Understanding Generation Y - PrincetonOne

1 WHITE PAPER. Understanding Generation Y. What You Need to Know About the Millennials In collaboration with Buddy Hobart, Solutions 21. T oday, there are an unprecedented four returning home, work to achieve the Ameri- can Dream. Veterans carried over their military generational groups coexisting in the work- practices to the workplace, which is why this place. This demographic diversity poses a chal- group is known for its discipline, conformity and lenge for employers, in terms of creating and respect for authority. This Generation is also considered to be very loyal; so, it was typical managing harmonious workplaces, where each for Veterans to stay with one company for their Generation 's unique values and office expec- entire careers. Additionally, Veterans place a tations mesh. The newest group to enter the strong importance on family values and good manners, which is no surprise since this demo- workforce, Generation Y, poses a particular graphic is known for playing by the rules.

2 Challenge for organizations. Generation Y is not Because This Generation is only different from past generations, but also highlighted by many of their misconstrued in many ways. notable innovations, including radio and years of This white paper examines the current multi- generational workforce, focusing specifically on the silver screen. Veterans also expe- experience and Generation Y. In doing so, this paper debunks many of the myths associated with this demo- rienced the cultural solid work habits, shift that occurred graphic and explains how Generation Y can be a when women first Veterans make tremendous workplace asset. entered the work- place. great mentors for Defining the Multigenerational Workforce In a career setting, Gen Xers and Gen Yers.. To better understand Generation Y, it is neces- Veterans strongly sary to first examine the generational groups desire to be reward- making up today's workforce. Their character- ed for their hard istics, values and workplace expectations are work through increased compensation and the explored below.

3 Opportunity to move into leadership positions. The members of this Generation like to be rec- Veterans/Traditionalists ognized for their accomplishments publicly, so Those born between 1922 and 1945 are known as to gain respect from peers. Veterans typically as Veterans/Traditionalists. There are approxi- seek to take on more responsibility to show mately 50 million members of this group. It their ability to handle important tasks and be consists of individuals who are 60-plus and have leaders. Additionally, Veterans highly value con- either retired or are re-entering the workforce, sistency and uniformity. Because of their years due to monetary constraints. of experience and solid work habits, Veterans make great mentors for Gen Xers and Gen Yers. Veterans grew up during an era of multiple hardships, including the Great Depression, Pearl Baby Boomers Harbor and the beginning of World War II. This Those born between 1946 and 1964 are known Generation worked hard to overcome the bar- as Baby Boomers.

4 This group consists of just riers that were set before it. As a result, most under 80 million members. The majority of this Veterans believe in duty before pleasure and demographic is preparing to retire , which has strive to work hard and put in their time. It was spurred talk of a future talent shortage. common for Veterans to go off to war and, upon White Paper Understanding Generation Y 2. PrincetonOne As children of Veterans, Baby Boomers grew members of this Generation have entered into up in a relatively prosperous and safe environ- management roles in the workforce and more ment. This Generation lived through the era of will do so in the coming years, as increasing Woodstock, Watergate, the Vietnam War and the numbers of Baby Boomers retire . Cuban missile crisis. Baby Boomers are well-edu- . cated and have been called the workaholic gen- Generation X wit- eration, as they are known to work long, hard nessed the collapse Veterans and Baby hours in an attempt to get ahead. Baby Boomers can be characterized by their competitive nature of the Soviet Union, the fall of the Berlin Boomers have simi- and strong work ethic.

5 Many members of this Wall and the diag- lar ideals about the Generation now hold prominent leadership posi- nosis of AIDS. Gen tions within current government and business Xers' employment workplace. Both entities. Baby Boomers have been described as expectations are relationship and results-oriented and diplomatic. influenced by what generations value This Generation believes strongly in the idea of they saw their Baby personal development and growing into a more Boomer parents money, the oppor- experience. Some whole person. As a result, Baby Boomers are very involved in a variety of activities both in may have seen a tunity for advance- and outside of the workplace in an effort to be- parent laid-off or ment and public . come well-rounded. lose a pension, after a lifetime of service recognition. Veterans and Baby Boomers have similar ideals to one company. about the workplace. Both generations value Thus, members of this Generation tend not to money, the opportunity for advancement and have job security expectations and are not as public recognition.

6 Additionally, Baby Boomers loyal to companies as their parents were. Gen are like their parents, in that they are loyal to Xers also saw their parents spend long hours their companies and value title and rank. Be- at work, climbing the corporate ladder. This, in cause of their competitive nature, Baby Boom- turn, shaped Generation X's desire for a health- ers desire work environments where they are ier work/life balance. As a group, Generation X. challenged and can continually grow. They also is apt to question authority and is cynical and in- like working in teams and see the advantages of dependent. The group's sense of independence working with others to accomplish a common is partially attributed to many Gen Xers spend- goal. Baby Boomers work best with managers ing their childhoods as latchkey kids, fending whose leadership style is similar to coaching. for themselves, while both parents worked. They like rules facilitated, not dictated. Known as the sandwich Generation , Baby Boomers are Within the office, Gen Xers are attracted to flex- responsible for the care of their children, as well ibility, in terms of when and where they work.

7 As their aging parents. Consequently, this group Due to Generation X having come of age with seeks employers who offer flexible work sched- the personal computer, its members are famil- ules to accommodate its dual roles. iar with technology and learn new technologies faster and more easily than prior generations. Generation X This skill makes Generation X's members impor- The members of Generation X are defined as tant assets in the workplace. Other Generation X. having been born between 1965 and the late characteristics include the group's adaptability 1970s. Bounded by two large generational and ability to multi-task effectively. Gen Xers groups, Generation X is one of the smallest, look for multiple tasks to keep them interested numbering approximately 50 million. The oldest and engaged in the office. They also desire White Paper Understanding Generation Y 3. PrincetonOne training and development opportunities to keep also desirable. Generation Y looks for the why . them challenged and stimulated.

8 Behind the tasks they are asked to perform and can lose interest in menial responsibilities. Generation Y They want diverse and meaningful office tasks Generation Y members, also known as Millenni- and are happy with lateral moves within their als, were born between the late 1970s and the companies, as long as they are able to gain new late 1990s. The group's total number is similar experiences. Along this line, being provided with in size to the Baby Boomer Generation , at ap- workplace mentors, training opportunities and proximately 80 million individuals. This is the job performance plans is important to this de- newest group to enter mographic. Finally, this Generation is known to . the workforce, with possess an entrepreneurial spirit. Gen Yers like Gen Yers are many of its members to find new, better and faster ways to do things, holding entry-level which is an attractive attribute in today's office looking for positions. environment. meaningful and This Generation is Generation Y's Top Five Myths defined by the Internet challenging work and an increasingly Generation Y's reputation is not always positive.

9 Globally connected and may take world. As children, Gen This can be attributed largely to myths associ- ated with the demographic. To better compre- longer finding a Yers were protected hend the group, it is important to recognize and by their parents and examine these myths. job than members are characterized as having grown up with Myth 1: Generation Y is Lazy of previous inflated self-esteems, The first myth about Generation Y is that it is . a sense of entitlement generations. and the belief that any- lazy. Though Gen Yers place a high value on family, friends and leisure, they also possess a thing is possible. They good work ethic. are optimistic, social and have high expectations for themselves and others. As a whole, this gen- According to a monsterTRAK survey of 2004. eration is the most educated and tech savvy of graduates entering the workforce, one of the top all generational groups. Gen Yers are looking for goals of Generation Y was to work faster and meaningful and challenging work and may take better than their coworkers.

10 This shows Genera- longer finding a job than members of previous tion Y's desire to excel and make a contribution generations. This delayed entrance to the real at work. A national survey was conducted by world is frequently supported by their parents, Solutions 21 asking generational group mem- who are more open to offering their Generation bers what qualities make someone successful. Y children support, often in the form of free The top virtue chosen by Baby Boomers was room and board. hardworking. This is not unexpected consid- ering Baby Boomers' outstanding work ethic. Within the workplace, like Generation X, Gen Surprisingly, Generation Y members also select- Yers are looking for flexibility, in terms of when ed hardworking as their number one quality, and where they work. A structured, 60-hour which demonstrates that the group understands work week and corporate ladder climb is less the direct connection between hard work and appealing to this group of employees. Work/life success.