Y their not like us

- 83 per cent of finance professionals believe Generation Y is motivated by different workplace benefits than other age groups

- flexible hours tops the list of benefits

- companies urged to look at the packages they currently offer

HR and Finance professionals around the world believe that the benefits and packages that motivate Generation Y are distinctly different from previous generations, according to new research released today by recruitment consultancy Robert Half Finance & Accounting. The survey was conducted with 1,800 HR and finance professionals in 11 countries around the world and provides an insight into the motivating factors in the workplace for Generation Y.

The survey reveals that 83 per cent of HR and finance professionals believe that Generation Y (workers born after 1980) are motivated by different factors to other age groups. The UK is no exception, with the figure standing at 84 per cent. Those working in Italy, however, believe that there are no differences between Generation Y and previous generations.

Flexible hours tops the list of workplace benefits that motivates Generation Y, according to HR and finance professionals (36 per cent), followed by performance related salary and bonuses (33 per cent) and programmes for career development (32 per cent).

HR and Finance professionals believe that Generation Y are most likely to leave their company because of the lack of career development prospects (50 per cent), poor salary and bonuses (39 per cent) and an inadequate work / life balance (12 per cent).

Phil Sheridan, Managing Director of Robert Half Finance & Accounting, comments:

ìInterestingly while flexible working tops the list of motivators for Generation Y, only 11 per cent of HR and finance professionals believe that it would be a reason for them to leave their company. It appears that organisations are not appreciating the mindset of Generation Y and need to actively engage with them. They are independent, socially conscious and technologically savvy and are very different from their predecessors. Particularly driven by work-life balance, they are seeking employment opportunities that complement their lifestyle and include strong provisions for career development and financial rewards. Organisations need to review the benefits and packages that they offer their workforce to ensure that they hold onto this generation of workers.

ìGeneration Y represents a large and increasingly important part of the workforce. Their behaviours and preferences will shape corporate life so learning to look after Generation Y is something organisations need to learn to do better.î

Robert Half Finance & Accounting offers the following guide for businesses to communicate successfully with Generation Y workers:

Deliver a work culture with options: work-life balance is very important to Generation Y. They want flexibility, learning opportunities, relationships with decision-makers, challenging work projects, responsibility and personalised career development.

Produce an experience: develop a learning culture within your organisation, requiring a highly individualised process of goal setting, development planning and the opportunity for workers to enhance their skills.

Recruit for attitude and train for skill: The need for cultural and attitudinal fit, when integrating younger workers into with pre-existing workforce mix, is more important than ever.

The management role: retention is about good management aligned with outstanding leadership. Be it supervisor, manager or project leader, Generation Y will usually blame management for leaving a job. Start educating managers in the psychology of people and in communication skills.

There are currently four generations in the workforce (Veterans, Baby Boomers, Generation X and Generation Y). Also known as ìMillennialsî, ìNextersî, ìEchoBoomersî or ìYersî, Generation Y are those born after 1980.