More Firms Bow to Generation Y’s Demands

To Retain Young Workers, Companies Offer Special Incentives; Some Older Employees Cry Foul

By LESLIE KWOH

They’re often criticized as spoiled, impatient, and most of all, entitled.

But as millennials enter the workforce, more companies are jumping through hoops to accommodate their demands for faster promotions, greater responsibilities and more flexible work schedules—much to the annoyance of older co-workers who feel they have spent years paying their dues to rise through the ranks.

Employers, however, say concessions are necessary to retain the best of millennials, also known as Generation Y, which is broadly defined as those born in the 1980s and 1990s. They bring fresh skills to the workplace: they’re tech-savvy, racially diverse, socially interconnected and collaborative. Moreover, companies need to keep their employee pipelines full as baby boomers enter retirement.

It is estimated Gen Y will comprise more than 40% of the U.S. workforce by 2020, according to data from the U.S. Bureau of Labor Statistics, far outnumbering any other generation.

Continue reading: More Firms Bow to Generation Y’s Demands

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