Wellness Works GEN Y WORKFORCE
WELLNESS WORKS A Global Leader in Commercial Real Estate Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. We provide a fully integrated platform of services to prominent multinational corporations and institutional investors across the globe, as well as to
What does the office look like in 20 Years? Work will be more global and technology will be the driving force — enabling work to happen any place, anytime. In this new world, the offices we all know today would simply be redundant. • Why/how are the perceptions of the office changing with new generations? • What are the needs and expectations of Generation Y, at work and in life? • How will Generation Y influence work and the workspace?
occupiers, owners and developers of real estate on a local, regional and national level. THE TEAM Josef Farrar, Executive Managing Director David Kluth, Executive Managing Director Ryan Harding, Senior Managing Director Aliya Coher, Managing Director
Time spent with the internet exceeds time spent with any other media. Average hours per week.
16.7
12 7.7 6
TV
Radio
Phone
This generation has different values, new priorities and reassessed loyalties. It is important for organizations to think differently about work in order to attract and engage these employees. Companies will have to think differently about benefits and policies. Monetary incentives and other advancement tools don’t work the same way for this generation. Gen Y has a very distinct point of view about the way business should be and could be done and these new perspectives are bound to turn many current corporate practices on their ear.
Why study Generation Y Gen Y is the fastest growing segment of the workforce, growing from 14% to 21% of the workforce over the past four years. There are approximately 76 million Baby Boomers (46-65 years old) and most of them will be phasing out of the workforce in the next 10-20 years, at the rate of approximately 4 million per year. This will create a huge deficit as the next generation, Gen X, is limited by it’s size of only 50 million. So as Baby Boomers phase out, it will be Gen Y who will be assuming their place at a rapid rate.
13.5
Reading
The value of understanding Generation Y. All 70 million of them.
Internet
Steelcase WorkSpace Futures conducted a nine month study of the Generation Y demographic in the US starting in the summer of 2008. The study was titled Gen Y: United States. A Research Project by Steelcase WorkSpace Futures. These are their findings.
million
Generation Y has evolved very differently compared SOCIAL to previous generations due to factors NETWORKS such as ubiquitous technology, rapid globalization, unique parenting trends and the global economy. This generation has unique behaviors and a point of view about work and the workplace which has huge potential implications for work practice, work environment design, commerce, business SOCIALLY CONSCIOUS and policy.
What defines generation?
70 million
Population Breakdown by Generation SEEK MENTORING
14% Gen X
14% Gen Y
SEEK TRANSPARANCY 20% Under 20
GENERATION Y
33% Boomers
A generation is more than just its age. A generation is defined by shared life events along with shared context in terms of politics, culture, economy, technology and societal trends. A generation refers to a cohort of people born 14% within a span 14% of time in which Gen Y particular trends, Genevents X technologies and have significantly shaped them. These occurrences experienced in one’s 20% formative years are called social of Undermarkers 20 generational indicators. 33% Boomers 12% A generation has traditionally Overbeen 65 defined as the average interval of time between the birth of parents and the birth of their offspring. Most generations today are cycling on 15-20 year intervals, meaning every 15-20 years, a new generation begins.
GENERATION
20% Gen X
55 million
30% Boomers 76 million
12% Over 65
28% Gen Y
70 million
22% Traditionalists 55 million
Source: Population Division US Census Bureau Data released May 2007.
influential events General time frames baby boomers
U.S. Generations
Baby boomers Gen X Gen Y
1945-1964 1965-1979 1980-2000
Boomers have been heavily influenced by the Cold War and the Vietnam War. Their parents survived the Great Depression and World Wars. They saw the assassinations of JFK and MLK. They were hippies. They worked for civil rights. They helped invent the computer and saw the first man land on the moon.
Who is Gen Y?
INTEGRATE TECHNOLOGY
WORK LIFE INTEGRATION
SOCIAL NETWORKS
SEEK MENTORING
SOCIALLY CONSCIOUS
SEEK TRANSPARANCY
70 million
14% Gen X
GENERATION Y
14% Gen Y
20% Gen X
55 million
20% Under 20 33% Boomers
30% Boomers 76 million
12% Over 65
28% Gen Y
70 million
22% Traditionalists 55 million
generation x
generation Y
Gen X entered the workforce when PC and Silicon Valley were beginning to boom during a time of growing prosperity and peace. They experienced the beginning of outsourcing and the first of the major corporate layoffs. They saw many friends die of AIDS. They also helped bring down the Berlin Wall and end the Cold War.
Gen Y enters at the dawn of the global digital economy – computers, TV, mobile phones. They get their news from the internet, reality TV, MTV and The Daily Show. They stay connected through Facebook, Twitter and YouTube and are globally aware. They’ve grown up in a time, not of world war, but terrorism. They are the children of the Baby Boomers
What Gen Y wants: FROM A JOB
FROM A WORKPLACE
FROM A BOSS
• Purpose and meaning • Responsibility • Promotional opportunity • Challenges and experiences • Fair compensation • Increased employability • Individuality and creativity • Personal development
• Flexibility – lifestyle centered • Ethical behavior • Fun • Sense of belonging • Modern edgy workplace • Passion and optimism
• Empowerment • Mentoring • Fairness • Recognition • Personal connection • Involvement • Competency
Gen Y at work. Generation Y have higher standards than preceding generations regarding how they should be treated at work. It takes a bit more to keep them satisfied and it is important that employers take this seriously... otherwise these workers may simply talk with their feet.
Source: Generation Y. Thriving & surviving with generation Y at work by Paul Sheehan at http:\\www.joyworkz.com.nz/content/ view46/100/
A few statistics Generation Y
• One quarter of all Americans are Gen Y • $100/week of disposable income • $150 billion in annual spending • Influence on the spending of others can be as much as 5x • Unrivaled spending power • No mortgages, loans, credit card debt or dependents • Hyper-tasking • First generation to grow up with technology • Estimated 20 billion spent on line
Newmark Southern California Office currently provides corporate real estate solutions for clients occupying close to 15 million square feet of office and industrial facilities in 410 locations throughout North America, South America, Europe and Asia. We provide seamless beginning-to-end corporate services solutions to our clients, whenever and wherever they are needed. Our desire is to work alongside our clients, adopting their objectives as our own and designing innovative solutions to meet their goals. Newmark Grubb Knight Frank is part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial markets with approximately 220 financial products and offices in over 35 major markets. NGKF, driven by a shared entrepreneurial spirit and commitment to superior client service, is one of the most dynamic and innovative service providers in the industry. All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark Grubb Knight Frank (NGKF) has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of NGKF. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient’s choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications. Any recipient of this publication may not, without the prior written approval of NGKF, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or in any other way reproduce this publication or any of the information it contains
www.ngkf.com
What does the office look like in 20 Years? Work will be more global and technology will be the driving force — enabling work to happen any place, anytime. In this new world, the offices we all know today would simply be redundant. • Why/how are the perceptions of the office changing with new generations? • What are the needs and expectations of Generation Y, at work and in life? • How will Generation Y influence work and the workspace?
occupiers, owners and developers of real estate on a local, regional and national level. THE TEAM Josef Farrar, Executive Managing Director David Kluth, Executive Managing Director Ryan Harding, Senior Managing Director Aliya Coher, Managing Director
Time spent with the internet exceeds time spent with any other media. Average hours per week.
16.7
12 7.7 6
TV
Radio
Phone
This generation has different values, new priorities and reassessed loyalties. It is important for organizations to think differently about work in order to attract and engage these employees. Companies will have to think differently about benefits and policies. Monetary incentives and other advancement tools don’t work the same way for this generation. Gen Y has a very distinct point of view about the way business should be and could be done and these new perspectives are bound to turn many current corporate practices on their ear.
Why study Generation Y Gen Y is the fastest growing segment of the workforce, growing from 14% to 21% of the workforce over the past four years. There are approximately 76 million Baby Boomers (46-65 years old) and most of them will be phasing out of the workforce in the next 10-20 years, at the rate of approximately 4 million per year. This will create a huge deficit as the next generation, Gen X, is limited by it’s size of only 50 million. So as Baby Boomers phase out, it will be Gen Y who will be assuming their place at a rapid rate.
13.5
Reading
The value of understanding Generation Y. All 70 million of them.
Internet
Steelcase WorkSpace Futures conducted a nine month study of the Generation Y demographic in the US starting in the summer of 2008. The study was titled Gen Y: United States. A Research Project by Steelcase WorkSpace Futures. These are their findings.
million
Generation Y has evolved very differently compared SOCIAL to previous generations due to factors NETWORKS such as ubiquitous technology, rapid globalization, unique parenting trends and the global economy. This generation has unique behaviors and a point of view about work and the workplace which has huge potential implications for work practice, work environment design, commerce, business SOCIALLY CONSCIOUS and policy.
What defines generation?
70 million
Population Breakdown by Generation SEEK MENTORING
14% Gen X
14% Gen Y
SEEK TRANSPARANCY 20% Under 20
GENERATION Y
33% Boomers
A generation is more than just its age. A generation is defined by shared life events along with shared context in terms of politics, culture, economy, technology and societal trends. A generation refers to a cohort of people born 14% within a span 14% of time in which Gen Y particular trends, Genevents X technologies and have significantly shaped them. These occurrences experienced in one’s 20% formative years are called social of Undermarkers 20 generational indicators. 33% Boomers 12% A generation has traditionally Overbeen 65 defined as the average interval of time between the birth of parents and the birth of their offspring. Most generations today are cycling on 15-20 year intervals, meaning every 15-20 years, a new generation begins.
GENERATION
20% Gen X
55 million
30% Boomers 76 million
12% Over 65
28% Gen Y
70 million
22% Traditionalists 55 million
Source: Population Division US Census Bureau Data released May 2007.
influential events General time frames baby boomers
U.S. Generations
Baby boomers Gen X Gen Y
1945-1964 1965-1979 1980-2000
Boomers have been heavily influenced by the Cold War and the Vietnam War. Their parents survived the Great Depression and World Wars. They saw the assassinations of JFK and MLK. They were hippies. They worked for civil rights. They helped invent the computer and saw the first man land on the moon.
Who is Gen Y?
INTEGRATE TECHNOLOGY
WORK LIFE INTEGRATION
SOCIAL NETWORKS
SEEK MENTORING
SOCIALLY CONSCIOUS
SEEK TRANSPARANCY
70 million
14% Gen X
GENERATION Y
14% Gen Y
20% Gen X
55 million
20% Under 20 33% Boomers
30% Boomers 76 million
12% Over 65
28% Gen Y
70 million
22% Traditionalists 55 million
generation x
generation Y
Gen X entered the workforce when PC and Silicon Valley were beginning to boom during a time of growing prosperity and peace. They experienced the beginning of outsourcing and the first of the major corporate layoffs. They saw many friends die of AIDS. They also helped bring down the Berlin Wall and end the Cold War.
Gen Y enters at the dawn of the global digital economy – computers, TV, mobile phones. They get their news from the internet, reality TV, MTV and The Daily Show. They stay connected through Facebook, Twitter and YouTube and are globally aware. They’ve grown up in a time, not of world war, but terrorism. They are the children of the Baby Boomers
What Gen Y wants: FROM A JOB
FROM A WORKPLACE
FROM A BOSS
• Purpose and meaning • Responsibility • Promotional opportunity • Challenges and experiences • Fair compensation • Increased employability • Individuality and creativity • Personal development
• Flexibility – lifestyle centered • Ethical behavior • Fun • Sense of belonging • Modern edgy workplace • Passion and optimism
• Empowerment • Mentoring • Fairness • Recognition • Personal connection • Involvement • Competency
Gen Y at work. Generation Y have higher standards than preceding generations regarding how they should be treated at work. It takes a bit more to keep them satisfied and it is important that employers take this seriously... otherwise these workers may simply talk with their feet.
Source: Generation Y. Thriving & surviving with generation Y at work by Paul Sheehan at http:\\www.joyworkz.com.nz/content/ view46/100/
A few statistics Generation Y
• One quarter of all Americans are Gen Y • $100/week of disposable income • $150 billion in annual spending • Influence on the spending of others can be as much as 5x • Unrivaled spending power • No mortgages, loans, credit card debt or dependents • Hyper-tasking • First generation to grow up with technology • Estimated 20 billion spent on line
Newmark Southern California Office currently provides corporate real estate solutions for clients occupying close to 15 million square feet of office and industrial facilities in 410 locations throughout North America, South America, Europe and Asia. We provide seamless beginning-to-end corporate services solutions to our clients, whenever and wherever they are needed. Our desire is to work alongside our clients, adopting their objectives as our own and designing innovative solutions to meet their goals. Newmark Grubb Knight Frank is part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial markets with approximately 220 financial products and offices in over 35 major markets. NGKF, driven by a shared entrepreneurial spirit and commitment to superior client service, is one of the most dynamic and innovative service providers in the industry. All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark Grubb Knight Frank (NGKF) has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of NGKF. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient’s choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications. Any recipient of this publication may not, without the prior written approval of NGKF, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or in any other way reproduce this publication or any of the information it contains
www.ngkf.com
