There have been more books, articles, and commentary surrounding Generation Y than on any previous generation. They are the largest generation since the Baby Boomers, and the oldest members of Generation Y are just hitting 30.

• In Vietnam, for example, 50 percent of its 90 million people are under the age of 30. They are highly literate and speak several languages.
• In China, there are 567 million people below the age of 30, of which 200 million are over the age of 18.
• In the newly rich country of South Korea, this is the first generation to grow up in an environment of prosperity and stability.

Approximately half of India’s one billion people are under the age of 25. With the Indian economy continuing to boom, thousands of new jobs are created every day. Along with the boom has come the changing lifestyle of India’s young generation, who are clear about what is important to them. Whilst they retain deep connections to family, they are motivated by money and the social status that follows. Loyalty to an employer is as low on the Indian Gen Yer’s list of priorities as any other member of this “Global Generation.” So long as the pay is sufficient, they will accept the job – for now. The result? Employers have to deal with high levels of attrition.

In looking at China, we see that many Chinese between the ages of 18 and 24 grew up as the only child in their household, as a result of China’s one-child policy. It is the first time in the history of this cultural monolith that the nation’s youngest adults are defining themselves as individuals, whilst eschewing the imperialist and collectivist traditions of the past. These young Chinese are not unlike their peers from other regions of the world: they are rejecting the old “work hard and get rich” mentality in favor of a lifestyle dedicated to freedom and personal satisfaction. We are told that Generation Y members have their own set of values and their own view of authority and the ideal work environment. They are technologically sophisticated, having grown up with technology and lived with it every day. As a result, they have been called the highest performing generation in history. Multinational companies identify these Generation Y Chinese as not only high achievers, but also extremely adventurous, impressionable, and consequently, highly employable. The data supports the hypothesis that urban Generation Y Chinese are far more susceptible to Western influences than their older city counterparts, and that this is the group leading the globalization of contemporary China. Known for their better education, open-mindedness, and drive, they are the hottest commodities in the current job market across Asia, and there is a huge effort on the part of multinationals to attract this target market and shape them into tomorrow’s business leaders.

Since Generation Yers from China, India, and throughout the region are the anticipated leaders of tomorrow’s Asian business world, multinational organizations are hotly debating strategies for attracting and retaining this most entrepreneurial and individualistic population group. It is clear that employers have to recruit differently in this changing employment market, regardless of geography. Gen Yers value work/life balance more than any other generation. The historical Asian culture of working long hours over many years of loyal service to a single employer is now passé. Organizations need to offer a more flexible work style: it’s not a matter of where employees work (office versus home), the time of day they are working (daytime versus evening/night), or the amount of hours they choose to work, but their overall performance and contribution that counts.

Generation Y is a highly entrepreneurial group who grew up multitasking with the great advantages of technology. Companies will need to learn how to blend the workplace and the life-place to stay connected to this borderless Gen Y group by offering flexible work schedules, the option of telecommuting, sabbaticals, and exchanges with other offices around the world. Rotational development programs, leadership development, mentoring programs, and continuing education are normal expectations of the Generation Y candidate. The Gen Yers’ thirst for a quick path to success means that companies who can provide such programs will attract the best that generation has to offer.

Rejecting the traditional “command and control” style of work environment evident amongst previous generations, they need to have their suggestions heard by employers, be treated as individuals, and feel a connection with the company and its values. For Gen Yers, their workplace provides a social network, and they want to create relationships within the organization. They need team building and company social events to keep them connected with their colleagues.

In an ever-shrinking world where the number of Generation Y expatriates continues to grow, an increasing number of new graduates seek to gain an advantage over their peers, selecting global companies who offer increased opportunities for overseas assignments and the international exposure that accompanies. The reality is that relocating to a new country is viewed by Generation Y as an exciting adventure to be enjoyed, offering the chance to explore a new environment and culture, whilst providing in many cases a stepping stone to a new and lucrative job with another company upon their return.

It is clear that companies in Asia are evolving in order to offer high degrees of flexibility, personal development, and training and career opportunities that attract the Generation Yers. In Generation Y circles, where regular career changes are de rigueur and represent ambition and independence, candidates will select an employer who can help them not only achieve their professional and career aspirations, but also their personal and social needs. It is no longer a case of the employer selecting the candidate, but rather, the candidate selecting the employer. The tables have truly turned.