Thursday, April 23, 2009

$50 Billion spent annually learning about Gen Y!!

$50 Billion spent annually learning about Gen Y!!

Seems kind of crazy, but $50 Billion (yes with a ‘B’) is the estimate provided by Morley Safer in the 11 November 2007 “60 Minutes” segment called “The Millennials Are Coming.” If you have not had the opportunity to view this video, you might want to. It is not necessarily flattering for the Gen Ys, but it is something leaders at all levels do not think about and learn from often enough.

Here is a simple idea – why doesn’t each of us get a 22-year old mentor and learn for nothing?


Allen L said...

I was born in 1945 and was different from the previous generations, if for no other reason than WW 2 was history for me. I adjusted to the world and to the workplace, why don't the Gen Yers?

No argument that some changes in the workplace are driven by the more global view, but those changes have nothing to do with Gen Y.

Anonymous said...

It does not surprise me that we're spending that kind of money studying Gen Y's. There are many studies conducted on subjects much less important but agree that there are probably less expensive, simplier methods. For me, the more I can learn about the generation that I need to transfer my knowledge to, the better. Our competition for talent is more global than when I started my career. I want to ensure that I know as much as I can about this next generation of leaders as possible so that I can help them and they can help me.

Lynda Roy said...

The millenials are here! A good look at the spirit and thinking of this group can be found in Dan Schwabel's "Me 2.0," which is worth a read. Interesting idea having a younger person for a mentor. Might we not have this already with our children, grandchildren, nieces, nephews, and etc. That group keeps me on my toes.

Remi Cote said...

Great video!

I think we start to see that in a lot of companies, especially in software. The games, the nap rooms, the happy hours, etc. Google is the master of it all! :-)

Larry said...

The adaptation to the next generation seems like the natural course of events. But who gives and who learns? Probably both to some degree, but I think the key is whether or not it’s a buyers or sellers market. Just like the real estate market ebbs and flows between buyers and sellers market, so does the labor market. This video, which is great, was produced about a year and a half ago. Boom times! Employee’s market, more jobs than workers, so employers roll out the enticements. The latest news reflects very stiff competition for very few jobs, which means the tide has turned and employers have more leverage. Won’t the young job hoppers then be more inclined to bend their lofty ideals to get or keep a job?

Here’s a question for you all. If an employer knows that the employees are going to job hop regardless of what they do to keep them, then what’s the incentive to try so hard to keep the young job hoppers? I’ve had a few young good workers that I helped extensively develop (rolled out the red carpet like never before), and the minute they had the next feather in their cap, they jumped to the next job at the next company…well that was back when there were jobs for the taking.

Your insights are welcome

J Wong said...

I came across an interesting article that reads as a slides show with some snippets of Gen Ys and how to work with them. Take a look there are some good tips in here.

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