NEW YORK (1/5/12)--Several studies involving Gen Y and the millennials--those born between 1982 and 1993--in the workplace suggest that the eight-hour workday is on the demise, according to recent articles on workplace trends. And that will have implications for credit unions.
This year, 60% of the work force at companies such as Ernst & Young will be in the group of Americans that were born in the 1980s, according to estimates from the Business and Professional Women's Foundation (TIME Moneyland
Dec. 21). In just 13 years, nearly 75% of the global workforce will be millennials.
Communications firm Euro RSCG Worldwide, in naming the top trends for 2012, notes that millennials will overturn the traditional workday because they demand workplace flexibility, prefer using social media on the job to stay in contact with family, friends and colleagues, and tend to stay wired into their technology at all hours.
Companies (including credit unions) recruiting this generation will need to offer more than the "stability" of a nine to five job that their parents are used to. They cannot expect Gen Yers to conform to the 9 to 5 workworld. If they do, they will have difficulty attracting employees.
Here are some recruitment realities:
- Research by Cisco indicates that more than half this generation prefer social media freedom over a higher salary when considering a job offer and that more than half say the Internet is an integral part of their lives throughout the day. Credit unions will succeed with millennial workers if they offer the ability to use social media professionally.
- Roughly 27% of Gen Y workers would take a cut in salary if they had more flexibility on the job, according to a report from Mom Corps. This generation believes that flexibility contributes to their productivity. Credit unions will need to offer staggered work hours, the ability to telecommute, or offer technology that enables a worker to check in with the credit union while out of the office.
- The new tablet and smartphone technologies mean Gen Y workers are always connected to their jobs, whether in the office or not. That blurs the workday for everyone because no one is off the clock. Workers will be e-mailing and texting even from home. Credit unions will need to realize that being out of the office doesn't equate to less productivity.