Generation Y (The Millennial)
Generation Y (The Millennial)
Generation can be defined as a succeeding stage in the reproduction from an original copy. In other words generation is also known as procreation, which means producing an offspring. But the generation we are talking over here is the stage if natural decent for example, from grandfather, to father, to son. In present time’s generation a group of people born into and shaped into by a specific time period. For example, people born between 1946 and 1964 are called baby boomers and people born from 1965 to 1980 are called generation X. There is a generation gap which separates all of these 3 stages.
The generation gap can be defined as the difference between the younger people and elders. For example in marketing many researchers are actually turning to a great deal of generation segmentation. Why? Because the idea is that each generation is mostly influenced by the milieu which means in which time the person grew up (it would include music, politics and events of the time). There are some marketers which target the generation, because they are aware that the members if this society actually grew distrustful of society, politicians and slick advertising and merchandising.
Generation X’ers is more sophisticated in evaluating products and many are turned off by the advertisement of the products which have too much hype. There are some marketers who target the baby boomers as well because the marketers believe that people of that era are more attractive to communications and symbols. (Kotler 1997) Types of Generation There are great deals of different kinds of generations for example, lost generation (1883 – 1900), greatest generation (1901- 1924), silent generation (1925- 1945), baby boomers (1946 – 1964), generation X (1965 – 1980), generation Y (1980 – 1994), generation Z (1994 – present).
The generations that we are going to discuss are as follows. (Gibson, Greenwood & Murphy 2008) Generation Y The people of generation Y are called echo boomers as well. About 72 million children of the baby boomers were born between 1980 and 1994. It’s been researched that the people of this generation are smart, aware of their surroundings and are very fair minded individuals. It has also been found out that for example, the people of this generation likes to be entertained in ads that are directed towards them but they do not like ads that do not make fun of other people.
The people of generation Y have grown up with all kinds of technology for example; cell phones, pagers, answering machines, laptop and desktop computers and video games etc. If we look back the baby boomers believe that the future was theirs and the people of generation X believed that whatever the future held was extremely disheartening whereas the people of generation Y believe that they do not have a future in any walks of life, especially in the work environment. The people of this era prefer to work in teams rather than working individually. The characteristics of generation Y workers in a work place are as follows:- 1.
Values:- a. Self-expression is considered more important than self-control b. Branding and marking their values is important to this generation c. Violence is considered as a form of communication which is quite acceptable to them d. They believe that respect is to earned, it is not given freely 2. Attributes/ Characteristics:- a. They adapt themselves very quickly to new things b. Believe in change and challenges c. Resilient, imaginative and capable d. Very dedicated to their work e. Easily accept diverse background f. Have a global perspective 3. Work Style:- a. Need to have an understanding of all things that affect them
b. Believe that the work they do expresses them c. Multi-workers i. e. they do more than one activity at the same time d. Active involvement in their work rather than passive involvement e. Believe in balance life style and work f. Are very flexible and adaptable to change and extremely ambitious g. Except social corporate responsibility h. Believe in work teams and continuous learning The cultural and ethnic implications that are being faced by the people of generation Y is that they are very expectable to diverse cultures and are willing to work along them in a corporate environment.
A very tolerant community is being built because of these beliefs and acceptability by the people of this generation. (Gibson, Greenwood & Murphy 2008) Strengths and Weaknesses of Generation Y The strengths of generation Y are as follows:- 1. The people of generation Y are motivated by causes and not through any company 2. They have a free mind agent set; they are willing to change their job when they see a better opportunity 3. They believe in high maintenance and performance 4. They believe in practical and realistic plans 5. They are very tech savvy 6. Highly educated The weaknesses of generation Y are as follows:-
1. They are very impatient 2. They have a lack for long term commitment 3. They believe that they deserve everything that is they selfishly entitled Issues/problems posed by Generation Y The problems that are posed by generation Y is as follows:- 1. Low on money 2. Do not have permanent jobs 3. More stereotype midlife crisis 4. More narcissistic generation (Greg 2007) Differentiation between Generation X and Y Generation X: The baby boom was followed by a ‘birth dearth’ which created another generation called the ‘generation X’. There are 45 million people born between1965 and1980 in this era.
The generation X is also known as the ‘shadow generation’ after the baby boomers. The people of this generation are usually defined by the experiences they share with each other and through their age as well. Increasing divorce rates and higher employment for women have actually made this generation the first generation of the latchkey kids. The people of this generation share new cultural concerns, care about the environment and respond much better than the baby boomers in regards to socially responsible companies. The generations X’ers seek experience and success in their work life.
The characteristics of generation X workers in a work place are as follows:- 1. Values:- a. They believe in contribution b. They require feedback and recognition in their field of work c. And like to spend time with their managers so that they know that how they perform on their tasks 2. Attributes/ Characteristics:
a. They are also very adaptable and self controlled b. Very responsible c. They believe in independence in all walks of life (Martin) References Gibson, J W. , Greenwood, R A. & Murphy, E F. (2008), “Generational Differences in the Workplace: Personal Values, Behaviors, and Popular Beliefs”, Available from <http://www.cluteinstitute. com/Programs/Las_Vegas_2008/Article%20154. pdf>, accessed on 17th February’09 Greg (2007), Why Gen Y’s Midlife Crisis Will Be A Dozy. Available from < http://lifetwo. com/production/node/20070227-why-gen-ys-midlife-crisis-will-be-a-doozy>, accessed on 17th February’09 Kotler, P (1997) ‘Marketing Management: analysis, planning, implementation and control’. Prentice Hall Martin, M (n. d. ) Generational Differences in the Workplace, Available from < http://www. dnr. mo. gov/env/swcp/docs/Generational%20Differences%20in%20the%20Workplace. pdf>, accessed on 17th February’09
Talbot, C (2008), IT pros mostly positive about Gen Y’s impact, but big concerns over security exist, Available from <http://www. integratedmar. com/home/communities/channel/story. cfm? item=23970>, accessed on 17th February’09 Thorman, R (2007), three workplace weaknesses that are really Gen Y strengths. Available from < http://modite. com/blog/2007/08/06/three-workplace-weaknesses-that-are-really-gen-y-strengths/>, accessed on 17th February’09 Vitality Efap newsletter (2007), Generation Y: Coming Soon To A Workplace Near You. Available from < http://www. hrs. ualberta. ca/EFAP/Newsletters/Vitality-12-1. pdf>, accessed on 17th February’09
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 8 October 2016
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