Gen Y: Holding the Secrets to Economic Recovery
Existing business paradigms have failed. Political and business leaders still holding on to beliefs and behaviors that no longer have relevance in today's transforming world of work must get out of the way and allow a new workplace frontier to evolve. Every day in my university classroom, undergraduate business students talk about how to pull out of this economic crisis in a forward-thinking way not voiced by the experts. With 40 million already in the workforce and another 18 million in colleges and universities all across this country, Gen Y is redefining the very meaning of work. Having just completed a three-year research project looking at generational differences in the workplace, I can unequivocally state that Gen Y views the world of work through a polar opposite navigational system compared to people like AIG's Joe Cassano or Lehman's Richard Fuld, just two among many thousands responsible for our financial undoing.
Gen Y holds the secrets to economic recovery because they were born into the future. Since childhood, with every mouse click their understanding of the world has been expanded. As a result, they see the world of work in its evolving form and their professional beliefs and behaviors instinctively align to fit these dynamic conditions. While it seems like most of Corporate America and Washington would prefer to go down with the ship, holding on to outdated precepts rather than adapting to a new way of being in the world of work, Gen Y instinctively possess solutions to recapturing and sustaining our greatness.
To ignore what the world of work looks like from their vantage point is economic folly. Their expertise is not based upon naiveté or even youthful arrogance. It is based upon going through all of their developmental stages where pervasive access to on-demand knowledge has changed how they communicate, form relationships and view themselves as part of a global business community. As a result, their professional instincts match the underpinnings of the next incarnation of the workplace. For example, their ability to zoom in and out, constantly adjusting their outlook to facilitate effectiveness ensures on-going relevance. In my research spanning over 2,500 professionals across diverse industries and demographics, I found that Gen Y's innate ability to focus on details while always checking in with the greater context allows them to simultaneously be the worker bee, as well as the big picture thinker. It's a professional instinct that promotes decisions that are more timely, pertinent and centered on the source of the problem.
The blueprint for how businesses should be restructured and run from this point forward lies, to a great extent, within the radically different workplace souls of Gen Y. For example, they understand why connection within an organization has as much economic value as the building in which it lives. Their instincts tell them economic recovery demands the reinvention of old products and processes of work, incorporating more qualitative values in addition to quantitative. More truth. More inclusion. More green. More communication. More collaboration. When asked if they agreed with the statement, "Individual success is dependent upon the failure of others," only 27% of those 21-30 answered "Yes," compared to 47% of those 31-44 and 54% of those 45 and over. Clearly Gen Y views their own success as being tied to the success of others to a much greater degree than any of their predecessors. If only the architects of this economic disaster who walked away with billions while their stockholders were wiped out shared this view, we might not be in the eye of a financial hurricane.
Collectively, Gen Y will be the people actually doing the majority of the work for the next 40-50 years. Overlooking this fact and refusing to incorporate their radically different navigation system as a key to economic recovery is simply more of the same. Gen Y offers us a peek into tomorrow's business landscape and by understanding how they will rewire the world of work in the future provides solutions in the present. In trying to navigate their companies out of this hole, should any CEO like to consult with these experts, I know where you can find 18 million of them.
Loading comments…
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
Finally someone who understands the future of our workforce! Gen Y is the solution and has to be our solution if this economy is going to rebound and succeed. Having grown up in the technology age, they hold the keys to design immediate innovation and create value where others have failed to see it! Seeing these crumbling inefficient giant corporations fail will only open more doors for Gen Y’s innovation! Gen Y has been stifled by the old structured inflexible ways of the 80’s/90’s era management style. There is more to the world than an organizational flow chart. The new economy demands constant updates and revisions to marry efficiency and responsiveness to ever-changing demands. Never have consumers’ been more particular, and never have consumers’ needs and tastes changed so quickly.
"Gen Y holds the secrets to economic recovery because they were born into the future."
...and we have sent robots back in time to stop Hank Paulson from bailing out the banks!!!
Let's break our current economic crisis down into all three generations:
1) The baby boomers were the largest generation in history and controlled the culture for 20+ years and the political/economic structure for close to 30. Besides the innovation of their ideas, they have grown stale and ideologically old. As Thomas Jefferson said, "generational change is a good thing" and the boomers have been hanging onto their power for too long because of....
2) Generation X made its inroads on culture for a brief time in the 90s and have created new business models mainly in the technological fields. They are more family oriented and have a more difficult time with authority. Politically and economically, the X-ers have been unable to gain a foothold in these spheres creating frustration and attachment to fringe candidates like Ron Paul and Ralph Nader. With the boomer children growing up and maturing into the job force....
3) Generation Y has become an active part of our society. Culturally, they have never made much inroads and despite their innovative ideals, they tend to be inward focused and self centered. . With Generation Y in power, how do we know that their consumer mentality and self-centered attitudes won't throw this country into a worse position than what we are experiencing now? We need a combination of the Y-ers innovation mixed with the more family oriented down to earth economic ideals of the X-ers. With this, we can definitely move this country forward.
I'm highly interested in this subject because I manage Generation Y and also have Generation Y children. One thing that hits me as I read Mr. Snyder's blog and all the postings is that there is a stark gap causing a generation war in companies--for lack of a better term. The postings from "Gen Y'ers" echo my sons' feelings about their careers almost to a tee. I recognize these sentiments in my younger employees as they tackle assignments in a "polar opposite" fashion than historically accomplished. While my first instinct as a seasoned executive well into my Baby Boomer years is to stop them in their tracks and force them go down my road, I know that won't put me ahead of the curve of competition. And as an old timer, I am smart enough to know I need them because they are soon going to be the only game in town. The X Generation in my observation has an even greater problem with Y than Baby Boomers with little or no patience for them. There's a perception and attitude adjustment process that needs to happen in companies with all generations adapting and learning from the other much more than they are doing now. Gen Y needs to recognize that history has value when charting a new course and everyone else needs to recognize that sadly or happily, nothing stays the same.
many of the generation Y realize that history repeats itself and can see the lessons to be learned that we older generations have fallen into traps over because our current system gives incentive to do so.
many in generation Y realize that our foundation, our constitution, is the case for liberty and economic freedom and see that it has been systematically ignored and abused and eroded.
many in generation Y shout out: END THE FED.
many in generation Y have joined www.campaignforliberty.com
many in generation Y ARE the remnant and we will REVOLT.
While I agree with the statements that Generation Y's view of the workplace radically differs from older generations due to their experiences with increased communication and instant information access, Snyder diminishes the importance of previous generations impacts on the work environment.
To illustrate this point, modern business' brief history shows how each generation radically changes the work environment. During the 1920-30's, business adminstration and business schools did not even exist. Modern understanding of workers as "feeling", "needing", individuals did not exist. Gaslow's hierarchy of needs did not exist. However demands in the 40-50's began to illustrate the needs of workers, "unions" which were previously squelched, gained recognition in the eyes of government backed by generations of individuals who felt that firms needed to respect the rights of workers.
Through the movements in the 70-80's these rights were further built upon; models of human behavior in the work environment were established with social science and psychology built into the framework of modern business.
No structure built to satisfy invidivuals from previous generations will satisfy the needs of the next. Business is a living creature whose growth and change are ensured through the success and failures of firms. Firms that fail to adopt the thinking, needs and wants of Gen Y are sure to fail.
It's not so much a story of why and how each generation is different but more a story of Darwinism in the Era of Modern Business.
HuffPost's Pick
I dunno what Gen + letter I belong to. Probably because the cut-offs are arbitrary and don't really mean anything. In any case, the vapid, self-absorbed consumers described by many below are not exclusively found in the youth. Age is not the issue, and I don't think Mr. Snyder meant to set off generation wars.
The larger point, as I see it, and hopefully as the author meant, is the battle of progress v. status quo. In this case, specifically, the progress being a shifting paradigm from an economic system focused solely on competition to one that acknowledges collaboration and cooperation as valid paths to success. It's more efficient to work with your neighbor rather than against them; you'll both get more done.
The logic for putting this concept in a generational framework I think was an optimistic nod to the future -- a paradigm shift is what we need, and more of today's youth seem to recognize it than their predecessors. And, just as a matter of human nature, as we get older, we tend to be more resistant to change (despite its invevitability). And thus those in places of influence, who tend to be older, tend to fight progress rather than foment it. It does not mean Gen X is better than the boomers, or Gen Y is better than them; it is a cycle between every generation and that which preceded it.
I'm a Gen Y-er, who just missed the the Gen-X cut-off date. I've had a good deal of exposure to both age groups, and have found a vast difference between them--from work-ethic, to ingenuity, and the ability to think for one's self. Yes, it's a generalization, but for the most part, Gen Y-ers are more interested in themselves (i.e., how they can market their image as a scantily-clad or drunken hipster to their friends via myspace or facebook) than in any type of responsibility. Yes, there are some young people today who work hard and are involved in their communities. But for the most part, Gen-Y is self-absorbed, and easily taken by material concerns.
Baby Boomers and Gen X-ers had genuine youth movements which contributed greatly to society (i.e., civil rights, women's rights, technology, music, etc.). Gen-Y, on the other hand, has so far shown us that they have an uncanny ability to play guitar hero. They can also can choose which celebrity clothing line they want to purchase; they can pick a favorite reality TV show to obsess over (The Hills), or they can enjoy the latest major label artist who was manufactured just for their discerning tastes. Basically, they can consume what they are served.
Gen-Y holds the key to economic recovery in that they are good at buying things, and that's about it.
Does this mean that GenY will produce something tangible that other people will pay for? Or are you suggesting that they will merely produce a more convincing hologram.
Older managers vs. younger employees is just like McSame vs. Obama. One refuses to accept the world has changed and is hanging on by their craggy old fingernails to ideologies no longer relevant. The other recognizes change is good and must be understood to move forward. I think older posters who haven't walked in my shoes as a Gen Y or Millenial or whatever you want to call me have no idea how different I am and it has little to do with being young and everything to do with technology and solving problems using principles you think are meaningless. It's about people, planet and profits. You've run us into the ground with greed and old values. I would love for you to see what we'll do in the world because you have no idea who we are. Everyone who thinks in yesterday's terms needs to get with the program. I live in 2008 because it's 2008, not 1988.
I am 23 and work for a large healthcare firm. Personally, I would love to leave (after only being here a little over a year ) because my supervisor and the suits that run the company are so outdated in their thinking they are running us into the ground. They also make my day miserable because they squash every innovative idea that comes their way. Most of my friends from college feel the same way about their jobs. I am not entitled or unable to control my impulses as someone obviously much older said here. Like the writer of this post noted, I am part of tomorrow. I simply don't understand why more people can't get this and quit talking about us as though we are lazy and looking for a handout. We don't need to be "rescued" and we don't need to be "coddled". We are just frustrated because companies are so tied to their outdated ideas that they are holding us down. I have a challenge to the suits, free up your younger workers and watch your companies grow.
Some years from now you'll realize those ideas you have now aren't so innovative. Many college grads come into an organization and try to reinvent the wheel, but almost always they come to realize that their ideas aren't that innovative at all and that things are done a certain way because that is what makes the most sense. I've seen this scenario played out dozens of times, a few times even by me when I was younger.
Oh Boy are you in the wrong business. A large healthcare firm? Where the object is to bankrupt as many sick people as possible? Get out while you can.
Gen Y's biggest weaknesses are no impulse control, a swollen sense of entitlement, and the need to be ruled by charismatic authority.
Everyone has their faults of course.
Snyder is about 3 decades too early. Gen Y have a long way to go before they have the vaguest inkling of independence from their helicopter parents, let alone leadership. he has it half right though, teh Boomers are starting to finally let go but it is Gen X that is moving into the wheelhouse first.
As usual, Generation X is overlooked. It's not like we created Google or Yahoo or anything. Oh wait...
The Britney Spears/Lindsay Lohan/American Idol/America's Next Top Model Generation Y is hardly confidence inspiring. On the plus side, they do seem to be experts at feeling entitled.
As an early stage "X-er",... I know my generation seems always to have been left to fend for itself. We're innovative, scrappy, and make do with what we have available most times. We're practical, pragmatic, and not overly tied to the system like those pesky Boomers.
We'll stir things up before things are done. We'll just need to drag the Y-ers along with us for a while,... then they can boot us out when we do get in the way in a couple of decades.
Exactly.
Generation Y is basically a soulles carbon copy of the baby boomers, whiney, self-entitled and to date, pretty much worthless. But, just as the boomers road the coat tails of the efforts made by their parents, Geny Y are hoping to catch the wave of ignored Gen Xers.
Kirk, the premise of this piece sheds an optimistic light on the future, however, I have to pan it for lack of a better developed argument. You seem to beg the question of this " polar opposite navigational system," never spelling-out what it is except to say that this generation grew up with computers and are less likely to believe their success is "dependent upon the failure" of other cohorts.
I think you need to follow-up here by defining that "navigational system" along with some examples and the kinds of decision-making that results from this new direction.
You must be logged in to comment. Log in or connect with
