When considering the group of individuals who could be a significant workforce driving businesses today, it is hard to overlook Generation Y or Gen Y. According to statistics from Thailand's TerraBKK Research, those born between 1980 and 1999, aged 19-38, make up 28.54% (18.7 million people), which is the highest proportion in Thailand. Certainly, in the next 3-4 years, many new graduates from Gen Y will gradually enter the workforce, potentially becoming a crucial human resource to propel your business forward, provided you know how to motivate these Gen Y workers.

 

- 1. Flexibility for Work-Life Balance -

             Gen Y seeks balance in their lives, both in work and personal matters. Therefore, evaluating performance based on the amount of work or work efficiency is more important to Gen Y than merely clocking in and out on time. In Thailand, while it may not be easy to move away from strict work hours, finding flexible work arrangements is essential to stimulate Gen Y's productivity. Many well-known companies recognize this importance and have implemented employee benefits such as providing gym facilities at work or offering free gym memberships to employees.

- 2. Foster a “Grow Together” Organizational Culture -

             Gen Y wants to have a presence and be involved in their work, not just help improve the organization. Organizations must also develop the skills of Gen Y employees. In addition to annual basic training, providing constructive criticism or feedback on individual tasks is one of the simplest ways to enhance Gen Y's capabilities. They expect feedback to help them improve their work, as well as anticipate a certain level of expertise from their supervisors. Of course, the feedback must be constructive, not merely stating that things were done a certain way in the past and must remain unchanged. Furthermore, making Gen Y aware of the organization's happenings, whether big or small, encourages them to express their opinions and feel more significant within the organization. Although creating a culture of open dialogue and mutual respect for opinions across different age groups takes time, it can be implemented starting today without any budgetary constraints.

- 3. Allow Gen Y to Challenge Themselves -

             Gen Y often gets bored with monotony and the same old routines. They desire the freedom to be creative in their work. Therefore, it is essential not to restrict their methods or the outcomes of their tasks; instead, set the boundaries of the work required and let Gen Y challenge their own capabilities. The secret of Gen Y lies in their connection to the internet and technological advancements. The more support organizations provide in this area, the better the development of their work. If your business is small and does not have rigid regulations, there is a high possibility to implement this method to motivate Gen Y. Thus, small businesses should leverage this advantage to harness the creativity and energy of Gen Y to drive your business forward.

             In conclusion, TerraBKK Research views Gen Y as a group of efficient workers who are continually ready to develop their skills. The notion that Gen Y lacks patience and loyalty to organizations may stem from differing work expectations, making it challenging to coexist. If there is blame to be assigned, it likely lies with both parties (the organization and Gen Y) for failing to leverage each other's strengths to develop the organization and themselves before parting ways. ---TerraBKK

Article by: TerraBKK Investment Tips
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