Demographic changes bring great challenges to Thailand

The second megatrend has to do with the new recruits who could be described as the most educated and undeniably the most tech-savvy workforce in the history of the world.

These "Generation Y" employees have higher expectations for salary, growth opportunities, self-development, and freedom and self-expression in work as much as in other aspects of life.

Non-standard biographies and careers are now more commonplace, and traditional concepts of organisational loyalty are being challenged.

In Thailand, Generation Y employees make up about 30 per cent of the workforce. Organisations would be well advised to start to acknowledge their differences in work values, expectations and behaviours. Hay Group’s "Generation Y work value survey" dispels many of the negative stereotypes associated with the Gen-Ys.

For example, Gen-Y employees are often labelled as lazy, stubborn kids who do not have a sense of commitment towards their work. The study suggests that Gen Y is as hard working as any other generation but places high value on workplace flexibility such as flexible working hours.

Hidden potential

Now the question lies with, "How can organisations tap into and utilise the hidden potential of these young professionals in order to propel them to the top?"

A career development system is recommended as a strategy to retain and develop talent, and lead the next generation.

Careers play an increasingly important role in the quest for self-fulfilment and self-expression – a shift that is driving greater convergence between private and working lives and a desire by individuals to integrate personal and professional goals.

The traditional concept of "career" was a progression up the hierarchy within an organisation or profession. However, for some time now, this concept has been challenged.

Careers have become more flexible, dynamic and employee-centric rather than organisational-centric. It is now crucial that organisations abandon the "up-the-ladder" career system and adopt a more advanced career development system that provides more flexibility for both employers and employees.

The career path is no longer simply linear, where people are developed through cross-functional movements that are fully supported by systematic, competence-based progression criteria.

A robust career system and formal training can help provide the infrastructure to boost "opportunity to learn new skills" or "development opportunities". Nothing can quite replace on-the-job coaching when done right.

The world’s top companies for leadership have been maximising the method for many years. By delegating stretch assignments to the ready, these companies manage to accelerate the learning of their new talent while letting them know they are being valued by the leaders.

Great leaders should use the most effective leadership styles for managing Gen-Y employees such as focusing on achieving consensus rather than commanding, being more participatory than autocratic, and providing greater autonomy and flexibility when opportunity allows.