Many firms are in danger of losing out in the increasingly fierce "war for talent" unless they overhaul their workplace technology strategies and deliver more flexible, mobile and informal working practices.

That was the warning earlier today from leading IT industry think-tank, Unwired, after a new survey undertaken by the organisation revealed that three out of five large UK businesses have no plan in place for addressing the technology and workplace needs of so-called Generation Y – tech-savvy young people that have grown up with seamless, mobile and informal communication tools.

The survey of 250 board-level executives from across the IT, facilities, HR and management functions of large UK businesses also found that two-thirds still used management approaches that relied on attendance in the workplace to be effective and only a quarter felt their current buildings were well designed for future working practices.

Richard Leyland, head of knowledge at Unwired, said that many firms had failed to realise that the next generation of job entrants will have very different requirements. "Kids now are so used to instant and informal communication that when they enter the workplace they will have very different expectations," he said. "They will expect access to technology to be mobile and available at any time, which will mean that the idea of nine-to-five presenteeism will have very little value, and they will also have much less respect for ideas of corporate hierarchy – they are used to contributing and being heard."

Firms that fail to deploy the mobile technologies and flexible working practices desired by younger workers are in danger of failing to attract new talent, according to Unwired. "When you talk to senior HR directors at blue-chip firms their biggest challenge is how do they attract the bright 19-year-old who is going to graduate in four years with a good degree," said Leyland. "They know that if they don’t get it right they will lose them to their rivals."

Leyland also recommended that IT chiefs assess the effectiveness of their information management strategies in preparation for the "Generation Y workforce ", arguing there needed to be a greater emphasis on recording staff's knowledge and sharing corporate information.

"People are going to move between different jobs more, so you need systems like corporate wikis that can capture employees' knowledge when they are with you," he said. "You also need to realise that young people now live in a hyper-informal world and the culture of secrecy and tight information management evident at many firms needs to be relaxed.