This is Tom, Generation Y, also a known as
a Millennial. That’s not some kind of secret code for ‘super powers’, it means he was
born somewhere between 1982 and 2004. And this is Molly, Generation X. Molly’s
grandparents had between 1 and 2 employers in their lifetime, her parents – the baby
boomers – had about 3-4. Molly is likely to have double the number of employers her
parents had, does this mean Tom is likely to have double that of Molly?
Confused? Don’t be. This means that Tom could have 15 to 16 employers throughout his
career, and if Tom has children, Generation Z -or digital natives- they’ve been technology
whiz kids since before they could talk, could they have up to 32 employers?
Since 2009, Adam Kingl from London Business School has been surveying Generation Y to
understand their attitudes towards work, employee engagement, and leadership. He set out to
answer a number of questions on the future of business: If the number of employers doubles
for each generation, what expectation does this set for Generation Y who are already
entering their 30s, and in some cases, already leading in organizations? 90% of those surveyed
said they planned to leave an employer within 5 years, with over a 3rd giving it just 24months.
So, how can employers ensure value from employees who only stay a short while? It’s a tough
one, there’s almost 40% start a new role already planning their next career move, and
are rarely dissuaded by promotion opportunities. 54% actually feel more loyalty to their team
than to the organization, but what matters to them most is a good work life balance,
and organizational culture. So, Tom cares about his colleagues, but what
else does he care about? 43% of the Generation Y surveyed said, as future CEOs, they would
prioritize making their organization and world a fundamentally better place over focusing
on the financial worth of the business. So, as work life changes with the evolving
priorities of Generation Y, which employers will win the war for talent? They’ll be
the ones who can redefine what it means to work for them. We’re crossing a meridian
where financial value is no longer king, and social and human impact are increasingly important;
a collective leadership culture is talking hold, driven by a sense of community, and
the courage to think beyond just the quarterly results.
Right now the future of business is being shaped by Generation Y, but what impact can
we expect when Generation Z are in charge?