan, learn how to communicate with them:

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  • Give Constant Feedback

This generation seeks regular interaction and acknowledgement. Being stuck at a desk alone all day and getting work done isn’t enough. The typical Gen Y employee needs to feel that he is working with a purpose. So a supervisor needs to stay present and be consistent with feedback. You should check-in in some way. That could involve a weekly report or a quick coffee session. You are not expected to give out prizes every week, but let the employee know that you know about and appreciate his effort at work.

  • Be Flexible

Gen Y workers want to deliver results and be proud of themselves, but they probably won’t like being told exactly how to approach a project. It would be a better idea to explain the end result you seek. You should also suggest how to go about it and give examples of how it worked in the past, but don’t forget to give them a chance to provide their thoughts on it. Ask them how they would tackle the project.

  • Consider their Wellbeing

A lot of Gen Y workers continue to rebel against the morning to evening, stuck in a desk routine that people followed without question before. The millennial is focused on bringing value to his/her organisation, but not at the cost of wasting precious time. Long commutes are a major complaint. Allowing some days of work from home is a way to deal with this, as long as productivity levels do not suffer. If you absolutely need them in the office, then devise a plan of other benefits such as reimbursement for gym membership, a nap room, and chairs that keep their backs happy. This generation is more aware of psychological and physical burn out and its effects, so they will appreciate the gestures and be happier at work. And happy employees work well.

  • Encourage Growth

While Gen Y workers are known to change jobs frequently, that is not a reflection of their loyalty as much as their reaction to a lack of growth. If you don’t want to spend hours interviewing, hiring and training new employees every year, you need to understand the millennial’s thirst for learning and skill building. Be their mentors and not a distant boss. Talk to them about their future career goals. Give them time to attend important seminars and industry events. See if the company can support them in further education endeavours.

  • Keep Them Motivated

When a Gen Y individual joins a new job, s/he is ready to do ‘real’ work from day one. Challenging is the key word here. As their managers, you need to let them know that you would love to hear their ideas. It could be a regular brainstorming session, with the entire team. Creativity and innovation drive this demographic cohort; allow them to constantly contribute and never put down any ideas in front of the other workers.

There are numerous advantages of working with Gen Y. They are tech-savvy, fast learners and seek personal fulfilment. They are very competitive as well. These characteristics enable them to bring a vibrant force to decision-making and their work. Once you know how to interact with them, your company will benefit as well.

Making Sense of the Global Workplace

 

 

 

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Businesses have been tackling an evolving scenario post the 2008 market crash and the subsequent economic downturns. You’ve probably confronted some of those changes yourself whilst being part of a team. The demand for sales and trading roles isn’t as high as before. Mergers & acquisitions roles have gained popularity. With the jobs market being more stable now, a lot of people are interested in financial training as a key to switch roles or move to a different kind of a company. Reflecting on the globalised nature of the industry, top business schools are welcoming more and more students from around the world. There’s clearly been a rise in internationalisation.

Ethics and responsibility

The effects of economic ups and downs have not stopped impacting world financial centres. That is why there is a big emphasis on risk management, with B-schools updating their regulations curriculum consistently. Ethics is another area of interest that scores high on importance. Sustainability doesn’t lie far behind. What started as a small module in many business schools has become a core subject for many. A good knowledge of mathematical tools, plus a confident grasp of world financial markets, and IT techniques, is your recipe for success here. In fact, your current role has certainly exposed you to these aspects in some degree already. But even if you know it all, you need to know how to use it. An MBA programme such as the Nanyang Fellows MBA aims to create managers who are able to reflect on and look at the implications of their action AND their inaction.

Internal Collaboration

Collaboration and teamwork characterise today’s professional life, regardless of your location. Businesses want their employees to work together and create results even if they are thousands of miles apart. The global workspace now demands that you work together remotely, so a greater focus is given to international teamwork. If a business has teams collaborating efficiently, problem solving and the creation of positive results will come easily.

Knowing how to effectively collaborate is a skill you can nurture every day. Just always be open to spending time with all kinds of people even if you have a language or cultural barrier. Think of the executive who had coffee with a visiting colleague and how he found out that India doesn’t allow people to find out their unborn baby’s gender. That would definitely help him when he’s working on a campaign involving pregnant women in India.

Cultural understanding and agility

Global employers value cultural awareness and agility. You need to be ready to take care of yourself and business irrespective of your surroundings. That means that you could be sent off to live in a remote country for three months and you would have to deliver results while you are sitting there with the local people, eating their local food, speaking their language, and joining them for festive occasions. You may have already spent some time outside your home country, but did you stay there as a mere tourist? Next time you go somewhere, venture to spots that are not traditionally touristy. Who knows? You could find out something that the people don’t like and never repeat it again with clients from that country.

Leadership, consulting and entrepreneurship

Everybody wants to be a leader. The evolution of business and management careers has brought entrepreneurship and consulting to the limelight. It isn’t always about creating great products – it could also be about delivering unparalleled service that impacts multiple countries and thousands of people. The business industry sees people breaking away from the corporate ladder to start their ventures every day. When you choose to do an MBA, you get the opportunity to rethink your career path. Some successful start-ups have started from a college dorm room. So what are you waiting for with your years of experience? Build your business plan and take it from there. See how it goes. If consulting is your passion, then go for it. Once you are into it, you’ll know what is going right and what is going wrong.

The Nanyang Fellows MBA is for seasoned professionals like you, who are ready to embrace these challenges head on. The evolving business world needs well-trained professionals who can combine their experience with top class knowledge. That’s how leaders are born.