The workforce of today and the near future will be a scarce resource. There might be an increased rate of unemployment now due to the financial crisis but in the longer term there will be a shortage of labour in the western world. And the workforce that will be showing up is from a new generation, different from the ones it is replacing. This new generation can be termed Generation Y. Generation Y is between the age of 15 to 31 and they demand a lot from their workplace and from themselves. It is a generation of children who were raised by parents who had energy and time to give their children a lot of attention and cater to their needs. Some would call Generation Y the spoiled generation. That said Generation Y (as in “Generation Why”) is generally a very talented generation because they have grown up with a lot of possibilities and stimuli, not least through technology and the internet, but also through travelling, which has given them access to an enormous amount of knowledge compared to earlier generations. This has also made them critical and taught them to ask questions constantly – this is Generation (Wh)Y. Employers will need this generation. But how do they attract and hold on to this group of young people? Is employer branding the way to go? That is what I will look into in my thesis: is employer branding the way to go if you want to attract and hold on to Generation Y? More precisely I will look into two Danish banks –– and see what they are doing now in order to attract and hold on to their workforce and whether employer branding could be the way to go for them in the future. Based on my interviews with the two banks - The Danske Bank Group and Jyske Bank - and selected theories on corporate branding, employer branding and about Generation Y, I have found that an employer branding is an important element in attracting and holding on to Generation Y. This is because the philosophy behind employer branding closely matches Generation Y’s needs and demands. Using employer branding puts value on your employees and place your employees in the centre. You make sure they can have as harmonious a work/life balance as possible and you will also make sure your executives and managers know and live up to their big role in the well being and motivation of your employees - the executives and managers communicate and interact on a dally basis with the employees. Actually all these criteria are things that Generation Y appreciates and values. In any case companies should always keep in mind that their employer branding should be realistic and believable and based on a properly balanced corporate brand or identity. There has to be a balance between your values, your internal culture and your external image for the corporate and employer brand to function. These are also things that generation Y appreciates as well. The Danske Bank Group and Jyske Bank have both in their own ways started employer brandingstrategies and are more or less targeting members of Generation Y. They might be well positioned to attract and hold on to Generation Y with their non-hierarchical organisations, and some of their more individualised employee measures (fast track promotion, targeting the need of would-be women leaders etc.). But there is room for improvement and a need for a continued and refined focus on Generation Y in their employer branding as the competition for these employees is bound to increase with time. This suggests a need to be even more innovative for instance by developing even more flexible work/life-balanced solutions such as offering child care or focusing even more on technological innovation to cater as much as possible for Generation Y.
|Educations||MA in International Business Communication (Intercultural Marketing), (Graduate Programme) Final Thesis|
|Number of pages||88|