HBR: "You're Probably Wrong About Millennials"

For work, I am constantly reading twitter and other social news sources to look for opportunities, information, and for something to do while leaving people voicemails on cold calls. It's been fairly productive so far and I'm addicted to twitter anyhow so it fits.

Still, every now and then the "business sources" I follow post up something slightly...off...and by "something" I mean "discussing Generation Y/Millennials" and by "every now and then" I mean "at least once a week."

There seems to be a near-constant internet argument (remember the whole, "you may win, but you're still retarded" saying?) about my generation. We're entitled, disloyal, and lazy but also driven, vastly more capable than previous generations, and innovators...or something. While I'm sure every generation has had the "kids these days" debate (boomers, take note - we hate you for other reasons), we get the benefit of it being plastered through cyberspace on a near constant basis so of course IT'S A MUCH BIGGER DEAL.

Still, the Harvard Business Review put out a short new article in defense of my age group, and like most things on the HBR it is at least worth reading thanks to the disconnect and the tangible cost that disconnect is bringing to companies every time a young whipper snapper gets annoyed with their insulting income and the inefficiencies of their superiors and looks to bolt (not that I'm speaking from experience...)

Harvard Business Review:
Managers routinely complain about their Gen Y employees as entitled, disloyal, and lazy — and as a result, conflicts arise. In a study in partnership with American Express for my new book, we found that while managers have a negative view of Gen Y, employees from this generation generally have a positive view of their managers. Employees feel that their managers have experience (59%), wisdom (41%) and are willing to mentor them (33%). On the other hand, managers feel that Gen Y employees have unrealistic salary/compensation expectations (51%), a poor work ethic (47%), and are easily distracted (46%). While there is a tendency to blame their employees for generational conflicts, managers in today's companies may need to rethink their own management styles.

The first step is to drop generational stereotypes and give Gen Y employees a chance to prove themselves. "The standard Gen Y stereotypes are pretty well accepted in the workplace," says Carrie Hirst, a Regional Marketing Coordinator at Allstate. "Once people have gotten to know me, they will say that the stereotypes don't apply."

One of those misconceptions is that millennials are "entitled," a word that has become synonymous with Gen Y in the management ranks. "I believe that they expect many things to come easy before the work has been put in," says Dean Lawyer, Regional Director of Business Sales for T-Mobile. Contrary to what managers say, Gen Y's are work horses and have a persistent hunger to discover new experiences, take advantage of opportunities and push the boundaries. The recession has forced millennials to develop this work ethic, with 44% of students who are working to help finance their education, reports Rutgers University. Through our research, we've discovered that millennials are the most optimistic generation despite economic setbacks. Furthermore, the Center for Women and Business at Bentley University reports that 84% of millennials view making a positive difference in the world as more important than professional recognition.

Managers view them as having a sense of entitlement because they fail to realize that they want to make a big impact, get connected with executives and engage in professional development opportunities. "Just because someone is younger doesn't mean they can't complete at a high level," says Ryan Brown, a Twitter employee. This isn't entitlement — it's being personally accountable for your own career.

Another Gen Y stereotype is that they lack the company loyalty held by their older colleagues, and this is at least partly true: The average tenure at a firm for Gen Y is two years (compared to five years for Gen X and seven years for Boomers). But those numbers don't tell the whole story. The real issue here is that managers fail at setting expectations with their Gen Y employees, and often don't inform them on criteria for promotions or suggest a path to upward mobility. In our study, we found that 20% of managers don't give annual performance reviews and only 12% give quarterly reviews. Millennials need regular feedback and a set of expectations in order to improve and feel engaged. For the same reason a manager may also get frustrated with a "lazy" Gen Y employee who isn't performing at the expected level — but most of the time it's because the supervisor is not dictating what that level is. When managers don't invest in their Gen Y workers and help them create a path within the company, they look elsewhere — and that costs firms $24,000 per employee on average. Companies simply can't afford to lose Gen Y talent because in the next ten years, they will become the majority of the global workforce.

The real opportunity to bring both generations together is mentoring programs that connect Gen Y talent to senior leaders. PepsiCo is one example of a company that has accomplished this with a mentoring program called Conn3ct, a global network of young professionals within the company. Through the program, Gen Y voices are heard, their ideas are implemented and they received executive exposure and sponsorship. "This young talent pool continues to support recruiting events for new young professionals to enter the company, helps in product development and marketing initiatives, and contributes to improving the overall work-life balance of employees," says Paul Marchand, SVP of Field HR at PepsiCo. Gen Y employees benefit from networking, training and development and their careers are accelerated in the process. Managers benefit from learning about new trends and how to leverage the latest technology from Gen Y, who doesn't know a world without computers.

By understanding how to work with Gen Y employees and creating programs that allow them to network, learn and feel part of the company, you will retain them and they will become your next leaders. If you don't, then you will lose them to your competitors.

 

The only part of the stereotypes I agree with is the entitled part. Though, as Stephen Colbert so eloquently put it, we learned that shit from his worthless fucking generation.

We're better than our predecessors. We're not stupid enough to be loyal to a company that isn't going to be loyal to us. We're not lazy, we just now how to use the resources available to us more efficiently.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

No idea how I missed that article. SB for you

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

I'm a millenial and I have to say that entitled is an incredibly accurate assessment of our generation. Our baby boomer parents spoiled us with things and lived a largely high-end middle class lifestyle of vacations and consumer goods. It came relatively easily for our parents' generation because of the economic booms that they lived through--1960s, 1980s, 1990s and 2000s. Many of us feel entitled immediately to a lifestyle that we didn't earn.

I am one of those people. It's just in the last year or so that my entire outlook has changed. Started a new job recently that has mediocre pay, class C office space and I have office space that is inferior to my subordinates. Ya know what? That's ok. I'm not entitled to anything. If I perform at a high level then and only then am I entitled to ANY kind of recognition or bonus. Until then, I'm going to be grateful to have a good job in a time of economic malaise and I'm going to put my head down and work my ass off. If more millenials had this attitude--if I had had this attitude years ago--we would be much better off in our careers long term. It's this desire for immediate gratification that causes us to bounce around, to seek out the next best thing. Ya know what's often the next best thing? Excelling at what you're doing now. If you're bored with your job then take steps to get even better at it.

Unless you're the absolute best person in your company at your job you shouldn't be slacking off because of boredom. If you do then it's an indictment of your character. It was an indictment on my character in at least 2 occasions with previous jobs. Maybe I wouldn't have been bored if I had quit feeling so entitled to something better and more entertaining without earning it. If I had just excelled rather than day dreamed then I'd be making twice what I'm making now and far further ahead in my career. Entitlement and pride are absolute career killers. I'm fortunate to have recovered--not everyone is so fortunate.

 

@DCDepository

How can you say that man? How can you be so comfortable when you clearly know that competition (especially in finance) has skyrocketed in the last years, while the job market has become completely global?

I agree, we're not entitled to anything, we have to work our asses off. I'll gladly do that. But when we are bombarded everyday with news about extremely high achievers at such young ages (see the 17yo who recently sold Summify to Yahoo, and many like him. Google business insider 27 most impressive harvard business school students) how can you say you don't want to constantly seek the next best thing? That doesn't come from the need for instant gratification, that comes from the increasing pressure that if you don't keep up with these kids and if you're not ready to pitch yourself at every second of your life you are going to be left behind in your comfortable job where you want to excel at what you're doing. Your work doesn't speak for itself.

Moreover, that's clearly not the way the corporate world is working anymore. A couple of weeks ago someone posted on WSO a quote from his boss telling him that he has to go lateral if the desire for more responsability/compensation arises. I have no idea if that was the case in the 80s or 90s, but it definitely applies now. Loyalty means nothing today when you are easily replaceable at half the wage by kids looking to break in. Too rare are the cases of Harvey and Mike kind of relationship. My boss is well aware of how the job market is now, and he'll gladly keep me crunching numbers forever if he can, since I'm doing quite a good job for a mediocre pay.

I will feel entitled to something better if I know I deserve it and I can handle it, and I will jump ship the moment I'll find something that I think is better for my career.
Sorry that didn't work out for you as you planned it, but that doesn't mean you have to stop pushing.

I'm 25.

On a long enough timeline the survival rate for everyone drops to zero.
 
Timothy Bryce:

@DCDepository

How can you say that man? How can you be so comfortable when you clearly know that competition (especially in finance) has skyrocketed in the last years, while the job market has become completely global?

I agree, we're not entitled to anything, we have to work our asses off. I'll gladly do that.
But when we are bombarded everyday with news about extremely high achievers at such young ages (see the 17yo who recently sold Summify to Yahoo, and many like him. Google business insider 27 most impressive harvard business school students) how can you say you don't want to constantly seek the next best thing? That doesn't come from the need for instant gratification, that comes from the increasing pressure that if you don't keep up with these kids and if you're not ready to pitch yourself at every second of your life you are going to be left behind in your comfortable job where you want to excel at what you're doing. Your work doesn't speak for itself.

Moreover, that's clearly not the way the corporate world is working anymore. A couple of weeks ago someone posted on WSO a quote from his boss telling him that he has to go lateral if the desire for more responsability/compensation arises. I have no idea if that was the case in the 80s or 90s, but it definitely applies now. Loyalty means nothing today when you are easily replaceable at half the wage by kids looking to break in. Too rare are the cases of Harvey and Mike kind of relationship.
My boss is well aware of how the job market is now, and he'll gladly keep me crunching numbers forever if he can, since I'm doing quite a good job for a mediocre pay.

I will feel entitled to something better if I know I deserve it and I can handle it, and I will jump ship the moment I'll find something that I think is better for my career.
Sorry that didn't work out for you as you planned it, but that doesn't mean you have to stop pushing.

I'm 25.

On an iPhone so keeping this short. What you're saying may work when you are in your first job or 2 out of college or switching industries. But impatience and job hopping largely does not produce the results we would expect. It boosts our pay (temporarily) and our total job skills, but specialization is the key in every industry. Been working in very diverse financial field for 6+ years. Probably 7 in 10 managers have at least 3 years with the same company and probably 9 in 10 have either 3 or more years with the same company OR they have 3+ years at an identical or highly similar role.

Don't mistake how a 2nd year IB analyst and a 25-year-old corporate professional should operate. Different actions at different points in one's career.

 

Officia ullam dolore dolorum voluptatem. Saepe excepturi vel voluptas quis qui enim voluptas. Exercitationem ullam eaque atque magni. Fugit at perferendis voluptas rerum et optio quae tenetur. Necessitatibus hic sit suscipit cum quia. Itaque veniam dolorum atque quidem modi necessitatibus. Voluptatem et voluptatem nemo quam sint sit.

Modi quas temporibus animi officiis. Impedit vitae expedita numquam ullam dolores soluta consequuntur. Ut eos labore est ut nihil. Ratione consequatur nobis minima quibusdam iste. Qui cumque rerum provident veritatis quo aut nemo.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”