Understanding Generation Y - PrincetonOne

1 WHITE PAPERU nderstanding Generation YWhat You Need to Know About the collaboration with Buddy Hobart, Solutions 21returning home, work to achieve the Ameri-can Dream. Veterans carried over their military practices to the workplace, which is why this group is known for its discipline, conformity and respect for authority. This Generation is also considered to be very loyal; so, it was typical for Veterans to stay with one company for their entire careers. Additionally, Veterans place a strong importance on family values and good manners, which is no surprise since this demo-graphic is known for playing by the rules. This Generation is highlighted by many notable innovations, including radio and the silver screen.

2 Veterans also expe-rienced the cultural shift that occurred when women first entered the a career setting, Veterans strongly desire to be reward-ed for their hard work through increased compensation and the opportunity to move into leadership positions. The members of this Generation like to be rec-ognized for their accomplishments publicly, so as to gain respect from peers. Veterans typically seek to take on more responsibility to show their ability to handle important tasks and be leaders. Additionally, Veterans highly value con-sistency and uniformity. Because of their years of experience and solid work habits, Veterans make great mentors for Gen Xers and Gen Yers. Baby BoomersThose born between 1946 and 1964 are known as Baby Boomers.

3 This group consists of just under 80 million members. The majority of this demographic is preparing to retire, which has spurred talk of a future talent shortage. Because of their years of experience and solid work habits, Veterans make great mentors for Gen Xers and Gen Yers. oday, there are an unprecedented four generational groups coexisting in the work-place. This demographic diversity poses a chal-lenge for employers, in terms of creating and managing harmonious workplaces, where each Generation s unique values and office expec-tations mesh. The newest group to enter the workforce, Generation Y, poses a particular challenge for organizations. Generation Y is not only different from past generations, but also misconstrued in many ways.

4 This white paper examines the current multi-generational workforce, focusing specifically on Generation Y. In doing so, this paper debunks many of the myths associated with this demo-graphic and explains how Generation Y can be a tremendous workplace asset. Defining the Multigenerational WorkforceTo better understand Generation Y, it is neces-sary to first examine the generational groups making up today s workforce. Their character-istics, values and workplace expectations are explored born between 1922 and 1945 are known as Veterans/Traditionalists. There are approxi-mately 50 million members of this group. It consists of individuals who are 60-plus and have either retired or are re-entering the workforce, due to monetary constraints.

5 Veterans grew up during an era of multiple hardships, including the Great Depression, Pearl Harbor and the beginning of World War II. This Generation worked hard to overcome the bar-riers that were set before it. As a result, most Veterans believe in duty before pleasure and strive to work hard and put in their time. It was common for Veterans to go off to war and, upon White Paper Understanding Generation Y2T members of this Generation have entered into management roles in the workforce and more will do so in the coming years, as increasing numbers of Baby Boomers retire. Generation X wit-nessed the collapse of the Soviet Union, the fall of the Berlin Wall and the diag-nosis of AIDS. Gen Xers employment expectations are influenced by what they saw their Baby Boomer parents experience.

6 Some may have seen a parent laid-off or lose a pension, after a lifetime of service to one company. Thus, members of this Generation tend not to have job security expectations and are not as loyal to companies as their parents were. Gen Xers also saw their parents spend long hours at work, climbing the corporate ladder. This, in turn, shaped Generation X s desire for a health-ier work/life balance. As a group, Generation X is apt to question authority and is cynical and in-dependent. The group s sense of independence is partially attributed to many Gen Xers spend-ing their childhoods as latchkey kids, fending for themselves, while both parents worked. Within the office, Gen Xers are attracted to flex-ibility, in terms of when and where they work.

7 Due to Generation X having come of age with the personal computer, its members are famil-iar with technology and learn new technologies faster and more easily than prior generations. This skill makes Generation X s members impor-tant assets in the workplace. Other Generation X characteristics include the group s adaptability and ability to multi-task effectively. Gen Xers look for multiple tasks to keep them interested and engaged in the office. They also desire As children of Veterans, Baby Boomers grew up in a relatively prosperous and safe environ-ment. This Generation lived through the era of Woodstock, Watergate, the Vietnam War and the Cuban missile crisis. Baby Boomers are well-edu-cated and have been called the workaholic gen-eration, as they are known to work long, hard hours in an attempt to get ahead.

8 Baby Boomers can be characterized by their competitive nature and strong work ethic. Many members of this Generation now hold prominent leadership posi-tions within current government and business entities. Baby Boomers have been described as relationship and results-oriented and diplomatic. This Generation believes strongly in the idea of personal development and growing into a more whole person. As a result, Baby Boomers are very involved in a variety of activities both in and outside of the workplace in an effort to be-come well-rounded. Veterans and Baby Boomers have similar ideals about the workplace. Both generations value money, the opportunity for advancement and public recognition. Additionally, Baby Boomers are like their parents, in that they are loyal to their companies and value title and rank.

9 Be-cause of their competitive nature, Baby Boom-ers desire work environments where they are challenged and can continually grow. They also like working in teams and see the advantages of working with others to accomplish a common goal. Baby Boomers work best with managers whose leadership style is similar to coaching. They like rules facilitated, not dictated. Known as the sandwich Generation , Baby Boomers are responsible for the care of their children, as well as their aging parents. Consequently, this group seeks employers who offer flexible work sched-ules to accommodate its dual XThe members of Generation X are defined as having been born between 1965 and the late 1970s. Bounded by two large generational groups, Generation X is one of the smallest, numbering approximately 50 million.

10 The oldest White Paper Understanding Generation Y3 Veterans and Baby Boomers have simi-lar ideals about the workplace. Both generations value money, the oppor-tunity for advance-ment and public recognition. also desirable. Generation Y looks for the why behind the tasks they are asked to perform and can lose interest in menial responsibilities. They want diverse and meaningful office tasks and are happy with lateral moves within their companies, as long as they are able to gain new experiences. Along this line, being provided with workplace mentors, training opportunities and job performance plans is important to this de-mographic. Finally, this Generation is known to possess an entrepreneurial spirit.