Gen y considerations for the retail

Don Tapscott, one of the foremost authorities on the Millennial generation, believes that this cohort prefers to learn and work collaboratively, wants custom products and services as well as a hand in creating them, values integrity, the environment and treatment of workers in their choice of providers and values results over seniority in their evaluations at work.

But trees that were planted at around the same time in a particular place will share common characteristics, and it is possible to predict broadly how fast and large they will grow, how much fruit they will produce, etc.

Doing so will not provide knowledge of the specific drivers for each employee or customer, but it will deliver a basis on which to approach people generally—whether employees or customers. Baby Boomers, many say, appreciate formal recognition in front of teams or groups.

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In this way, organizations stand a much better chance of building a culture of recognition and to do so relatively quickly.

Incentive travel programs, for example, feature one destination. Your customers are your best critics, and paying attention to them and their opinions is vital.

They saw their parents less because, in many cases, their parents were hard-charging Boomers working long hours to make a difference and get ahead.

Generations in the Workforce & Marketplace: Preferences in Rewards, Recognition & Incentives

Gen Ys have been involved in service most of their lives and have a true commitment to bettering the world around them. Knowing how the workforce breaks down by generations, combined with a good knowledge of the general differences between the generations, can make designers more effective in creating incentive programs and in engaging employees and customers on a day-to-day basis.

Figure three attempts to capture the majority—if not the consensus—view of the basic, general differences between the generations. Finally, there is a loose consensus that Millennials, more than other generations, want to work where and when they like.

There is no question that a paradigm shift is occurring in recruitment and retention — with the most successful organizations already implementing changes to cater to this new generation of workers.

Generations in the Workforce & Marketplace: Preferences in Rewards, Recognition & Incentives

Though Millennials may or may not have had overly-involved parents who cleared the path ahead of them, they are consistently reported as being accomplishment- oriented, fun-loving, collaborative, passionate and idealistic while being pragmatic at the same time—indeed, according to some, more practical than their Boomer parents were in their youth.

In Millennials became the largest generation in the workforce, and by —in just five years —Millennials will comprise about half the workforce. Professional and personal growth opportunities.

Not only will having pages on sites like these and integrating with social media and mobile phone capabilities increase your relevance to Generation Y, but Gen Y-ers are notorious for publicizing every aspect of their lives.

And, as they start buying scent-free soap and large bags of cotton balls, hand sanitizers and washcloths, Target knows they could be getting close to their delivery date. Logically, where this is true, there are implications for both employers and providers of products and services.

For the purposes of this paper, a range of definitions from eleven credible sources was used to find a mid- range estimate for each of the generations Figure Two. City of Claremont, CA The City of Claremont in California is a municipal government organization that takes differentiated benefits and rewards very seriously.

Those incentives aimed at Boomers include a two week paid sabbatical on reaching ten years of service. Include ice breaker activities that everyone participates in, and a hospitality suite to promote group interaction.

All age groups value autonomy but Xers even more so. Employers can retain workers longer — while leveraging that entrepreneurial sprit — by developing incubator and intrapreneurship programs and opportunities. The emerging field of workforce predictive analytics promises to capture the terabytes of information each of us generate each day and turn it into actionable insights about the workforce as a whole and each individual within it.

A range of research over the past several years also points more to the similarities between the generations than the differences. It lies with the attitudes that Generation Y has to employment and work.

Open up a line of communication with them and give back to the discussions they're engaging in. Given tools they are most comfortable with, those that might be on the periphery of the organization can be drawn in. Gen Xers are more entrepreneurial than the Boomers they followed into the workplace,41 partly as a defense mechanism and partly due to their love of autonomy.

IBM found very little difference between the generations at work, including their career goals and what it takes to motivate and engage them. In catering to consumers, leading organizations are beginning to leverage increasingly sophisticated data algorithms to gain far more accurate insights into individual preferences, motivation and engagement.

Rewards and incentives designed to demographic categories represent, more or less, educated guesswork that pales in comparison to analysis of the ambient data that can target consumers and employees by their actual behaviors. Snyder and his team have designed a range of benefits—from paid-for LinkedIn accounts to matching k contributions—to ensure choice and to improve the likelihood that any employee, no matter their age or life-stage can find something motivating in the incentives and benefits packages Vox provides.

At the same time, Boomers are often the least comfortable with the notion of remote work and flextime and may need more coaching, training and communications than Millennials or GenX. When an employee has fourteen years of service, he or she is awarded an extra week of annual leave, at which point, the employee has a total of four weeks vacation each year.

Final Thoughts Just as the work that is completed changes to meet the times, so, too, must the way we perform the work — and Generation Y workers are some of the most independent-minded and tech-savvy workers employers have seen.

Human Resources Information Systems HRIS or personnel spreadsheets probably capture the age of employees and years-to- retirement eligibility, for example. These factors, and perhaps a few more may have disillusioned the Gen-Xers out of proportion to the generations before and since.

In catering to consumers, leading organizations are beginning to leverage increasingly sophisticated data algorithms to gain far more accurate insights into individual preferences, motivation and engagement.

They see themselves doing work everywhere — except in a cubicle. For Generation X, even more of the many motivational drivers shared by Millennials and Boomers apply.

Gen Y Considerations for the Retail Industry in Australia By Simone Daniels () Generation Y (Gen Y), also referred to as Echo Boomers, Millennials千禧一代, the Internet Generation, or Nexters, is the cohort一隊人 born between the years of and Insight on Gen Y in the retail space Page 1 (continued overleaf) digital cameras, camera phones, etc.) have greatly shaped Gen Y shopping preferences compared to prior consumer generations.

Demographers and others have been tracking the trends associated with Gen Y since they first. Gen Y values a high starting salary and financial security, but they also value flexibility in their work schedule and benefits. According to statistics, about 85% of Gen Y members want to spend % of their time working from home.

Generation Y has become a challenging market for many businesses in the restaurant, retail and hospitality industries, and most other industries, as well. Generation Y is very different from previous generations, and, to successfully market to them, you must find ways to appeal to their unique needs and wants.

Generation Y has become a challenging market for many businesses in the restaurant, retail and hospitality industries, and most other industries, as well. Generation Y is very different from previous generations, and, to successfully market to them, you must.

Gen Y's Secret Retail Guilty Pleasure. By Martha C. White. July 7, Millennials love all things artisanal, hand-crafted and customizable, so .

Gen y considerations for the retail
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Marketing Strategy - Five Ways to Market to Gen-Y : MarketingProfs Article