When we think of wisdom when it comes to the economy and business most people think of company CEO’s and Board members. After all, these are the individuals who have walked the walk; they have been through the battles of business and the job market and survived. Their experiences must have given them some sort of right to be “wise”. The post – recession job market however, is very different than the one all of these people’s experiences come from. In this new unsettled economy it may actually be the younger generation of the workforce that can lend some advice, or wisdom, to the older generations.
Often referred to as the “millennial generation”, generation Y speaks of the group of individuals born from around 1980 to around 2000. When it comes to “official” generations there are no hard lines per say, but instead individuals between these date of births tend to have similar characteristics. Generation Y is the largest generation since the Baby Boomers and are known mostly for being more tech-savvy than previous generations. They grew up in a world of globalization, a rapid expansion of technology, and a much more diverse world. They are also often called “entitled” and are expected to have a “lack of commitment” by older generations. While the environment that generation Y grew up and came of age in certainly influenced their personalities and the way they interact with the world around them, it may have also prepared them for the turbulent economy that the United States now faces.
Talk to anyone who works in nearly any industry and they will probably tell you the economy and work environment of today is much different than that of years ago – and often not in a good way from their perspective. In the 20th century it was very common for someone to graduate from college, trade school, or even high school, find a job, and reasonably expect to work at that company until they retire. It was about doing your time and working hard in order to climb the corporate ladder. It was also about job security, knowing that getting a good job meant you could count on a paycheck every two weeks to take home to the family. This and other ideas of work are changing in the new economy, and generation Y is set to meet them head on. For example, instead of expecting to work for the same company for decades it should now be years. When surveyed by an MTV poll over 60% of this generation expects to switch jobs in five years. Instead of the looking at these jobs as “climbing the ladder” the younger generation tends to look at them as potential experiences. Gen Y individuals often see being well rounded as more important than trying to climb corporate ladders. This is indeed the trend in business, as companies and their needs change drastically as technology and globalized markets change. Companies are no longer interested in who can fit their needs for the next three decades but instead for the next three years.
Another important and radically different idea is that college is not enough. No longer does having a college education guarantee a solid well-paying job out of school – and Generation Y individuals know that. They expect to require more education than any previous generation and they are already the most educated generation thus far. Also, generation Y individuals tend to be optimistic. Although only 25% are completely satisfied at work they expect to improve things in the future. They are a generation willing to go out on a limb and try something new. For example, 75% of them want to work for themselves one day. They know an education does not always equal a job, but they look forward to finding something that interests them, working for a company that returns “good” to the world, and expect the future to be brighter than today.
These are all lessons that everyone in the job market should heed. Job security is no longer measured in decades. Technology and global market shifts change industries overnight. These conditions are the way of the new economy and baby boomers and generation X alike need realize it and learn to adapt for the future.
Sources:
Money Magazine, December 2012
Socialmarketing.org
Financially Stephen grew up in a family that preached saving and living below your means. That, in part, translated to his interest in Economics, especially how economics can affect individuals’ financial lives. Through his financial markets class in the fall of 2011, he furthered this interest by analyzing macroeconomic events. Stephen believes that finance, personal finance in particular, is a subject severely left out when it comes to public schooling in this country, and it is a problem that has manifested itself and contributed to many of the problems seen today. He also believes that education is the key to improvement and hopes that through his writings he will be able help people learn about finance, macroeconomics, and how to be financially savvy for the future.
In his free time Stephen enjoys playing and watching sports, wakeboarding, sailing, and country music. At UNC he has participated in Strive for College, UNC Dance Marathon, and UNC Relay for Life.
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