When you hear the stats about Generation Y, it can be easy to misjudge the current population of 18 to 31 year olds as a group of self-entitled slackers, a stereotype that has become baggage to this group of young people. The fact that only 60% of Millennials have a job, with only half of those jobs being full time, is quite unimpressive and makes negative conclusions about Millennials and their work ethic come naturally. It doesn’t help that a higher share of this group is still living at home than those their age since four decades ago, either.
However, if you look at the facts, you can see that Generation Y isn’t evading the workplace, they just have been granted less opportunities to enter it. After all, 250 résumés per every open corporate position isn’t exactly promising when you’re trying to land a job.
In spite of the troubles they face in these less-than-favorable economic conditions, Millennials continue to be one of the most giving generations to date and are actually a generation full of characteristics worth emulating.
While Millennials deal with the pressure of finding jobs, they are also devoting their time to causes enough to drive a 23% increase in volunteering in 16 to 24 year olds between 1989 and 2005, according to the Corporation for National and Community Service (many members of Generation Y were this age in 2005). The Peace Corps, Teach for America, and other volunteer programs are all gaining popularity among this group.
Not only do Millennials simply engage in the act of volunteering, they are in love with the causes they support and enjoy learning from their volunteering experiences and from the people they meet along the way. Just in 2007-2008, Generation Y spent a whopping billion hours volunteering! Millennials put both time and money towards the causes they support, and truly want to make an impact.
The negative stigma surrounding Generation Y is full of misconceptions. A solid résumé and a good work ethic isn’t always enough to earn you a job when the job market is tight, and this is exactly the problem Millennials face. This generation certainly isn’t lazy, but the resulting unemployment among them only fuels the idea that they are entitled, which is a disincentive for managers to hire them.
Millennials face a challenge when it comes to their future, but as they do they are still willing to give their time and money to causes that need it. Generation Y may not be so bad after all.
In many ways, it’s symbolic that Generation Z is named after the last letter in the alphabet because their arrival marks the end of clearly defined roles, traditions, and experiences. After all, Gen Z is coming of age on the heels of what has been referred to as the most disruptive decade of the last century. America has become an increasingly changing and complex place.
Members of this generation have undoubtedly been shaped by crisis and disruption. This generation will largely be responsible for confronting the aftermath of the Great Recession, high youth unemployment, the effects of climate change, terrorism, energy sustainability, and more. These dark events have undoubtedly made this generation more cautious and pragmatic, but they have also provided this generation with the inspiration to change the world – and their grit will likely allow them to do it.
Coming of age during disruption means that most Zs will be comfortable being the disruptors. While Millennials tend to be collaborative and innovative, this generation tends to be sincere, reflective, thick-skinned, and self-directed, and will likely approach work in much the same way.
In the era following World War II, Boomers (1946-1964) were born and eventually became the wealthiest, most prosperous generation in history. Raised to aspire for the American Dream, this very large generation moved into positions of power and influence, and served as the workforce majority for 34 years.
With the American Dream alive and well, Boomers had no reason to teach their children, mostly Millennials, about competition. Instead, they taught them to focus on academic achievement and to be team players because if everyone works hard, everyone can win.
Enter Generation X (1965-1981). In contrast Boomers, Xers came of age during a time when change and economic and political uncertainty began to take root. They have lived through four recessions, struggled with debt and economic decline most of their lives, and watched the best educated and accomplished generation of all time (Millennials) graduate during the Great Recession and become the most debt-ridden generation in history.
Gen Xers can be defined by their independence and anti-status quo approach to life, and they have taught their Gen Z children to be competitive, believing only the best can win. They have encouraged their children to be realists, finding something they are good at and aggressively pursuing it.
Xers have raised their Zs with an intense focus on competitiveness -- in academics, sports, and other activities. This approach to parenting has many implications, but one stands out in terms of business: Gen Z is likely to lead.
Millennials in the workplace created and aggressively advocated for collaborative work environments. In fact, their aversion to leadership has been so strong, some Millennials sought out companies that boasted boss-free or team-managed workplaces.
In contrast, Zs have been raised with an individualistic, realistic, and competitive nature. They have been taught the skills to successfully defy the norm. This means we’re going to see the pendulum shift away from collaborative workplaces towards a widespread demand for, and pursuit of, leadership development.
While Millennials have been criticized for their “delayed adulthood”, Gen Z is showing signs of “early adulthood”. Educators and parents often describe this generation as being more serious and contemplative about the world. Zs are thinking about their career paths and exposing themselves to career training at an earlier age than Millennials. It’s probable that some of this early onset of adulthood is caused by parents, who are pressuring their children to be competitive and successful and to avoid the debt that plagued both the Gen Xers and Millennials.
The numbers from our global research found 46% of Gen Z said they know what career to pursue and 51% have taken a class at school focused on their career interests. Forty percent joined an extracurricular program (team, club) based on their career interests.
Zs have been shaped by the aftermath of the Great Recession. They watched Millennials become debt-ridden and are concerned about falling into the same trap. XYZ University’s survey results show 66% of Zs said financial stability is more important than doing work they enjoy, which is the exact opposite of Millennial survey results. Also, 71% of survey-takers have a paying job.
When presented a list of leadership traits, Zs ranked positive and trustworthy the highest. While Millennials and Gen Zs both value trust in a leader, Millennials usually cite collaboration and vision as most important. In other words, Millennials focus on the outcomes leaders inspire, whereas Zs are more likely to consider leaders’ attitudes and personalities. To Z, what leaders encourage others to do isn’t as valuable as how they make them feel.
Both Millennials and Gen Zs place a very high value on feeling challenged and appreciated in the workplace. However, according to our survey results Millennials rank appreciation slightly higher than challenge, whereas Zs rank feeling challenged slightly higher than appreciation.
Time will tell how Zs go down in history, but we know this generation’s influence on history will be unlike any other.
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Sarah Sladek is CEO of XYZ University. Our generational intelligence can assist you with engaging and retaining young talent and members.
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