Managing Generation Y

The best five ringgit I invest every week comes from my subscription of The Economist.  It’s a magazine that I’ve been reading consistently for many years now and I look forward to the copies that get delivered to my house every Saturday. This week’s Economist had two articles that immediately caught my eye. Checkout the previews and links to the articles below. 

These are must read articles!

The global downturn has been a brutal awakening for the youngest members of the workforce—variously dubbed “the Millennials”, “Generation Y” or “the Net Generation” by social researchers. “Net Geners” are, roughly, people born in the 1980s and 1990s. Those old enough to have passed from school and university into work had got used to a world in which jobs were plentiful and firms fell over one another to recruit them. Now their prospects are grimmer. According to America’s Bureau of Labour Statistics, the unemployment rate among people in their 20s increased significantly in the two most recent recessions in the United States. It is likely to do so again as industries such as finance and technology, which employ lots of young people, axe thousands of jobs. (Source: Generation Y goes to work)

THEIR defenders say they are motivated, versatile workers who are just what companies need in these difficult times. To others, however, the members of “Generation Y”—those born in the 1980s and 1990s, otherwise known as Millennials or the Net Generation—are spoiled, narcissistic layabouts who cannot spell and waste too much time on instant messaging and Facebook. Ah, reply the Net Geners, but all that messing around online proves that we are computer-literate multitaskers who are adept users of online collaborative tools, and natural team players. And, while you are on the subject of me, I need a month’s sabbatical to recalibrate my personal goals.

This culture clash has been going on in many organisations and has lately seeped into management books. The Net Geners have grown up with computers; they are brimming with self-confidence; and they have been encouraged to challenge received wisdom, to find their own solutions to problems and to treat work as a route to personal fulfilment rather than merely a way of putting food on the table. Not all of this makes them easy to manage. Bosses complain that after a childhood of being coddled and praised, Net Geners demand far more frequent feedback and an over-precise set of objectives on the path to promotion (rather like the missions that must be completed in a video game). In a new report from PricewaterhouseCoopers, a consultancy, 61% of chief executives say they have trouble recruiting and integrating younger employees. (Source: Managing the Facebookers)