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| HOW DOES YOUR BANK HANDLE GENERATION Y EMPLOYEES? |
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The Headache: More and more Generation Y employees are working in the nation's banks. Our Question: How does your bank work with this growing crop of talent? Come see what other bankers think, and add your own views
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Dennis Everson, president, ag business division, First Dakota National Bank, $787.7 million-assets, Yankton, S.D.
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Subscribe to this comment's feed| I have facilitated strategic planning sessions within a department and purposely segregated the Y staff into their own group for discussions concerning goals, objectives, etc. They appreciated this and took every opportunity to voice their opinions from a Y’s perspective. I was impressed and found it enlightening. | |
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Jeff Wallace, CEO, Wyoming Bank & Trust, $120.6 million-assets, Cheyenne, Wyo.
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| We’re trying to be as patient as possible, trying to downplay the differences. We are still struggling with the punctuality issue and lack of respect for deadlines. | |
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Myron Rozell, president and CEO, First State Bank of Mapleton, $45.3 million-assets, Mapleton, Iowa
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My experience is that Gen Y individuals have skill and talent they are anxious to have utilized in a meaningful way. They want their responsibilities clearly defined with identifiable boundaries. They want to be certain that any achievements are recognized, attributed to them, and not mistaken as anyone else’s work. They expect upper-range compensation, great flexibility for their schedules, and significant freedoms that will impress their peers. Gen Yers have a global view of the future, but my perception is that it is not focused on their future at this present employer or what they can do to help in having this employer be a positive presence in their industry. The Gen Y employee wants to be a part of it, but expects the employer to see that it takes place for them. Gen Y is not yet proficient at envisioning the results of their activities. I don’t find them reviewing their proposed action with a view to “what will the effect of this action be to other departments, other employees, other customers we serve, the company image, etc., etc.” I believe they are more focused on the “now” and just getting something marked off the list of things within the boundaries. Gen Y employees do have a place within today’s banks and can give a bank the opportunity to meet specific needs. My encouragement is to utilize Gen Y in specific areas and let them use as much skill and talent as possible. |
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Rebecca Ketter
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I guess, my first question is "Who is generation Y?" As a potential member of Generation X (which Wikipedia defines as someone born between the period of the 1960s and 70s, ending in the late 1970s to early 80s, usually not later than 1982) I wonder - are we just adding a label to someone, rather than taking the time to manage them? Each individual member of this generation is more a reflection on their environment, upbringing, and peers than of the label they are given. I say that I was a “potential” member of this generation, because I never defined myself as such. Clever marketers did. I have been in banking only 10 years, entering this field shortly after college. My ideas were just that, mine - not that of my generation. The biggest generation gap used to be that of technology. A gap that is closing more and more each day and no longer the definition of generations. Wiki states that Generation Y is also called "Echo Boomers, due to the significant increase in birth rates through the 1980s and into the 1990s, and because many of them are children of baby boomers." What does this mean? For someone like me - labels like the apathetic generation, which was commonly applied to Generation X, do little except to excuse forward thinking. Perhaps we should instead as the question – what are we doing to appeal the field of banking to the newest level of recruits coming into the market? In a time of applicant saturation how do we attract the best talent? How do we, in an area of overregulation, attract bright and capable people (that just so happen to fall into a certain generation )?  |
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Dan Hawk
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In my time as a Manager, as a coworker and as a member of Generation X, I've found that the negative qualities often attributed to Generation Y are most often a result of a lack of vision being imparted from leadership. The thing that I see and hear consistently, is the need to feel that their work and ideas are valued and that the company is doing things because they are the right thing to do and not the "way we've always done it". Focus on helping them understand and take ownership of their individual contribution and the contribution of their team. Show them how they fit into the big picture and how this focus is imperative to not only the company's success, but their own advancement as well. In answer to Myron's comment above about compensation, flexiblity and perks, let me say this; It is all about staying competitve with the greater job market. In some ways, it is really important to remember that the same folks that you are hoping to recruit and develop will also fit well in many sales and service industries that are increasingly offering better compensation models and flexible scheduling. Another thought about compensation. A Gen Y employee is developing their career, family and wealth in a completely different economic environment than a more senior banker. The position and compensation that was considered the pinnacle of a banker's career 30 years ago is often the first promotion point for a good banker (often with good Sales and relationship skills) with a college education now. I think that these sorts of issues will be key in recruiting good employees and in helping them to stay engaged and feel ownership in the company's success. |
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Lindsay
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I have taken a huge interest in this topic since I have started, a few points I will make from both perspectives: 1. We (Younger generation) like to see the benefit of something right away, we don't want you have to work for 20 years before we can take a longer lunch hour. They (Baby-Boomers and older) had to work very hard to get where they are and feel like we should have to do the same. 2. If we get the little bonuses we tend to stay, if we are forced to work longer for them, We tend to start looking for other jobs or opportunities. 3. We want some input. I see it day in and day out with colleagues of mine that feel their opinion is not valued. We also tend to hear from THEY that we don't know what we are talking about because we haven't been here that long. 4. We like to be fast and use technology. 5. We and They demand respect but neither one of us feel like giving it. The biggest struggle I see, especially in the recent economic downturn is that us young ones that do work our butts off do receive much credit or those above us take credit for our work. Ultimately while they think we are a PITA, we think they are also a PITA, with their lack of knowledge in technology, old school wasy of doing stuff, old habits and way of treating us. It'll be a never ending battle.... But sometimes it is fun to watch! |
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Shannon
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| Labeling is a difficult thing. It wants us to put an entire generation into a 'one-size' box, which often leads to disasterous results. However, we would be blind to not see the difference in the up-and-coming youth entering the workforce. They grew up with different stressors, different life events and a whole new set of technological advances that some of us still have not mastered. Of course they approach their work and career differently. Flexibilty, recognition and feedback are not things they are demanding like spoiled children, rather they are the norms of the world that we -the baby boomer generation- raised them up into. Having spent nearing 15 years in HR, we are always looking for the 'change agents', those that will embrace new things with positive attitudes, not come to the table with why it won't work but rather how we can make it work. Gen Y comes with talents not seen before. Our challenge is not defining who they are but rather being at the ready to redefine how we do some things. | |
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Anonymous Old Fogey
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My first thought is: "What do you do about visible piercings and tattoos?" Full disclosure: I'm not Gen Y, but my own ear is pierced, but I don't wear an earring to work. And I have a closet full of suits and ties that I do wear to work. But how do you balance looking professional with not coming off too stuffy? Put it another way, allowing your staff to dress like baristas from Starbucks may not faze Gen Yers, Millennials, etc., but it may turn off others. Maybe you need different dress codes for different branch locations? |
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