Succession Planning and the Particular Needs of Gen Y Employees

Smart employers have begun internal campaigns to prevent what could be a potentially crippling brain drain as the Baby Boomers, the largest generation in history, nears retirement.  As many as 40% of the current workforce is expected to be eligible for retirement age by 2010.  With a mass exodus of key employees on the horizons, employers look for ways to transfer knowledge to the next generation workforce.  But, in light of the many particular characteristics of Generation Y (or “Millennials”), this effort is not necessarily one with an obvious plan of attack.    

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Gen Y demands that communications be transmitted in a format that they’re used to, which almost always means the involvement of real-time technology.  For many employers, this demand is light years beyond the bulletin-board and newsletter-style communications they’ve employed for years.  So what’s an employer to do if it’s not current with the cutting-edge technology attractive to Gen Y? 

Implement a formal leadership program.  Gen Y will not have had the experience necessary to successfully take control as managers.  Unless there is a formal program in place to teach Millennials what makes a good leader and communicates the expectations of the organization with regard to have leaders should behave and treat others, we cannot expect them to simply “figure it out.” 

Teach employees how to communicate with other generations.  Baby Boomers and Traditionalists hold the key to your organization’s future success.  Now you have to get them to share it.  And, even if they’re willing to do so, they may not know how.  Intra-generational communication is notoriously weak.  The generations simply don’t speak the other generations’ language.  Providing training to employees on how to communicate is essential if you want the older generations to share their knowledge and for the younger generations to receive and understand it. 

For more about Gen Y in the workplace, see:

HR Glossary: Generations at Work
Why Recruiters Need to Understand the Helicopter Parent
How to Use Reverse Mentoring as a Retention Tool for Gen Y Employees
Gen Y Demands Employers Open the Checkbook for Technology Requests
The Connection Between Training and Employee Retention, According to Gen Y
What Makes a Good Leader? If You Lead Gen Y’s, You’d Better Find Out.
Knock It Off, Gen Y: 3 Ways You’re Driving Your Boss Crazy
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