Generation Y: The Demand for Innovative HRM?

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Table of Contents

Introduction
Conclusion
Reference List

Introduction

As many companies may have noted, there is a generation that is rapidly expanding in influence and power across all continents- the millennium generation. The millennium generation mainly consists of individuals that have been born from 1982 to around 2001.

At the workplace, the talent and capacity of millennium employees cannot be ignored. At the market, the increasing capacity of the millennial to consume goods cannot likewise be ignored.

As such, it would be foolish for companies to slumber in incorporating policies that are attractive to the millennium generation. In this paper, I will be discussing some of the important ways in which a company can attract the emerging generation of millennial.

In the direction of attracting the millennial, consideration will also be given to how companies can retain the older generation of employees and customers.

While Woodruffe (2009) believes that significant changes are required in attracting, developing and retaining the millennial generation, Kyles (2005) believes companies should focus on finding strategies which appeal to all generations.

The millennium generation includes individuals that have been born between 1982 and 2001. Many companies agree that the millennium generation will continue to grow in the market share; hence, a need for companies to develop products that are appealing to the unique needs of this (millennium) generation (Carlson, 2006).

Such a scenario has presented a dilemma for many companies. The dilemma is whether to concentrate on the older generation of customers, or focus on the new and emerging millennium generation (Carlson 2006). The outstanding idea in Woodruffe’s belief is that as the millennium generation increases its capacity of market share, there is a need for companies to tap into this emer

ging market by developing products and services that appeal to the millennium generation (Consoli, 2006). On the other hand, companies cannot simply concentrate on attracting the millennium generation while ignoring older customers.

As such, Kyles has suggested an approach that can be used by companies to balance between the needs of the millennium generation and those of older customers-developing enduring strategies and products that appeal to both generations.

In what ways are the needs of the millennium generation different from those of the older generation? Here, I will be focusing on the needs of customers. According to a report by the economist intelligence unit, there is need for companies to develop different approaches so as to attract millennium customers (Consoli, 2006).

Unlike the older generation of customers, the millennium generation obtains information on products through social networking websites and other internet interactive platforms (Carlson, 2006).

Here, many people may prefer online shopping, where they shop and purchase products online. Instead of visiting company offices to make inquiries on products, the millennium generation relies on online and media recommendations to buy products (Consoli, 2006).

Therefore, it is obviously important for companies to invest in peer marketing. Celebrities are especially influential in marketing products here. Moreover, rather than focusing on quality alone, the millennium generation has a deep interest in self tailored and unique products.

It is therefore important for companies that are keen on attracting the millennium generation to invest part of their marketing resources in new and emerging technologies, such as the internet. Focusing on the unique shopping behavior of the millenniums will also be helpful to companies with an interest of sharing the millennium market (Fields, 2001).

While workforce planning has long been a function for many organizations, it has become of increased importance because of the emergence of globalization, changing demographics, and other factors (Carlson, 2006).

Because we are interested in innovative HRM so as to attract the millennium generation, it is important to consider how the above changes affect the attraction of a talented and millennium workforce.

Since many companies are going global, so as to obtain a share of the global market, it is apparent that such a direction will lead to an employment of a workforce that is divergent in geographical demography, lifestyle, among other differences (Consoli, 2006).

A fruitful trend that has been emerging is one in which multinational companies establish sub independent companies in multiple global locations. Here, it is possible for each global area of operation to focus on unique and specific needs at play in its specific market (Consoli, 2006).

Issues of salary, experience, education, among others will obviously vary in different localities where the sub independent companies are based. However, it is important for companies to establish unique standards that are necessary for a creative workforce irrespective of where such workers may be based (Fields, 2001).

How is the millennium workforce different from the ordinary workforce? One of the most important characteristics that are present in most millennium employees is a desire to develop personal relationships with their employees (Carlson, 2006).

Most of the millennium employees will want to develop a nurturing and respectful relationship with their managers. Ordinarily, millennium employees will want to contribute to the decisions that are made by their employees, and would desire to develop and implement new ideas for the management (Carlson, 2006).

Therefore, rather than focusing on a bossy approach, the attraction and retention of the innovative millennium employees would call for a respectful relationship; beneficial to both the employee and manager.

Such a direction would call for a regular and respectful communication between managers and millennium employees (Consoli, 2006). Moreover, most millennium employees desire to grow in their careers as they attain personal development.

Such a trend would necessitate that managers implement programs that help their millennium employees to grow in their careers (Fields, 2001). Since such employees are not averse to tasks that are challenging, but fulfilling to them, it is useful for employees to develop a creative and a challenging environment for their employees.

Therefore, an opportunity that is presentable with a need to attract and retain a millennium workforce is a need for innovation (Carlson, 2006). Obviously, with the cut throat competition that presently exists in the business world, a definite approach for businesses to survive is to adopt a creative workforce.

Such a workforce would aid in the development of unique products that will always appeal to the market (Carlson, 2006). How can managers attract and retain a creative workforce? The first step would involve recruiting a talented millennium workforce; that is filled with new and unique ideas (Consoli, 2006).

The second step would involve the creation of a working environment that would promote innovation at the workplace (Consoli, 2006). Such a direction would involve an inclusiveness approach that values and encourages the workforce to develop new and innovative products for their companies.

Moreover, there is a need for companies to establish a system of supporting and refining ideasthat have been presented to the management by a creative workforce (Fields, 2001).

Here, it is important to avoid discarding any new idea that has been presented by an employee. Whenever such ideas appea to be credible, necessary support should subsequently be given to the concerned employee.

While Eckle (2009) suggests that social networking sites are good recruitment sources, Solove (2008) believes that information gathered from such sites is unreliable, and therefore, they are not a reputable source (Fields, 2001).

However, since the millennium workforce is mainly available at social networking sites, for companies to recruit a generation of millenniums, it is needful for companies to do some recruitment at social networking sites (Fields, 2001).

The obvious advantage with recruiting at social networking sites is an ability to select from a wide and global database bank of applicants. Furthermore, the process is cheaper, and it is possible to shortlist applicants at the stage of viewing their databases (Consoli, 2006). With emerging soft wares, it is possible to even automate the process above.

Here, it is easy for companies to filter applicants on the base of important attributes that they require from new employees. However, a social networking system presents a number of difficulties. Often, candidates may post impressive, but untrue information; that has been carefully designed to attract the eye of employees) (Carlson, 2006).

Besides, a non interactive physical environment with an applicant may overlook important parameters necessary for a company to decide on whether to recruit or not (Carlson, 2006).

Just like many other aspects of HRM, the issue of recruitment is becoming complex with time (Sago, 2000). With such a trend, there is an increasing need for companies to outsource some of the services that they normally perform.

By outsourcing a proportion of HRM services, a number of benefits can be accrued (Sago, 2000). Many HRM outsourcing agencies have created platforms for the recruitment and management of other HRM services.

At some levels, such companies have established platforms where they obtain multiple data banks for recruits online. As such, they are capable of initiating a program of recruiting designed to produce the best quality of applicants (Fields, 2001).

In some cases, recruitment agencies can go a step further to train potential recruits. Such a direction is important in ensuring that clients obtain recruits that have prerequisite skills (Fields, 2001).

Usually, such applicants are finally presented to clients for consideration. Moreover, useful resources, like soft wares for managing the human resource, can be accessible to companies through consultancy firms.

Besides, it is possible to easily update the skills of the workforce, which can be available through the services of consultancy agencies; hence, helping to boost the output of the human resource (Carlson, 2006).

As we had seen earlier, understanding the unique characteristics of the millennium workforce is necessary for creating an innovative employees; hence, innovative products, It is also important to understand that challenges that companies may face in an effort to accommodate millennium employees (Sago, 2000).

So as to retain the useful talents of millennium employees, it is important for companies to develop a comprehensive, and a clear system that can be used to reward innovative and hardworking employees (Jopling, 2004).

The use of bonuses, salary increments and promotions, are among the options that can be utilized by companies in the direction that has been described above (Jopling, 2004). As I had mentioned, a process that involves employees when deciding on important issues is also useful in motivating the young generation of millennium employees (Carlson, 2006).

Even with such innovations that may be precisely designed by the human resource to attract and retain the talented generation of millennium, it is ignorant for companies to ignore the needs of the older generation of employees. With such an arrangement, there is a need for companies to develop policies that carefully balance between the needs of all the categories of employees.

According to Smith (2003) in order for Australian organizations to attract and retain talent, as well as become globally competitive, investing in training and development is crucial and requires developing a more strategic, measurable and long-term Human Resource approach (Sago, 2000).

Here, global competition is based on the competitiveness of the type of products that a company will place on the global market. As it has been discussed previously, such competitiveness is reliant on a creative workforce that has a capacity to develop unique and innovative products (Sago, 2000).

Since having such a workforce mainly depends on a capacity to attract and maintain a creative and talented generation of millenniums, it is important for companies to develop a package of policies that are attractive to young millenniums (Sago, 2000).

Considering the inherent need for young professionals to grow in career and development, it is important for companies to incorporate training programs for their professionals. Such training programs must increase the capacity and skills of millenniums so that they are more empowered to increase their work output.

Here, it is important for all training to orient in attaining specific goals that agree with the overall goals of accompany (Carlson, 2006).

Apart from training and strategic management, it is crucial for companies to adopt tools that can be used to promote the capacity of employees (Heyboer, 2006). Here, it is fruitful for companies to develop effective performance management appraisal systems.

Such systems must be designed with the unique goals, and needs of a company in mind (Heyboer, 2006). Currently, there exist several approaches that can be used for the purposes of gauging the performance of employees.

Rating scale and 360 degrees are among the various performance management appraisal systems that are available to employees (Heyboer, 2006).

Apart from orienting the design of a particular performance appraisal system with the needs and goals of a company, it is important for the human resource manager to consider a number of issues and challenges that may arise from the use of such a system (Carlson, 2006).

Such a process may start by evaluating the strengths and weaknesses of each type of an available performance appraisal system. Once the above step is surpassed, it may be useful for the human resource manager to identify ways in which he can tackle the weaknesses that may arise with a selected performance appraisal system (Consoli, 2006).

Conclusion

In one dimension, the process of doing business involves developing a range of products and services that will always be attractive to an existing market. With the constant change of multiple parameters that exist in a market, there will always be a need for market preferences to likewise change.

With the development of a new millennium generation, parameters at play in the global market have inevitably changed. Unlike previous generations, the millennium generation is independent in ideas, creative and technology savvy.

Such a direction has created a need for companies to develop products that will appeal to the emerging generation of millenniums. Likewise, it has become important for companies to invest their resources in attracting the innovative and creative generation of millennial employees.

Amidst such efforts, companies have tried to retain multiple generations of employees and workers so as to accommodate important market and workforce segments.

So as to tackle the challenges that exist in companies, in all the dimensions hat have been mentioned above, It is useful for human resource managers to develop policies that would auger with the mentioned challenges to increase the competitive edge of their companies.

Such a trend would call for a creative and innovative human resource that will attract the young generation of millennial.

Reference List

Carlson, S., 2006. Tech-savvy ‘Millennials’ have lots of gadgets, like to multitask, and expect to control what, when, and how learn. Should colleges cater to them?’ The Chronicle of Higher Education Oct 52(7), A34

Consoli, J., 2006. Magid: Millennial Generation Imperative for Media Business. Brandnews. 21 June 2006. [Online] Web.

Eckle, J., 2009. Get social, get a job. Computer World

Fields, B., 2001. The Millennial generation: Are higher education and the workforce ready for them? [Online] Web.

Heyboer, K., 2006. To teach tech-savvy Millennials, forget ‘boring’ books. [Online] Web.

Jopling, J., 2004. Understanding Generations. [Online] Web.

Sago, B., 2000. Uncommon Threads: Mending the Generation Gap at Work Business Credit. June 2000, pg 57-59.

Smith, A., 2003. Recent trends in Australian training and development. Asia Pacific Journal of Human Resource Management, (41)2, pp. 231-244.

Solove, D., 2008. The end of privacy? Scientific American

Woodruffe, C., 2009. Generation Y. Training Journal

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Generation Y: The Demand for Innovative HRM?

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