I am on my way back to Mexico and reflecting on the past few days back at Les Roches: Along with Xavier (President Kempinski Europe) & Exequiel (VP Hyatt Finance EAME) following the graduation we spent hours talking to the graduates and we all agreed we found it a very enrichening few hours. And doing some reading on my flight home I came across this article I had saved mis (unknown author my mistake) which bought back memories of those conversations last Friday in Bluche – enjoy:
The hospitality industry suffers from a negative perception that career progression can be tedious and slow with long hours. This conflicts directly with the ambition of the new generation who need dynamism in their careers. If companies cannot provide a robust career path, young talent will not stick around because they don’t want to feel underutilized.
The reason why hotel graduates don’t always join the industry is because not many companies allow them to implement their learning at school on a job in a junior management position with a clear path to senior management. Risk taking has to become a far greater part of how companies manage talent and there needs to be career progression that is far quicker to retain this talent.
Millennials are in search of a wholesome work-life experience.
Millennials and generation Y do not equate having a job with having a life. They don’t want a job for a lifetime. Instead, they want valuable experiences and they want to balance all aspects of life. They cherish employers who help them grow, and take time to understand them and their dreams. The new generation owing to their impatience to increase their experiences also do not hesitate to consider disjointed or disconnected next steps as a learning path that often looks very different from a typical career path.
Generation Y needs to feel valued and recognized to stick to their jobs.
A conversation with generation Y can’t be a generic conversation. They are global, well-traveled and need to respect their supervisor to stay on a job. They only stay in places where they feel they are able to contribute and when they do, they want instant recognition of their efforts for work well done. Empowerment, the ability to assume responsibility, and flexibility in the opportunities to grow based on their preference and specialization get their attention. Any company that can help them be the best in what they want to be excites them. They want the opportunity to impact change, be involved, leave their own personality and have a certain work-life balance. Employers must address these requisites to stay relevant and generate loyalty.
It is not all about the money for the young generation.
Jobs that are neither well paid nor a source of creativity are no longer esteemed by the wider culture of generation Y or millennials. Young people have the expectation of being well off. They will question the hours and pay. Eight-six percentos of CEOs believe that intangible factors can prove to just a strong a motivator as tangible benefits of pay.
Constant feedback and appreciation is a pre-requisite.
Generation Y stands for greater need of personal care and development – they need to feel that they have an input into the businesses and that their voices are being heard. Priority areas for the way any business manages the younger generation, therefore, evolve around the understanding that no one-size-fits-all approach can last in any organization, but rather a greater need to work with the individual. Regular communication with employees and coming together to celebrate shared successes are just some of the ways in which a company can foster an environment that places greater emphasis on the needs of the individual. A yearly feedback and appraisal system is simply not enough – it has to be constant and consistent.
Social conscience is very important for generation Y.
Generation Y is more sensitive and has a deeper social conscience. As a group, this next generation appears to have a broader global perspective and is more value-centred, particularly about giving back to their communities or being associated with corporate social responsibility initiatives. A rewarding feeling of giving back is just as important to them as recognition for good performance.