The Y-Not? Generation

* The following is an article that I wrote for the November/December 2008 Edition of the Tech Talk column in Key Notes magazine.  The topic has been on my mind lately and instead of rehashing my feelings in different words, I figured I'd just share the article with you. *

The newest brand of society is known by a few different names: some call them the millennials, others the echo boomers, and most know them simply as Gen Y.  We cannot stop hearing enough about these individuals and why they are so important to the way we do business.  As with any new generation, they reshape our current structures into models that they can call their own.  They dictate forward directions that with which we are not always comfortable.  In most cases, there is no choice but to learn as much as you can about these individuals and their needs and wants, or else get out of the way for fear of being trampled.  Being characterized as a very aggressive generation, the writing has been on the wall long enough for some companies to heed the warnings and take action.  Workshops across the country have been educating businesses not only on how to handle these individuals, but how to embrace their outward distinctiveness, learn from them, and better yet, use them.

What's the Deal Wtih Gen Y?

Typically, this generation is filled with the children of our Baby Boomers.  Experts are back and forth on the particular birth years that define this generation, but they lie roughly between 1979 and 1992.

The technology revolution gave birth to these individuals, and they have absorbed themselves in helping to contribute to it.  They were the first to grow up with the Internet as their main source of information and communication, considering anything in print to be outdated.  They were in high school when cell phones were becoming normal practice and began life in the workforce when organizational tools, such as PDAs, became the next best thing to a real life secretary and a pocket computer.

Norms will change from generation to generation, but Gen Y has been aggressively setting new standards for those who came before.  Change can be a dirty word to some, but it will continue to come whether we are ready or not.

The most common trait of Gen Y is the fact that they are beyond being technologically savvy.  Growing up in a world where technology is the driving force only increases the need to obtain, retain and gain technology understanding.  These are talented and creative individuals that have existed in a digital world unlike the generations that came before them.  Their sometimes home-grown technical skills often stretch beyond those that exist with the most educated of our previous generations.  We find that the tables are often turned when we see the younger generation has become the teachers and the older generation the students.  For those that recognize at least the need for technology awareness, this is now a welcome practice.

As Employees

We do not need a history book to tell us that we are often afraid of what we do not undersand.  The same can be true for our employees.  As for those of the Gen Y persuasion, companies find themselves on the fence, so to speak, as to whether or not they can benefit from these young individuals.  While this is somewhat understandable, all doors are opened with the keys of knowledge, so educating your company on what Gen Y has to offer can supply the answers that you need to make Gen Y a fit in your credit union.

Employees from Gen Y can provide a fresh, new atmosphere for your other staff, as well as your members.  These are people that are not only open to change, but revel in it.  They do not just have technology as a background; they use it to create an environment that is conducive to their surroundings.  In the business world, is that not the ultimate goal?  Do we not look for the moving target that is our consumer base, forever trying to keep up with, if not anticipate, the next move?

Gen Y employees are known to be highly efficient.  As the generation known to want that perfect balance between work and home life, they do not waste personal time nor work time.  This means more productive meetings, less personal wastefulness at work, and overall, a recipe for savings at every turn.  These individuals are also quick to point out inefficient systems at work and provide the proper technology solutions to fix them.  Likewise, they are typically on top of the newest technology trends and can aid in deciphering which ones are right, if any, for your credit union.

Individuals from this generation are also known to be competitive and ambitious.  Sounds daunting, but really these are the fundamentals that, when used correctly, can be healthy drivers towards personal and company success.  The idea is to accept these traits and utilize them to enhance the experience within your office as opposed to letting these traits carry your good employees right out the door.  By that, I mean to say that friendly competition amongst fellow employees with reasonalbe reward, gives the employees a tangible goal to reach towards while reaping the benefits of overall increased productivity by the company.  Likewise, competition with one's own self can be a constructive method to continually raise the bar in respect to quality and efficiency.

Give and take is a vital concept for these young employees.  In exchange for their devotion while in the office, these indiviudals expect, if not demand, something in return.  Ambition rears its head again when we talk about the fact that Gen Y are considered particularly goal and career-oriented.  They do enough of their own research to know what their worth is and how the average compensation should be dealt out.  They refuse to settle, unless they view it to be a temporary career necessity, and they are always pushing forward.  Not only does Gen Y look for the traditional retirement/401(k) benefits, along with quality and affordable health insurance, these individuals are looking for flexible schedules, gadget perks and higher salaries to balance out the hard work and dedication that is inserted into their place of employment.

Can we afford to keep them around?  We can't afford not to.  Gen Y knows that their happiness lies in their own hands, and they will find it.  If you cannot offer what they need, someone else will.  It is simply up to you to make it work for both the talented individuals you wish to keep on staff and your business as success can come in equal parts for both.

As Consumers

Just as it does from an employee standpoint, technology plays a major role for our Gen Y consumers.  They do not find it necessarily appealing if they feel that their own skills and efficiency have surpassed an entire company that is supposed to provide them with quality services.  While we know that we cannot forget about our other member demographics, we have to understand the newest ones in order to reach and retain them in the future.

Gen Y has an overall compelling need for convenience.  They are hardworking individuals with not a lot of time on their hands.  They are attracted to organizations that seem to understand and relate to their life's demands.  This may sometimes mean the one-stop-shop approach, often implemented online, for individuals to access their accounts or shop for services in the privacy of their own home or on the road.  It eliminates any personal barriers and allows them to feel that they have complete control of their own matters.  They tend to steer clear of organizations that can only offer them pieces of what they need, causing them to go elsewhere to conduct the remainder of their business.

Smart shopping is second nature to Gen Y.  They know how to research the solutions to their needs; and if they can find what they want elsewhere, no amount of loyalty is going to entice them to stay.  It is understood that you cannot be all things to all people, but it is important to keep in mind that the newest generations carve the paths that we must evenutally take in the future.  Our choice lies in whether we want to accept that now or later, assuming that we are still relevant when later arrives.