1. USING WORK / LIFE BALANCE TO RECRUIT AND RETAIN GENERATION Y: AN INTERVENTION FOR COMPANIES Vania Parakati MA in Counseling San Jose State University
2. Who Am I? Recent Master’s Graduate from SJSU M.A. in Counseling with a focus in Career Counseling Former Accountant with about 10 yrs of experience Worked in a range of environments, including multinational corporations, mid-size companies and private accounting firms Worked in Europe and the US Gained interest in career counseling through my own personal work experiences – downsizings, mergers, corporate re-structuring – and my own struggle to maintain balance between personal and work life
3. Why Generation Y: Gen Y / Millennials: approximately 76 million people born roughly between 1980 and 2000 - largest generation of workers since the Boomers Gained interest in population through research on WLB and when working at SJSU’s Career Center Educated, talented, creative, multi-taskers, pampered and nurtured Enjoy travelling, value friendships, have a strong social conscience WLB is a given – they move easily and fluidly between their work and personal life
4. Why Work/Life Balance? Definition of Work/Life Balance: “Integration of work and family so that neither consumes the other” (Duda, 2006) Personal experiences Hot topic in both media and research Factors driving the WLB movement: (a) Globalization (b) High tech advances (c) Recession (d) New Employee Profile – Gen Y
5. 5 Basic WLB Components 1. Flexibility (schedule, location) Examples: Telecommuting, Virtual Offices, Flexitime, Part-time, Compressed workweek Interesting Facts: 37% workers would accept a 10% pay cut in exchange for telecommuting (Dice.com, 2008) Gen Y workers have ‘vowed to shorten the workday’ (Ryan Healy, Employee Evolution blog, May 2008) Flexibility allows workers to feel they have more control over their life and therefore decreases their stress levels
6. 5 Basic WLB Components 2. Dependent Care Examples: Childcare subsidies, on-site childcare, referrals, dependent care assistance Interesting Facts: Dependent Care Assistance has universal appeal Affects Perceived Organizational Support (POS) Increases loyalty levels and retention rates Increases recruitment rates
7. 5 Basic WLB Components 3. Vacation & Time Off Examples: Paid holidays, Sabbaticals, Volunteering Millennials enjoy travelling and devote time to volunteering Interesting Fact: Those who don’t take any time off… Double their heart-disease risk Increase their depression risk Their children develop cognitive and language skills at a later age
9. 5 Basic WLB Components 5. Fringe Benefits Examples: Concierge services, Pet care, Car wash, Housing Assistance, Gourmet in-house chefs These appeal to Millennials – help them maintain their lifestyle Interesting Fact: Millennials are apt to leave a company that does not accommodate their lifestyle and balance needs
10. Intervention Borrows elements from existing, successful corporate programs Enhances career counselors’ role Developed and led by an external consulting company Collaboration between consultants and HR team, managers, workers, stakeholders Flexible, can be modified according to company’s needs and requests
11. What is the Intervention’s Purpose: Develop a cohesive, streamlined WLB program that: Addresses all five major WLB components Focuses on all workers but particularly on Gen Y’s concerns, needs and characteristics Recognizes and deals with potential resistance from managers and workers Approaches the problem from a career counselor’s perspective, in order to better understand and address employee concerns Benefits both employees and companies
