Probably not that much judging by most businesses I come in contact with on a daily basis. Recently I have given a number of speeches on this very topic; ‘how to do business with what could be the biggest spending generation ever’.
Could they be the new “greatest generation”? Possibly. But if they are it will be for reasons vastly different than the foundations for the original greatest generation. Gen Y has not endured a World War or a Great Depression and in fact is has been proven were less affected than any other generation by emotional fallout connected with Sep 11 and since then the war in Iraq. They seem to be able to dust themselves down and move on quicker than other generations. Their world is one of constant change and new possibilities and so maybe they were able to put Sep 11 into the category of ‘things will work out’.
Having said that they do face significant, life altering changes of their own. Therein lies the basis for their potential, as well as clues to connecting with them in ways that are fulfilling, deep, and yes, profitable.
A different path to greatness
Boomers experienced technology as a late add-on to their lives, but to Gen Y, technology is central, unifying them to their lives. It is a big difference, and one that many experts believe is at the root of Gen Y potential for doing great things. Unlike Boomers or even to a certain extent Gen X, this generation is not burdened by the prospect of making the gigantic leap into the modern world of technology. They grew up in that world, so “playing catch up” does not factor into how they spend their time at all.
Instead, Gen Y views technology as just another tool at their disposal for making a difference in the world. The rest of the world is just a click away and they love that, but they are acutely aware that competition is just a click away as well. Gen Y approaches work and life with a profoundly realistic perspective.
“They know the way things go down,” says Peter Sheehan in Generation Y: Thriving and Surviving with Generation Y at Work, “and are no longer naïve about the workings of the world and the intentions of businesses and other organisations.”
What does this mean for you? It means there’s no bullshitting Gen Y. They are attracted to authentic, sometimes brutally honest behavior, so you won’t capture their attention and their dollars by playing games. Think carefully about every aspect of your business and look at it from the Gen Y perspective. If it passes the “tell it like it is” test and makes good sense, Gen Y will embrace and support it.
Pursuit of dreams, not entitlement
A common myth about Gen Y is that they expect opportunity to be handed to them on a silver platter. They do feel a sense of entitlement, for sure, but it is more about being entitled to pursue their passions and their dreams rather than conforming to expectations. Gen Y is not afraid to work and work hard, but this characteristic is sometimes misunderstood by other generations (translated: Boomers) whose work tools were dramatically different.
Unlike previous generations, Gen Y does not have to put in long hours crunching numbers by hand, sending and receiving faxes, searching reference books for information, and the like. Instead, they use computer software to handle the number crunching, send and receive e-mail near instantaneously, and most of the information they need is just a click or two away on the internet. They work hard – very hard – but they are able to spend more time on the mental aspects of their work than on the physical, technical aspects of getting the work done. This is where other generations often perceive them as being lazy, even lacking in loyalty due to shorter more convenient work ethics. What does this mean for you? Don’t confuse streamlined and efficient with lazy or unmotivated. Gen Y is extremely motivated, so play to that strength. Highlight the tools you can provide to help them reach their dreams, and provide those tools in ways that are interactive and customised. Be prepared to answer the question “why?” instead of expecting Gen Y to automatically conform to traditions and standards.
Multi-generational strengths
One of the characteristics of Gen Y that is most promising is the way they have absorbed and now apply multi-generational strengths. “They combine the teamwork ethic of the Boomers with the can-do attitude of the Veterans and the technological savvy of the Xers,” say Ron Zemke, Claire Raines and Bob Filipczak in their white paper Generations at Work. “At first glance, and even at second glance, Generation Y may be the ideal workforce – and ideal citizens.”
This multi-generational combination underscores the tremendous potential of Gen Y, and sets the stage for understanding and harvesting their talents and skills – and disposable income. Give them interactivity, give them integration, give them respect and authenticity, and Gen Y will give you their attention as well as their dollars. You want to know more? Your organisation needs to stay in business? Then my Gen Y Workshop is for you.
Anne McKevitt talks on trends, tailored for your specific industry. To find out more about a keynote talk or trend workshop, contact ICMI on (03) 9529 3711.
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