Generation Y (14 to 27 years old) is often tagged as a self-entitled group raised during prosperous economic times, placed on pedestals by their doting baby boomer parents. In the context of the workplace, they’ve been described as overly ambitious dreamers who don’t want to pay their dues and are only concerned about higher pay and more time off.
Deloitte’s latest snapshot on the Gen Yers who are already in our work force finds that these characterizations miss the story: Gen Yers are a hidden powerhouse of employee potential, critical for global business in tough times. Future-oriented, ready to contribute now, opportunity-driven: these are the characteristics of a generation that is already making its mark on the work world. They remain optimistic in the midst of the current economic turmoil. But Gen Yers are also highly restless. The generation brought up in an era of rapid technological change will seek to earn greater opportunities for rapid advancement and more responsibilities at a younger age, requiring organizations to change the way they attract, develop, promote and retain these talented individuals.
In short, they’re fundamentally different from other iconic generations. Unlike Ernest Hemingway’s “Lost Generation,” Gen Y is confident and optimistic. Unlike Jack Kerouac’s “Beat Generation,” Gen Y is eagerly engaged with society. Unlike Timothy Leary’s Vietnam-era Generation, Gen Yers trust people over 30 and are eager to learn from and work with older mentors. The way employers respond will determine whether they can tap this hidden powerhouse of employee potential in a time of tight budgets and economic uncertainty – or lose them to their competition.