Characterized by high motivation and low patience, Generation Y employees have taken over the workplace by storm. Their future-oriented attitude and strive to tackle any obstacle that comes their way has contributed to their rapid growth and success across a wide range of industries. Gen Y employees are technologically-inclined (having grown up in a world molded by technology) which makes them not only a highly valued, but also a necessary asset to any organization in the 21st century.
Though the obvious conclusion to my previous comments would be that Gen Y employees are ideal candidates for every business, I must make note that their insistent drive to succeed and become their own boss poses a serious problem for their current boss. How do managers go about managing those that wish to manage themselves? More importantly, how do managers keep these strong and hard working employees passionate, without the constant need to redefine their role?
My information gathering and personal experience has led me to believe that Gen Y employees thrive off of being stimulated and motivated at all times. In other words, as long as their bosses keep their minds in motion and their pockets full, Gen Y will deliver. I sat down with a friend for lunch yesterday, and we both seem to be troubled by the same issue. The current business model of providing each employee with a salary and bonus is outdated for Gen Y and does not meet their expectations and demands as performance-driven workers.
My friend and I threw ideas back and forth in hopes of coming up with a proper compensation plan for this new generation, and then it hit me- CRM. Though it may not be the solution for all of life’s problems, CRM certainly provides crucial visibility into a company’s business structure and most importantly, employees. The major problem at hand is that managers need to find methods of how to assess each individual employee’s performance to keep everyone motivated and happy, without having to take away from the manager’s day-to-day responsibilities.
CRM seems to be the ideal solution here in that it helps to bridge the gap between management and compensation. With the help of a CRM system, managers could create KPIs (Key Performance Indicators) for each employee in every role and use these metrics as a way to decipher between the average, the above average and the excellent. This can be accomplished with proper use of the KPIs and reporting functions that CRM systems have to offer.
By applying the proper metrics to compliment each role, managers will be able to adopt a new business model; one that compensates based on performance, and not time spent in the office. Simply put, the more effort an employee puts in, the more money they receive in return. This is all to be done within reason of course. I propose this idea with the thought process that this will serve as a way to keep those hungry Gen Y employees on the hunt for success.
Does this solution seem realistic? Is it something managers can employ successfully?