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In the contemporary business world, the mangers operate in full recession mode whilst wrestling on the capability of weighing alternatives or head count reduction in the battle for attempting to get fewer. As such, the recovery of companies prompts the winning of highly capable professional to drive for growth. The composition of the workforce prompts the augment of generation Y advancing the ranks as baby boomers refusing to retire.
A qualitative research centering on 30 focus groups and 40 interviews presented the idea that generation Y’s, as well as, Baby boomers are in search of “remixed set of rewards”. On the other hand, it is challenging and liberating to most managers as it implies letting go off cash as the paramount motivator and battling with the complex task of incentive redesigning. Tentatively, it is liberating as it is less expensive to fund while companies can acquire proffered alternative means. As such, it presents the battling challenge that manager’s experience as they experiment with the various means of rewards.
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Uncertainly, UBS and the time Warner Company has presented proffered means of maintaining talent, as the students graduate from the various universities. UBS initiated the new graduate deferral program where the newly employed persons would differ the employment opportunities. The program was proficient as the newly employed students would engage in a range of activities that developed their working skills. On the other hand, the Time Warner Company initiated the Digital Reserve Mentoring program where the savvy college students would mentor senior executives on the emerging digital trends including Facebook, Twitter and Web 2.0 applications. As such, imparting technical skills, Generation Y mentors offer Boomer mentees with a peak into consumer behavior, communication criteria of the younger generation, as well as values into the business. UBS trims payroll cost while maintaining the invested talents, whereas CVS mobilizes the employees to match the seasonal migration of the customers. On the other hand, Time Warner enjoys the benefits of a market-attuned leadership team. Nonetheless, unlike the previous legion at its age, the two oversized “bookend” generations have an unexpected amount in common. As such, they are not undistinguishable but having common themes.
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Generation Y’s and baby Boomers share a sense of obligation in the positive contribution to the society and planet’s health. Nevertheless, in comparison to Generation Y, Generation X in the late thirties is less likely to find this beneficial. Tentatively; 89% of gen Ys and 87% of boomers proffer the flexibility of the workplace. As such, the capability to choose when and where to work presents a 110 % effort in work performance. On the other hand, gen Ys seek boomers for advice as compared to Xers as they enjoy working with Boomers. Parental relation presents the growth of keepers (for Kids in Parents’ Pockets Eroding Retirement Savings) as the child-parent bond connects generation Ys and Boomers.
With retrospect to reward remix, generation Ys and Boomers share the notion that financial gain should not be the determinant factor in sticking with employers. Nonetheless, they rate other forms as valuable as money: a great team, range of experiences, explicit performance and recognition. For a proficient workplace, five crucial elements should be considered.
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It implies the chucking of work allowing for Boomers scaling their hours and breadth.
Employees’ flexibility is proficient in improving work effort in the workplace, thus increasing the returns.
Opportunity to give back
These opportunities help on improving the employees’ skills, as well as nurturing the individuals’ talent such as UBS gap program.
A progressive work environment builds commitment to the planet’s heath. As such, Genzyme’s eco-friendly building bespeaks a commitment to planet’s health. Bloomberg’s office environment fosters collaboration and innovation amongst employees.
Inter generation mentoring
Mentoring comes a long way in developing informal communication that runs both ways. Using of twits and blogs, it connects workforce who spend most of time on the roads, sites and home.
Importantly, the insight that every generation presents varied values that reflect the fundamental make up in the workforce. Mangers with an open mind and newly organized growth plans will present the satisfaction of workplace demands.
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