Read the following and write the annotated bibliography about “Effect of Thai Baht to USD on Western Digital Corporation’s Revenues”

What impact will Generation Y have on business strategies in regard to Human Resource Management?

The authors in this article looked at four different generations that are now in the workplace. Out of those four generations they took an in depth look at Generation Y. The authors discuss what Generation Y wants from their employers and from their job in general. They also explain how changing the work environment will help retain Generation Y employees. They answered their questions by looking at different studies do by previous researchers.

After summarizing different studies they determined that Generation Y look for a strong employee- manager relationship. Generation Y employees also liked to have career paths to look with clear objectives on how to get to the next level. Generation Y appreciate timely and constructive feedback. Generation Y feels they work at their best when the work environment is creative and fun. The best way an employer can retain Generation Y employees is to have technology that is up to date and that encourage team work.

This study may not be the most reliable because they did not do the research themselves but there is still some important information that can be taken from this article. The most important aspect that I took from this article is that Generation Y employees look for certain aspects of a work environment and if an employer is unable to provide those aspects they will not be able to retain Generation Y employees.

This research discusses what young workers will look for in the workplace based off their family influences and past work experiences. The authors give important information regarding changes in the workforce and areas of importance for the future generations and the organizations that will be hiring them. The authors also highlight areas of rise in non-standard employment, leadership, worker health and safety and unions.

The authors took previous research and expanded on those ideas. The information itself is old but there are some fundamental ideas that help pave the way for future research such as the research I am conducting.

The research found in this article helps in defining what Generation Y holds important in regards to values, attitudes, and behaviors. My research question asks how Generation Y will impact human resource management and to answer that question you have to know what the individuals of the generation are expecting when they enter the workforce.

The world of business is a changing environment. As time has progressed businesses have evolved and different business problems have arisen. One area of business that has seen significant changes is human resource management. One particular group of individuals that is causing human resource managers to rethink their business strategies is the group known as Generation Y or Millennials. Generation Y is a unique group of individuals and human resource managers have to reevaluate certain business strategies to accommodate for a generation that is nothing like the generations before them.

Multigenerational Workplace

According to Lowe and Wilson (2008), the United States workforce includes individuals from four different generations for the first time. The generations that make up the workforce today include the Traditionalist Generation, the Baby Boomer Generation, Generation X, and Generation Y. Each generation develops beliefs and attitudes based on events that happen in their lifetime (Giancola, 2006).

The Traditionalist Generation grew up in the great depression and tends to have a high value on patriotism and family. They tend to prefer a traditional management structure and are more likely to remain with one company for the duration of their employment. When traditionalist are in charge they take command and tend to do what is right (Eisner 2005)

The Baby Boomer Generation is the largest generation in the United States. This generation respects authority and can be competitive by nature. They want it all and will stop at general nothing until they obtain what they want. They work long hours, show loyalty, and have no immediate plans of retiring. They proactively climbed the corporate ladder and tend to make new rules on the way up (Lowe & Wilson, 2008).

Generation X is composed of individuals who are self-reliant and distrustful of large corporations. They tend to live on the edge and embrace change. This generation is able to get things done fast and is not hesitant in bending the rules a little bit. They respond well to a management technique that allows adequate feedback on their performance (Lowe & Wilson, 2008).

The generation that has entered the workforce most recently is the generation that goes by many different names but is most commonly known as Generation Y. Generation Y was raised in a time of economic expansion and prosperity. They tend to hold similar values of those of the traditionalist generation. Generation Y is the most “technically literate, educated, and ethnically diverse generation in history” (Eisner, 2005).

Characteristics of Generation Y

According to Bannon, Ford, & Meltzer (2011), Generation Y has five attributes that separate them for previous generations. Those attributes include their advanced technological skills, as well as their attitudes toward work and life balance, social responsibility, education, and diversity. Generation Y has high levels of confidence and optimism and expect immediate feedback on their performance. Based on events that have happened in the life of Generation Y they prefer to work in groups. Generation Y is also very comfortable working with technology which makes multi-tasking a norm for them. Generation Y enters the workforce having quality and quantity of schooling but lack communication and problem solving skills.

It has been suggested that Generation Y has very unrealistic expectations when it comes to entering the workforce. According to Ng, Schweitzer, & Lyons (2010), Generation Y does have some great expectations when it comes to their careers. Generation Y wants career advancement, and believe they will get rapid promotions and pay increases but surprisingly they do hold realistic expectations when it comes to their first job after graduation. They also expect their work environment to be nurturing and while they want a work/life balance that could reflect a desire for work and play more than a need for a balance between work and family (Ng, Schweitzer, & Lyons, 2010). Another study shows that Generation Y insist on a better balance of work and family because they have seen first-hand what work has done to their parents ( Loughlin & Barling, 2001).

The challenge for business managers will be to motivate Generation Y by playing to their technological strengths, embracing social networking, and celebrating their diversity (Bannon, Ford, & Meltzer, 2010). Generation Y is entering the workforce in large numbers and workplace conflict is rising between Generation Y and former generations. Studies have shown that businesses are not dealing well with generational conflict. According to Deyoe & Fox (2011), three practical strategies could help in dealing with intergenerational conflict. If a company provides clear communication and expectations up front while requiring job shadowing at certain levels will help reduce conflict between generations. One other strategy that companies could use to help generational conflict is going to local colleges to teach young people how to act and teach them what will be expected of them in the workplace (Deyoe &Fox, 2011).

According to Meuse & Mlodzik (2010), they warn businesses to be cautious when deciding to change policies in regard to generational conflict and that their current policies have the capability to foster employee engagement, resolve conflict, and enhance retention when implemented effectively. One strategy that may help with intergenerational conflict is the method of reverse mentoring. Through reverse mentoring human resource managers can help Generation Y employees feel that they are beneficial to the business environment while integrating new information into their business system (Stevens, 2010).

Research has found that managers of older generations and Generation Y hold different values and by looking at those different values hopefully management can develop better training programs. Through the new programs hopefully communication and the organization can become more effective (Murphy, Gibson, & Greenwood, 2010).

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Part1 Annotated Bibliography 1 BIS Foreign Exchange Policy and Intervention in Thailand Switzerland 23 December 2004 This paper deals with the information on how Thailand has managed its foreign excha... View the full answer