Generation Y members are individual that were born in the late 1980s and early 1990s. The generation that came before this generation is referred to as Generation X while one that followed is commonly referred to as Generation Z. As anticipated by the year when they were born, Generation Y makes up the largest part of the labor that is fast growing with their in the current workforce estimated be around 90 million or more (Smith, & Galbraith, 2012). Generation Y also referred to as millennial generation has come to be assessed and defined by a set of features and characteristics that is fundamentally built principally by the culture and the world they are raised in. Several research with the basic subject matter of generation Y is comparatively novel and supplementary literature and research continuing to come up with this generation of people. Despite this, several research has indicated a consistent characteristics and features about Generation Y. Some of the common features is that Generation Y is technologically savvy and culturally flexible. Judgment on whether this generation upholds a sense of entitlement concerning what the workplace expectation is all about is significantly less (Smith, & Galbraith, 2012).
On issues to do with workplace attitude, several studies have indicated generation Y prefers work schedules that are flexible similar to work positions they will be granted. This is principally driven by the desire to realize and maintain an optimum work-life balance. Also, the Millennial desires to have a constant feedback from the immediate person they are required to report to and their bosses. This is deliberate to have significant influence in term of motivating them to work. Also, the millennial generation has been characterized by their support to team work and team effort’ they prefer to apply the strengths of team work to execute individual responsibility (Meister, Willyerd & Foss, 2010).
Generation Y mindset Towards Employee Benefit Scheme
There is no doubt that the employment benefit scheme landscape that employer avail to their workers is significantly changing with the incoming wave generated by the dominance of the Millennial generation in the labor industry. Currently, traditional employment packages that employees used to be provided with fails to address all the necessary concerns that the Generation Y are desiring to be provided with while looking for jobs and when they actually find the jobs. Both private and public sector offers some of not all of the following range of packages to its employees; health insurance covers, staff training and future education, staff retreats, subscriptions fees to professional bodies, transport, and housing allowance, etc.These benefits differ from one organization to another (Smith, & Galbraith, 2012).
For employees to attract and retain top talent in the sea of generation Y in their workforce base, then they have to generate a more creative approach to achieving such objectives. Jobs that offer great flexibility have been more appealing to millennial generation than those that are static and with fixed benefits. These generations is socially conscious, tech-savvy and have the great passion of pursuing individual goals. In terms of salary, just like subsequent generation and those that preceded millennial generation, it has been a critical factor that attracts and motivate generation Y to work. They value money regarding salary and wages provided in compensation to the service they provide. Because of their passion for flexibility and attaining a work-life balance, several kinds of literature have indicated that the generation Y can go an extend of sacrificing their take home pays and salaries to be granted flexibility in their work plans and schedules (Meister, Willyerd & Foss, 2010).
While modern benefits and packages remain critical, health care plan that is robust remains a crucial traditional benefit that appeals to the entire generation while searching for the job and still while actually employed. While salaries, wages and other traditional benefits and package remain paramount to Generation Y, organizations like Coronado Food Markets needs to generate a culture that serves the needs and values of the millennial generation.
100 Best Firms to Work for According to Fortune Magazine
Fortune Magazine is a worldwide business journal that provides a range of content for it global readers that range from new ideas, innovative strategies, innovators and much more. Among the key franchises of Fortunes is the 100 best companies to work for and Fortune 500 (Filbeck, & Preece, 2003).
Selection of Companies
The primary basis of selection to the list of the 100 Best Companies to Work For On annual basis is done based the employee survey result conducted by Fortune partners each year in the corporate America. The ranking of companies is principally based on the response obtained from employees involved in the survey. Wining a chance to the list of ranked companies implies that the firm has outshined its peers in the same category or even those in higher positions by generating a conducive environment to work for its employees. The generation of a conducive workplace is measured through an analysis of a trust index survey with an integrated culture audit questionnaire. Through the use of a trust index, workers secretly evaluate their place of work on matters pertaining quality and honesty of communication by their supervisors and managers, the level of support provided by their respective organizations and the legitimacy of relationship that exist with fellow workmates (Filbeck, & Preece, 2003).
Employee perks provided rivals of Coronado Foods; Wegmans and Whole Foods
Wegmans and Whole Foods are being considered the top most competitors to Coronado Foods. The firms operate in the same industry selling similar goods that are differentiated. The most attractive employment package that significant employees have expressed to be reasons why they chose to work for Wegman is the flexible work schedule they offer. This has empowered the company employees to maintain a better work-life balance effectively. With most of its employees being the millennial generation, this benefits has favored them the most. Other attractive perks the company provides its employee includes employee development and growth through over $55 million annual investment towards this program and employees involvement and empowerment through taking into consideration on the various ideas and decisions they make pertaining a diverse organizational issues. Just like Wegmans, Whole Food has enhanced work flexibility to its staff base in an effort to attain an effective work-life balance through the provision of a flexible work schedule that ensures employees spend almost sufficient time in their social lives without compromising their job obligations. Also, through the company’s employee financial program, the business has been able to offer financial to its staffs in challenging moments to make them feel cared for. Other notable perks for both companies include employee wellness programs, scholarship programs and internal job promotions (Market, 2005).
Attractive Perks Offered By Other Companies
For the purpose of this subsection, the two companies selected by Fortune Magazine are Google Company and TEK System. TEK System obtains a slot in the top 100 lists of companies in the Fortunes Magazine due to is the emphasis on core values and cultures that were crucial in helping workers accomplish their professional and personal goals. Google Company on the hand has been ranked high due to the services it provides to its employees. The firm provides benefits such as free meals, dry cleaning services, video games, massage therapy, in-door gyms, shuttle services, and affordable daycare services for employees. One of the Google’s culture is to provide free movies to their employees and their families, free ski holidays, and due to this social excursion, it has been able to create a social relationship with its employees (Medaille, 2010). Along with this, it also provides free 25 days leave in a year, nursery care for their children and sports facilities. This encourages employees to work hard towards the achievement of goals and objectives. Moreover, because of these fringe benefits provided by the Google to its employees, the company creates a social cohesion between the employees and this is very essential for the effectiveness of the organization. Google’s achievement is associated with the effectiveness of its organizational culture in supporting excellence in innovation. The enterprise believes that innovation depends on the comfortable of everyone by sharing ideas and opinions. Consequently, the four keystones of Google culture are mission, fun, reward, and innovation (Medaille, 2010).
Generation Y commonly referred to as the millennial generation anticipate a lot from the organizations they work in. It is the desire of the millennial generation to work in an organization that guarantees flexible work schedule for them to realize an optimal work-life balance. Also, this generation shrines best when granting support and encouragement from their supervisors and managers. Just like the above-discussed companies that is Google Company, TEK System, Whole Food and Wegmans, it is the responsibility of Coronado Foods management needs to come with an appropriate employee perks that will suit the needs and demands of their employees. Also, the selection of the appropriate employee benefits package should ensure they stand out in the respective industry they operate in. Just like Goggle Company, the implementation of employee perks and benefits that best suit their needs can be used as a competitive edge to entice top talents in the industry (Smith, & Galbraith, 2012).
The report covered a range of issues which significantly evolved around the provision of employee perks. It important for firms to consider providing the best employment benefits to its employee that best suits their needs and wishes. Considering the level of motivation such benefits have, it should not be ignored but instead considered a critical concern. Specifically for millennial generation are no longer fascinated with the long-term plan of a firm. A preference for firms to take a more daring yet radical strategy towards adjusting their employee benefits is needed to meet the changing needs of the generation Y that is taking over the labor force at an alarming rate (McGinnis Johnson, & Ng, 2016).
Filbeck, G., & Preece, D. (2003). Fortune’s best 100 companies to work for in America: Do they work for shareholders?. Journal of Business Finance & Accounting, 30(5‐6), 771-797.
Market, W. F. (2005). Whole Foods Market organic trend tracker. Austin, Tex.: Whole Foods Market.
McGinnis Johnson, J., & Ng, E. S. (2016). Money talks or millennials walk: The effect of compensation on nonprofit millennial workers sector-switching intentions. Review of Public Personnel Administration, 36(3), 283-305.
Medaille, A. (2010). A Review of “The Google Way: How One Company Is Revolutionizing Management as We Know It”. Journal Of Web Librarianship, 4(1), 102-103.
Meister, J. C., Willyerd, K., & Foss, E. (2010). The 2020 workplace: How innovative companies attract, develop, and keep tomorrow’s employees today (p. 5). New York, NY: Harper Business.
Smith, S. D., & Galbraith, Q. (2012). Motivating millennials: Improving practices in recruiting, retaining, and motivating younger library staff. The Journal of Academic Librarianship, 38(3), 135-144.