Modern Times

Economic Changes Effect Employees

The economic crisis has presented organizations and their workforces with one of their biggest challenges for some time. Riding the wave of the downturn is familiar territory for some, however, for a new cohort of employees this has been their first exposure to tough economic conditions.

As a result, organizations may need to ask how Generation Y (Gen Y) employees are reacting to the economic blow. This will help organizations learn how best to retain Gen Ys so these employers have the resources needed for the recovery.

Gen Y employees are often characterized as self-confident, technologically savvy and well-educated. However, with the global economic downturn there may also be those on your staff who become quickly disengaged.

This disengagement will result in lost productivity in the precious moment the organization needs all cylinders firing.

It would be unwise for organizations to think that within a tightening or cautiously recovering economic climate, Gen Y employees have become more thankful for just having a job. Engaging staff during this time is still critical and will position organizations well for future periods of growth. Otherwise, Gen Y may well be the first employee group to become a toxic influence on your culture or jump ship as the job market picks up.

Key findings

Research undertaken by Insync Surveys offers leaders vital insights into how best to manage Gen Ys amid productivity pressures and workforce cuts. The research findings indicate that by:

• delivering open and consistent information
• rewarding and recognizing Gen Y staff and
• keeping them focused and challenged

organizations can solidify relationships and retain these young employees.

During the economic downturn and early stages of an upsurge, it is important to take advantage of the natural optimism Gen Y employees bring to the workplace. Maintaining a sense of confidence in the future will ensure that younger staff continue to enjoy their work environment. By taking note of the research findings and strategies to follow, organizational leaders can help reassure Gen Y employees that good times will return.

Focus on open and consistent communication

Effective communication from organizational leaders is essential during challenging times in order to align employees with the purpose and direction of the organization, and to demonstrate a sense of control and confidence. This is particularly relevant for Gen Y staff who seek out guidance and structure in their relationship with their employer.

Our research suggests that Gen Y employees surveyed during the economic downturn were more likely to feel out of the loop, with only 43% of respondents agreeing that information is shared openly in their workgroup or team, compared to 54% previously. Respondents specifically revealed that they felt their immediate manager was not communicating effectively with them. This further analysis showed that only 59% of respondents believed that their manager was spending sufficient time on face-to-face meetings with staff.

These findings were less severe for Gen Y employees surveyed before this period, during more upbeat times.

During uncertain times or on the rocky road to recovery, employees want to be reassured of the organization's long-term plans and given confidence that it will weather the storm. Employees are aware when things are bad - leaders should be open and upfront about their current business situation and the plans in place so that the organization comes out stronger. Gen Y employees will begin to mistrust management if too much positive spin is put on a negative situation. Ensuring that consistent messages flow both vertically down the organization and horizontally across teams will ensure that rumors do not fill the information gaps. Effective communication is the key to maintaining an engaged Gen Y workforce.

Reward and recognize efforts during tough times

As the economy tightens and job security becomes a concern, everyone faces productivity pressures. This does not mean however that manager’s should scale back on rewarding and recognizing their staff. Organizations must continue to provide relevant incentives and acknowledge high performance in difficult situations. Gen Y employees, in particular, are likely to question their value without the reassurance and encouragement to remain positive and focused on their work objectives.

This research found that during the period of economic turmoil, Gen Y employees felt that their team was less likely to acknowledge successes compared to earlier times. Of those Gen Ys most recently surveyed, only 42% agreed that their work group celebrates high performance achievements and only 43% agreed that their team recognizes, encourages and rewards good performance.

For both of these issues, there was a significant drop in agreement over time - Gen Ys felt they were given greater feedback and acknowledgment prior to the global financial crisis.

To be effective, rewards must be tailored to the employee. Traditionally, Gen Y employees have valued balance and flexibility as a form of reward. Although there may be reason to clamp down on work flexibility during these challenging times, taking these benefits away may in fact hurt staff morale.

Instead, employers need to be flexible while also identifying the unique ways to recognize their Gen Y employees. Gen Ys respond better to on-the-spot recognition following achievements rather than monthly or yearly formal rewards. Facilitating a culture where creativity and a willingness to go above and beyond is continuously acknowledged and rewarded will drive engagement.

Keep Gen Ys focused and challenged

Gen Y employees surveyed during the economic downturn were less clear about the outcomes expected of them compared to Gen Y employees surveyed earlier. In times of doom and gloom, only 64% of respondents agreed that they understood their performance objectives and how these related to the overall direction of their organization. Typically, role clarity tends to be one of the highest scoring components, with agreement levels approaching 85% regardless of the generational group. It's a concern that recently, more Gen Ys feel that they don't know what is expected of them at work.

Conclusion

Although working through a recession is new to Generation Y employees, they do not necessarily need to have a negative experience. Leaders are encouraged to navigate Gen Ys with open and consistent communication, rewards and recognition and keeping them focused and challenged. By taking note of new insights into the current experience of Gen Y employees, organizations may be able to capitalize on their strengths and keep these employees engaged. As a result, organizations will be better able to retain and attract Gen Y employees and come out in a stronger position as the economic conditions improve. Article Source: http://EzineArticles.com/?expert=Jenny_Luu

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