Generation Y and the Workforce

Over the next coming years, one of the biggest challenges will be the retirement of more than 75 million more senior workers. They will be replaced by several younger workers entering the workforce for the first time. The U.S. Department of Labor estimates over 54.8 million job openings between 2010 and 2020, 61% of which will replace the "baby boom" generation who will exit the workplace. The number one question will be how to attract and manage this new cohort of employees effectively. Organizations need to have a clear understanding of this new generation's work values and how their values differ from previous generations.

Researchers have shown and tried to explain today's workforce and its makeup.  There are four generations within the workforce: the Silent Generation (born 1925-1945), the Baby Boomers (Boomers: born 1946-1964), Generation X (born 1965-1981), and Generation Me (also known as Millennials; born 1982-1999). Researchers have found differences in personality traits, attitudes, mental health, behaviors, and overall outlook on life.

Individuals born between 1946 and 1964 that are label as Boomers were affected by civil rights, Women's movements, the Vietnam War, the assassinations of John F. Kennedy and Martin Luther King, and Watergate. The next set of individuals born between 1965 and 1981, Gen X, experienced the AIDS epidemic, economic uncertainty, and the fall of the Soviet Union. The latest generation labeled as GenMe, born between 1982 and 1992, witnessed several companies (Enron, Tyco, Worldcom) collapse due to unethical practices and leadership.

Many companies have added amenities that focus on work-life balance, relaxation, and leisure activities in today's workforce. Many successful companies like SAS have an in-house gym; Google offers onsite laundry and massages; eBay sets aside two rooms for meditation, and KPMG offers workers five weeks of paid time off during their 1st year.

Researchers explained that Boomers put a high priority on their careers when they were young. Still, today's youngest workers are more interested in making their jobs accommodate their family and personal lives. According to researchers, these young workers want jobs with flexibility, telecommuting options, and the ability to go part-time or leave the workforce temporarily to have children or spend time with their friends.