Gen Y at Work in Credit Unions

More than likely, you have received an email or birthday card that begins with “You Know You’re __ (fill in the blank with your age) When …” followed by a list of pop culture references, fashions or fads that contributed to the decade of your age group. But have you ever thought about what contributed to the values and expectations we associate with the generations in the workplace? Factors such as growing up during the Depression, the profound effect of the civil rights era, cultural and familial experiences of our childhood, and the invention of the Internet all play a part. Without a doubt, those values and expectations are brought into the workplace.

Whether you call them Millennials or Generation Yers, they are 82 million strong and in less than 5 years will make up almost half the workforce. Although stereotypes are oversimplified characterizations, it’s important we recognize the common traits, creating a foundation for us to understand and acknowledge the differences which appear in the workplace.

	Baby Boomers	Generation X	Generation Y
Birth Years	Born between 1946 and 1964 (between 47 and 65)	Born between 1965 and 1980 (between 31 and 46)	Born after 1980 (younger than 30)
Population	Over 78 million	Over 58 million	Over 82 million
Personality traits	Competitive, independent, social consciousness, workaholics	Cynical, pessimistic, “pay your dues” attitude, self-reliant, critical, knowledgeable	Pragmatic, naturally optimistic, open to change, independent, experimental, rewarded for participation and effort
Cultural events	Marched for equal rights and to end the Vietnam War Birth control for women who chose to delay motherhood and pursue education/ careers	Latchkey kids growing up with mom in the workplace Divorce rate doubled	Raised to be well-rounded - get good grades, play an instrument, volunteer Grew up with diversity in terms of preferences, attitudes and ethnicity
Technical Skills	Acquired midway during working career, some resistance to change	Technologically astute, obtain transferable skills for job security	Tech savvy and tech dependent, no fear of technology
Trust	Trusting of institutions	Low trust in institutions	Little trust in business institutions and the government
Wealth	Wealthiest generation, age-defying lifestyle, idealistic	Materialistic, economical, experienced multiple recessions	Traditional values with reference to spending and saving
Communication & Relationships	Personal interactions and relationships are important	Communication of open, honest dialogue	Keeping promises matters, desire respect

Communication
So, if we’re a Baby Boomer or Gen Xer, how do we communicate with this generation? We know that Gen Yers grew up with technology at their fingertips from the time they drank out of their very first sippy cup. The toys and games they played provided instant responses, and often they played independently as they held Gameboys in their hands. Similarly, they prefer communication through technology. According to a 2010 Millennial Inc. survey of 1,000 Gen Y employees, three-quarters have profiles on social networking sites. Even email is outdated communication for Gen Yers, so they may respond more quickly to a text message or instant message (IM).

The key is speaking the language and using the correct media to connect to your Gen Y employees. Gen Y employees value relationships, but they don’t need face-to-face encounters to build them. Find out how they communicate. Do they prefer text messages over emails? Then, create diverse channels of communication to build that relationship with them.

So what about the reverse? What if a Gen Y employee is in a customer service role where they are required to have face-to-face encounters with customers? Gen Yers may need some additional training from a mentor to sharpen their face-to-face verbal communication skills.

Managing and Feedback
Gen Yers grew up participating in soccer games with constant encouragement and rewards for effort. Parents commonly shifted their schedules around to accommodate their multiple activities. Now Gen Yers are in the workplace and often have the same expectations from management, which may result in offering more flexibility in the workplace. Their focus is on getting the work done, not workplace presence, as they can complete work anytime, anywhere with technology.

As a manager of Gen Y employees, you can also be a student of your young employees. You may be the most experienced and have the longest tenure, but you are no longer the smartest one in the room. Learn from their technical skills and show acceptance of their energy and enthusiasm. They’re impatient and aren’t used to having to “pay their dues,” so help balance that by providing changes in their work projects, roles and responsibilities. Gen Yers expect communication and constant feedback, including being “in the know” on executive decisions and developing business strategy.

In the end, the Millennials are here and they are having a strong presence in the workplace. Let’s do our best to embrace them, doing what’s right for our business culture to succeed. As they would say, that would be “XLNT”!

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