Millennial are the demographic group following ‘Generation X’ and preceding ‘Generation Z’. Demographers and researchers typically use the early 1980 s as starting birth years and the mid-1990 s to early 2000 s as ending birth years of this generation. Millennial are also called as Generation ‘Y’ (Stack, New York Times, 2018). As we are heading towards an era where ‘baby boomers’ are going to retire, more and more work forces in the world is going be overtaken by the Generation X and later by the Millennial.
Comparing the generations
Each generation defines a meaningful work slightly differently. The following are few responses received for an interview conducted by Kelly Pledger Weeks with few employees of each generation (Weeks, Harvard Business Review 2017).
Baby Boomers (born between 1946-1964): “If I didn’t get personal fulfillment and feel like I was doing something good, it would be miserable to put that much time and effort into something.”
Generation X (born between 1965-1983): “If your job is without meaning, what would get you out of bed?”
Millennial Generation (born between 1984-2002): “I would rather make nothing and love going to work every day than make a ton of money and hate going to work every day.”
Going with the salient features or characteristics of each generation, boomers identify their strengths as organizational memory, optimism, and their willingness to work long hours (Giang, 2013). This generation grew up in organizations with large corporate hierarchies, rather than flat management structures and teamwork-based job roles (Gilbert, 2011). Generation X is thinking of accomplishing career goals and work life balance as the key components (Weeks, 2017, Harvard Business Review). In contrast, millennial generation has a different outlook on what they expect from their employment experience. Millennial are well educated, technology savvy, very self-confident, able to multi-task, enthusiastic, have plenty of energy (Giang, 2013) and they believe in having nice co workers, helping others and the community will make their job interesting (Weeks, 2017, Harvard Business Review). They have high expectations for themselves, and prefer to work in teams, rather than as individuals. Millennial seek challenges, yet work life balance is of utmost importance to them (Giang, 2013).
“One of the characteristics of millennial, besides the fact that they are masters of digital communication, is that they are primed to do well by doing good. Almost 70 percent say that giving back and being civically engaged are their highest priorities.” (Buchanon L, 2010, p 166)
As millennial have grown up in an era where information is just a ‘click’ away, they have developed themselves to create a problem and then to find few creative solutions to the same. Hence, they expect themselves to be the X-factor at work for their respective organization. For example, a millennial who had been struggling in her role, admitted to peers that, “I guess I just expected that I would get to act on more of my ideas, and that the higher ups here would have figured out by now that the model’s changing.” (Erickson, Harvard Business Review 2009).This shows that the current generation, ‘The boomers’ have not been successful in recognizing the true values of their following generation, thus failed in engaging Gen Y to the workforce.” (Erickson, Harvard Business Review 2009).
Here, the below video discusses about the differences between baby boomers and millennial and the different conditions they had to undergo in the past 10-15 years. The video speaks mainly about the economic factor and the value factor differentiation between the generations.
https://www.youtube.com/watch?v=INmMDijTrx4 (Bored Panda, 2018)
List of References
Here, the below video discusses about the differences between baby boomers and millennial and the different conditions they had to undergo in the past 10-15 years. The video speaks mainly about the economic factor and the value factor differentiation between the generations.
https://www.youtube.com/watch?v=INmMDijTrx4 (Bored Panda, 2018)
List of References
Buchanon
L. – ‘Meet the Millennials’, Sept 2010, Vol. 32 Issue 7, p166
–Accessed through the library of Central Bank of Sri Lanka on 02.04.2019
Erickson T. (February, 2009) – ‘Gen Y in the Workforce’, Harvard
Business Review (Online) Available at https://hbr.org/2009/02/gen-y-in-the-workforce-2 (accessed
on 31.03.2019)
Giang V. (September
09, 2013) Business Insider article on ‘Here are the Strengths
and Weaknesses of Millennials, Gen X and Boomers’ (Online) – Available
at https://www.businessinsider.com/how-millennials-gen-x-and-boomers-shape-the-workplace-2013-9 -
Accessed on 27/04/2019
Gilbert
J (September/October 2011) ‘The Millennials: A new generation of
employees, a new set of engagement policies’ Available at https://iveybusinessjournal.com/publication/the-millennials-a-new-generation-of-employees-a-new-set-of-engagement-policies/ (accessed
on 31.03.2019)
Stack L. (March 01, 2018) – “Are You 21 to
37? You Might Be a Millennial” New
York times article (Online) Available at https://www.nytimes.com/2018/03/01/style/millennials.html -
Accessed on 27/04/2019
Weeks K.P. (July 31, 2017) – “Every Generation Wants Meaningful Work - but
Thinks Other Age Groups Are in It for the Money” Harvard Business Review (Online) Available
at https://hbr.org/2017/07/every-generation-wants-meaningful-work-but-thinks-other-age-groups-are-in-it-for-the-money
Engaging this new group of the workforce, (Millennials) through different development programs has become an important challenge (Shaw & Fairhurst, 2008) for marketing, HR professionals and corporate management. At present, organizations employ individuals from the aforementioned different generational cohorts as follows:
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• Generation X, constituting the majority of the present day workforce, enjoying higher income levels and possible career advancement;
• Millennials, or Generation Y, quite recent graduates, who have started to occupy the workplace in the last few years.
When the demands of a new generation entering business as a new workforce are not fully acknowledged, this can lead to misunderstandings, miscommunications and unproductivity, thus leading to lower employee commitment and higher turnover intentions (Westerman & Yamamura, 2007; O’Bannon, 2001; Adams 2000). Considering the divergence of the attitudes and work values of Millennials when compared to the Baby Boomers and Generation X, as explained above, there could well be further problems regarding retention and engagement of this potential workforce.
From a human resource management perspective, the different outlook of the Millennials, with respect to what they expect from their employment and employers, are forcing organizations to consider whether they need to develop innovative approaches to the design and delivery of these policies. Organizations should fine tune their strategies to address the needs of the Millennials. To this end, corporate management and HR should endeavor to understand their motivators and preferences so as to be able to develop appropriate recruitment processes, selection tools, training and development techniques, rewards systems and to implement them effectively (Westerman & Yamamura, 2007).
The challenge therefore, is how can we create a culture amongst young engaged employees of a “passion for work” and willingness to make extra effort to make a successful corporate brand, in a climate where they are highly responsive to external attractive opportunities. That is, one of the most important issues facing organizations today regarding Millennials is turning them into brand pioneers so as to increase their level of engagement.