Generation Y

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The Corporate World and Generation Y

Allie St. Croix Jaccard The Narrative Research Paper Professor Ashlyn Walden University of North Carolina at Charlotte October 26, 2013

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My alarm clock was set for 6:30 a.m., an early morning consisting of a shower, a professional suit, and coffee. This morning may sound familiar to business professionals, including those at the Bank of America Corporate Center, where I was able to observe lunchtime meetings, study body language, and employee relationships. Specifically focusing on young professionals, I began to notice a pattern in their behavior and body language. For instance, young professionals would mainly eat lunch with someone in their age group. Other noticeable references included walking through the building with same age employees, or conversing with their same generation. A generation is defined by all of the people born and living at about

the same time. But with Generation Y, people born in or after 1982 entering the workforce by the thousands, is the corporate world changing for the better? What can we
learn from these observations? Maybe different generations such as Generation X, people born in the 1960s to 1970s, or the 1950s Baby Boomers often feel uncomfortable around Generation Y, or find it difficult to converse and work with in a team setting. Or is this a common misconception between generations that neither respect each other nor even enjoy each others company. This narrative research will provide research, statistical information, and personal stories about generations working together in the workforce. Observing the corporate center for Bank of America gave much insight to employee relationships. More specifically, I narrowed my research to young professionals, or Generation Y. Generation Y, or Gen Y has estimates of over 70 million people. As apart of this technology driven generation, Generation Y will have an exponentially powerful impact than previous generations, due to our huge quantity in numbers. Now this tech-savvy and proficient generation has many typecasts, and observations in the corporate world helped me to determine factual information and conclusions. As apart of Gen Y myself, I may be subjective, but I strongly

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believe our future is optimistic. With current baby boomers retiring in multiples, Generation Y is being challenged to develop their careers more quickly and evolve into workplace leaders. Personally, I am about to enter the business workforce, and it is extremely important and valuable information for me to understand the working relationships between Generation Y and Generation X. Currently, Generation Y is stereotyped as having little respect to the authoritativeness of Generation X and the Baby Boomers. However, after countless articles and research, the evidence is astounding. Throughout the paper, I will be asking and answering four very important questions about Generation Y, and also the importance of taking advantage of the workplace in your 20s. Who is Generation Y and why are we here? Generation Y believes in changing the world through social causes and awareness (Jacobs). As a passionate and ambitious generation, we seek to be successful and in the top 1% of a competitive career. We are also changing economic and social rules- waiting for marriage to further pursue individualistic goals (Wieczner). On the National Public Radio, Allison Keyes interviewed Ryan Healy, founder and COO of Brazen Careerist, a company that hires top talent for other organizations. Ryan states that Generation Y is best known for negotiating grades, always receiving a trophy for good effort, and being called lazy (Keyes). But in reality, this statement gets confused with Gen Ys intense focus on a high quality of life, which sometimes may be seen as self-entitlement. We are the most educated generation and we are curious to learn, grow, and innovate in a team oriented setting. As I began to understand who is Gen Y and what are they striving to be, I found my observations much more valuable. I was able to finally notice these small hints of motivation and drive from these young professionals. Many of the young employees I observed would read the paper with their morning coffee, shake hands with their colleagues, arrive to work early, be

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professionally dressed, and always obtain this determined gaze of truly impacting the world. In my observational paper, I interviewed Taylor, a young professional woman working as an associate. Taylor graduated from Chapel Hill, interned with Bank of America, and was offered a full time position. Those 3 accomplishments were not easy to acquire. Taylors effort and ambition as a Gen Y, or Millennial, allowed her to surpass previous Generations, as today she is now managing people in the ages of 25-45. Also, an interesting fact is that Taylor walks to work each morning from her Uptown loft. Ive included a hyperlink to view the Uptown Map and Taylors walk to work every morning. Taylor lives between East 3rd Street and South Mint Street. Her walk to work is 15 minutes, with a stop to Starbucks before work. Interestingly enough, in 2009, Gen Y drove 23% fewer miles, Generation X Cross between Boomers and Gen Y -born between 1965-1977

Baby Boomers -Hierachy leaders -born between 1946-1964 -current company executives -retiring in huge quantities

Generation Y -Team Driven -born between 1982-1994 -Independent childhood

most likely due to being eco-friendly and the health benefits of walking. Generation Y is attracted to the urban lifestyle and big city life (Wieczner). How is Generation Y changing economic and social traditions? Corporations are currently undergoing major reconstruction for their recruitment process. They are transforming to meet the unique needs and desires of Generation Y. Generation Y seek for an open, modern office space with high speed internet and creative wall morals. We are expecting a high quality of life, and want our office to be in a tall and grand office building on the 84 th floor. Another unique desire is Gen Y wants to choose their work schedule, where they work, and how they

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work. All of these desires are influenced by technology and globalization enhancements (Dhawan). In the Bank of America Center, I met Matt, a 26-year-old marketing analyst. Matt was sitting down in a red, cozy swivel chair. After talking with Matt, I learned that he prefers to work in a relaxed environment, rather than at a desk. He says that his boss, Scott, allows him to work here, only if his work is done on time and he meets his deadlines. At the moment, I thought to myself, Generation Y is doing something so unconventional that no other previous generation has done before. We are creating a virtual workplace, anytime and anywhere due to technology. Generation Y want to be independent and work on their own schedule for personal reasons. Those might include flexibility with hobbies, family, and friends. We are a generation that value family relationships and connecting amongst friends. We are not interested in a 9:00 a.m. to 5:00 p.m. day job, but an interactive and meantinful career. Another way us Millienials are changing conventional rules is by social media. Ryan Gibson writes an online blog about Generation Y in the workforce. Gibson believes repressing the use of technology in the office is a terrible mistake. Generation Y is proficient in social media and technology, so Generation X need to use this as a competitive edge to interact with employees and customers (Gibson). In 2010, 96% of college undergraduates owned a cell phone. Rather than shunning the use of technology, young professionals benefit from online tools and resources, which improve their productivity. Gen Y sends and receives on average 88 texts per day. 60% play music on their phones and 83% use their phones to take pictures. There is a negative side to allowing technology in the workforce, such as distractions from texts, personal phone calls or e-mails, and the most popular, tweeting. Preventing personal technology may be a challenge to any manager, but the micromanaging a Gen Y will not solve the problem. Rather, Gen Y is motivated by success and advancing their careers quickly. If I was a manager and had to create a solution for a limited phone policy, I

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would create an incentive. For example, if an employee spends five minutes on their phone every hour checking texts and social media, that is a total of 45 minutes per day spent on personal use in a 9 hour work day. Therefore, those who dont spend these 45 minutes on their phone can surpass other employees by completing their work almost one hour before everyone else. As a I manager, I would allow those who finished their work to leave early, and the people who spent those 45 minutes on personal use would have to stay later finishing their work. Is Generation Y different from previous generations? According to the Center for Creative Leadership, Generation Y may not be that much different from Generation X or the Baby Boomers. In fact, Gen Y has very similar values and goals for their career development, as did previous generations. As I was interviewing Gen Y for statistical research, I asked Amanda, an intern at Bank of America what her personal goals were in the next 5 years. Amanda was very optimistic in her career development, as well as in her family life. By the time she was 29, she hopes to be married, and then have kids in her thirties. Similar to Generation X, Amanda values her family the most, and has dreams of living the suburbia life. The Center for Creative Leadership also provided a podcast with 10 principles over their 10-year research study on Generation Y. This study denotes that older generations and Generation Y are very similar. Among these principles, each generation put a high emphasis on respect, trust, and innovation. For example, Ryan a 24-year-old financial manager at Bank of America believes older employees dont respect him. As a very young manager, he sometimes feels uncomfortable because he leads and delegates people that are much older than him. But as a Gen Y, he is

Generation Y
Family Respect Trust

Baby Boomers

Generation X

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attentive and firm in his personal career goals. Ryan said, I know Im super young to be leading these people, but with my technology skills in finance, I can provide a better understanding and vision for Bank of Americas future. This statement shows the confidence of Gen Y to lead older employees. We may be questioned of our ranking sometimes, but Ryan is optimistic and believes in his own intellectual ability to lead. Overall, it is clear that Gen Y and previous generations have similar values- family, success, happiness, respect, and trust amongst employee relationships. What is the future for Generation Y? Baby boomers are retiring in huge quantities right now, and according to big corporations, they are looking for young leaders with soft skills such as communication, negotiation, and leadership (Deal). With a high focus on efficiency and accessibility, Generation Y is quickly growing in the workforce, and as a generation who likes to be independent its very important that managers dont micromanage. Tina Fey, an actress and writer states, in most cases being a good boss means hiring talented people and then getting out of their way (Gibson). The next five years will be a defining moment for the career development of Gen Y as they are being challenged during this critical time of economic turmoil, baby boomers retirement, and personal growth. Now that I have answered in detail the four crucial questions for Generation Y, its time to focus on the importance of young professionals in their 20s. TED Radio Hour interviewed Meg Jay, a psychologist who studies the developmental significance of the brain (Jacobs). During our 20s, the brain will begin to rewire itself for adulthood, and produce thousands of new neurons. Meg Jay enthusiastically argues that this is the most crucial time to make an impact in your career. The goals you accomplish in your 20s will significantly change the out come out your salary, personal goals, career development, and intelligence. According to Meg Jay, if you

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want to make a change, now is the time! I found this nine minute podcast the most inspiring and informative because waiting till your 30s to pick a city to live in, or begin searching for that career will cause too much anxiety and stress. Rather, one should choose a city and jumpstart their career after college. I have two personal examples of young professionals beginning their lives after college. My cousin, Lindsay graduated from a very prestigious college, with a bachelor of science in International Business. She moved to New York City after graduation, and began working for Johnson & Johnson. For two years, she devoted her focus and career goals to this firm. Shortly after, she was promoted to manager, and then Director. I asked Lindsay what was her key to success and how she enjoyed living her dream in the big city of New York. She said to me, Allie, I stayed after work almost every day to finish projects and client paperwork. Without that extra hour of work each day, I wouldnt be this successful. I was still able to enjoy the city of New York, but I prioritized my career goal and focused on my developmental growth. I knew people wanted my job, and to keep that from happening, I sacrificed my personal time. Also, I knew once I was successful I could have the money and resources to enjoy a high quality of life. Lindsay knew the sacrifice of working long weeks, but she began with the end in mind, by setting a career goal. As she reached that goal, she found there were more opportunities in personal and career growth. Rather than waiting till her 30s to strive for career success, she started in her 20s, allowing her to grow quickly in the most crucial stages of brain development. A second example is with my neighbor, Lauren, who graduated college with a marketing degree. Now, Lauren did not have the same success, partly because she didnt become serious about her career until her thirties. Lauren was 24 and was working at a restaurant full time. It made her a lot of money during the summer, and she had a lot of good memories with friends, however, she was lacking career and personal growth during the crucial part of her brain development stage.

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At age 27, Lauren decided to move to New York City to work at a marketing firm. For months, she lived off noodles, and turkey sandwiches, due to high cost of living. Within the next year, Lauren moved to Colorado, unsatisfied with her results in New York City. I believe if Lauren made the initial move to New York City at age 21, after her college graduation, that her outcome would have been dramatically different. Would her brain told her to continue working harder, as it produced more neurons? Jumpstarting a career, beginning a mature relationship, and living in an apartment are three crucial steps during this very important time of brain development and creation of new neurons. As a future business leader, I possess a lot of qualities very similar to Generation Y. As a business honors student, I am extremely focused on my education and have planned accordingly for my future. In fact, in the spring of 2014, I have the opportunity to study and intern in Washington D.C. This experience will allow for more personal and leadership developmental growth, specifically working closely in the healthcare sector. Recently turning 20, I am taking Meg Jays advice and jumpstarting my career quickly. Aside from my personal goals, I truly believe Generation Y is a competitive and determined group seeking financial and family success. Previous generations also set high goals for themselves, but the difference today is technology and globalization. Gen Y has all of the resources to be a powerful voice in the world like never before. We are different from previous generations because we grew up in a 2-income household and both parents working. Growing up in the suburbs of St. Louis, I would come home to an empty house, fending for myself to make snacks, complete my homework, and keep myself busy. Gen Y is already a powerful voice with ambitious goals for a high quality of life. We will change the world.

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Generation Y is making huge strides in our corporations and small businesses. In the next five to ten years, we will be over 75% of the workforce. Corporations are already changing business structures in order to meet the needs and desires of Millenials. Tech savvy, short-term focus, and known for receiving too many trophies are Generation Ys stereotypes. We are engaged in our work and want to enhance our careers as fast as possible. We strive to learn and develop emotional, personally, and in our careers. A high quality of life, wealth, and morals are very important to Gen Y. We are changing social and economic traditions by waiting to get married, choosing our own work schedule, and putting a higher emphasis on technology and globalization. Gen Y is the first generation to openly accept major diversity, such as sexual orientation, race, and religion. Finally, the importance of brain development during the 20s is most crucial. I would suggest further research on this topic, and specific studies showing the relationship between successful careers and new neurons in the brain. I find it most fascinating that after college is the time to jumpstart ones career rather than taking a break and relaxing. Its the complete opposite, and this significant timing of this couldnt be more imperative. I am most excited about seeing the workforce change to a Generation Ys perspective. In the future, I envision an untraditional workforce, whether working at home in a virtual setting, working in a vintage coffee shop, or arriving to work in a modern, high-tech office setting on the 86th floor. In the future, businesses will be conducted differently because everything will be done through technology and the knowledge we acquire with data is becoming so vast. Big Data is becoming a universal term, and the power of data will be extreme and completely change the way we view company results and solve problems. As a Millenial myself, I see a bright future for not only businesses but also personal growth. Millenials will change the world, and bring awareness to specific causes. Generation X and the Baby Boomers may be stereotypical towards young

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professionals, but maybe because they too are scared for what this group of 70 million people can do with the enhancement of technology and globalization.

Generation Y APA Citation-

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Deal, J., & Eckert, R. (n.d.). Center for Creative Leadership - Search Results. Center for Creative Leadership: leadership at CCL.org, leadership Development, leadership Training, Executive Coaching, CCL. Retrieved October 10, 2013, from http://www.ccl.org/leadership/CCLSearchResults.aspx?&sa=Search&q=generation+y&start=0& num=10 Dhawan, (2012, January 23). Gen-Y Workforce And Workplace Are Out Of Sync - Forbes. Information for the World's Business Leaders - Forbes.com. Retrieved October 10, 2013, from http://www.forbes.com/sites/85broads/2012/01/23/gen-y-workforce-and-workplace-are-out-ofsync/ Gibson, R. (n.d.). Generation Y Social Media Statistics & Information. Generation Y Millennials | Gen Y Working Blog. Retrieved October 10, 2013, from http://www.generationy.com/statistics/ Gibson, R. (2013, October 7). Generation Y Workplace Opportunities | Technology in the workplace. Generation Y Millennials | Gen Y Working Blog. Retrieved October 10, 2013, from http://www.generationy.com/gen-y-workplace-opportunities/ Gibson, R. (2013, September 24). Generation Y Leadership Opportunities | Millennials leading business. Generation Y Millennials | Gen Y Working Blog. Retrieved October 10, 2013, from http://www.generationy.com/generation-y-leadership-opportunity/ Gratton, L. (2013, June 6). The Three Paradoxes Of Generation Y - Forbes. Information for the World's Business Leaders - Forbes.com. Retrieved October 10, 2013, from http://www.forbes.com/sites/lyndagratton/2013/06/06/the-three-paradoxes-of-generation-y/ Jacobs, E. (2013, September 6). TED Radio Hour: The Next Greatest Generation? | TED Blog. TED Blog: Further reading on ideas worth spreading. Retrieved October 3, 2013, from http://blog.ted.com/2013/09/06/ted-radio-hour-the-next-greatest-generation/ Keyes, A. (2011, August 8). TED Radio Hour [Radio broadcast]. Washington, D.C.: National Public Radio. Staff, N. (2011, August 8). In Job Market, Are Gen Y's Wants Out Of Reach? : NPR. NPR : National Public Radio : News & Analysis, World, US, Music & Arts : NPR. Retrieved October 3, 2013, from http://www.npr.org/2011/08/08/139021313/in-job-market-aregen-ys-wants-out-of-reach Podcasts - Center for Creative Leadership. (n.d.). Center for Creative Leadership: leadership at CCL.org, leadership Development, leadership Training, Executive Coaching, CCL. Retrieved October 10, 2013, from http://www.ccl.org/Leadership/podcast/transcript10principlesgeneration Wieczner, J. (2013, August 21). 10 things Generation Y wont tell you - 10 things MarketWatch. MarketWatch - Stock Market Quotes, Business News, Financial News. Retrieved October 3, 2013, from http://www.marketwatch.com/story/10-things-millennials-wont-tell-you2013-06-21?pagenumber=2

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