According to a report elaborated by the Chilean Society of People Management, the coexistence of three generations is changing the way companies are managed

A research performed by the Chilean Society of People Management (SCGP) brought to light interesting information about Human Resources trends in Chile.

Even though there are progressively more women occupying hierarchical positions in organizations, top level jobs are still mostly occupied by men.

Another interesting fact is that most organizations have within people from three different generations. Baby Boomers, Generation X and Generation Y, share workspaces and projects. Despite the fact that the majority of high hierarchic jobs are occupied by Baby Boomers and Gen X, Gen Y is starting to move forward and in a few cases, they already have jobs as Human Resources Managers.

Organizations value the introduction of Gen Y different ways. According to a survey performed by SCGP to 50 Chilean leaders, Gen Y professionals are seen as: creative, innovative, technological, competitive and deeply appreciative of their personal life. This last feature may cause leaders to think that Gen Y professionals are poorly committed and short-term minded.

Regardless any doubts Baby Boomers and Gen X leaders might have when analysing the introduction of Gen Y to organizations, around 70% of them consider such introduction as an opportunity.

Therefore, it is interesting to observe how organizations are re-thinking and changing their actions in order to lure and retain valuable Gen Y professionals. In Chile, some companies are implementing changes to their compensation schemes – and half of the companies which have not change anything yet are considering to do so-. These changes involve considering the following factors as part of the total compensation: fixed and variable salary, career planning, benefits, life quality and recognition.

One of the main actions being implemented is making paid or unpaid leave more flexible. The idea is to get closer to what Gen Y youngsters look for: work-life balance. Most of these leaves are given so that the employee may study abroad or go on a long journey.

Another important measure is to include young workers into corporative projects, an action deeply appreciated by Gen Y professionals, as they value feeling part of the organization and learning new things. Other actions developed in the Chilean market include creating bicycle parking lots in companies and encouraging employees to play sports.

According to the report, there still is a long way to go. Granting formal development possibilities, providing more flexibility regarding working hours and modes, giving greater recognition to achievements and improving work-life balance are concepts that need to be developed in order to attract and retain talents.

It is about analysing organizations from an evolutionary perspective, so that they can adapt and make the most of the advantages provided by Gen Y.

What do we refer to when discussing commitment? How can we align the Gen Y potential with the organization’s goals? Do we need to look over the business strategy? What role does organizational culture play in this process? Should we reconsider the way we are managing diversity?

Giving thought to these question seems to be a pressing challenge for Chilean organizations.