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Millennials

'Gen (Generation) Y"

Who are the Millennials?

Also called Gen Y or Generation Y, millennials refer to individuals who were born between the 1980s and early 2000s. They follow Generation X and are usually the children of people who are part of the baby boomers demographic cohort, so millennials are also referred to as echo boomers.

 

Millennials

 

Millennials are considered the most connected generation. They grew up during the internet age where people connect through emails and social media. They are used to doing many day-to-day activities with just a few clicks on their laptops or smartphones. They’re computer-savvy and are always updated about the latest in gadgets and technology.

 

Millennials in the Workplace

Each generation seems to demonstrate distinct characteristics in the workplace. Listed below are several work traits and tendencies that people from older generations see in professionals who are defined as millennials:

 

1. Millennials are proactive and confident at work.

They expect to work on different tasks and accomplish them on time. They also look for feedback about their performance.

 

2. They work well with others.

Since millennials grew up in an environment with a diverse group of people, they are used to making friends and working with teams.

 

3. Millennials look for structure and leadership from older colleagues.

In turn, they expect others to listen and respect what they think. They are challenge-seekers. They also think about what they need to do for career growth.

 

Millennials and Baby Boomers

Professionals who are considered baby boomers comprise about 40% of the workforce in the US. Nowadays, most, if not all, recruiters look for millennials, but baby boomers have solid knowledge about how the industry works. They already have what their younger counterparts need to flourish in their chosen careers.

Over the years, the work landscape has seen a lot of changes. With the ever-evolving technology, the corporate world has witnessed changes in management styles, team structures, and job descriptions. More and more companies depend on online tools to manage tasks more efficiently. In this kind of millennial-oriented work environment, people usually see baby boomers as traditional employees who are not very open to change.

The shift in thinking may be cultural in nature, but it doesn’t mean that baby boomers no longer have a place at work. Since they have the knowledge and experience, they have established themselves to fill in the senior roles in the organization. They have learned to become innovative in a modern work environment.

With government efforts such as institutionalized equal pay, as well as health and retirement benefits, the older generation is seen to continue working and eventually pass down their knowledge and resources to millennials who will be future leaders.

 

Key Takeaways

For companies, the key is to cultivate a workplace where employees from different generations are motivated and engaged towards one goal. It is essential to create harmony and unity among millennials and baby boomers. Companies can utilize technology to make it easy for both generations to share their ideas and collaborate.

Social activities can also be helpful in promoting teamwork across age groups. In the end, millennials and baby boomers can work together smoothly to achieve success.

 

Additional Resources

CFI is the official provider of the global Financial Modeling & Valuation Analyst (FMVA)™ certification program, designed to help anyone become a world-class financial analyst. To keep advancing your career, the additional resources below will be useful:

  • Personal Brand
  • Knowledge Workers
  • Sense of Purpose at Work
  • Virtual Team

Financial Analyst Certification

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