Although there is no exact definition of generation y, a broad definition generally incorporates over seventy million Americans born after 1977. A narrow perspective of this generation encompasses people between the ages of sixteen and twenty seven due to the notion that as the rate of change in the society increases so does the time period that make up a generation becomes shorter. The members of this generation are young and stylish, constantly use iPods, browse the net and want to dress in flip-flops while in the office.
This generation is entering the job market when companies in America are filled with old people. They supervise the older generation, switch jobs and frustrate managers who try to retain an experienced and talented work force. According to Professor Jordan Kaplan of Long Island University, this generation rarely conforms to “command-and-control” form of management commonly practiced in many organizations in America (Pollak, 2008).
Generation y are cleaver in managing their financial resources and after observing economic recession and job insecurity that has affected other generations, they are keen to save for retirement. According to research by New York investment advisors, 37% of generation y saves for retirement before reaching the age of 25, while 49% consider retirement benefits while choosing a job. This age group also tends to chose jobs that are flexible, with options of telecommuting and working part time.
They accommodate change and rarely stay in a single job or even career for long period of time. Moreover, they have the ability to multitask and can be compared to generation x on steroids. They not only hold their esteem high but they are also not afraid to drive change in their company (Pollak, 2008). Unlike other generations who are accustomed to annual reviews, Gen Yers is used to constant flow of information and timely review as they practiced in college.