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By Ellen Pearlman
Strategic Thinker: Ron Alsop
Credentials: Alsop is a longtime writer and columnist for The Wall Street Journal and served as editor of the Journal's Marketplace page and its annual ranking of MBA programs. He speaks and consults on the millennial generation, career development, corporate reputation and business education and has authored seven previous books.
Big Idea: Recruiting the millennial generation, born between 1980 and 2001, requires new HR tactics; keeping them means extensive hand holding once they come on board.
Book: The Trophy Kids Grow Up: how the millennial generation is shaking up the workplace by Ron Alsop, published by Jossey-Bass, October 2008
As the baby boom generation heads out the door-assuming they have enough retirement funds left in their 401Ks to exit-a new generation is waiting to take their place: the millennials, also known as Generation Y. Ninety two million strong, this generation is unique in many ways-they are book smart, technology savvy, well-traveled, team-oriented multitaskers and socially responsible. But they can also be perceived as arrogant, demanding, lacking in common sense and social skills and in need of continuous guidance. They like flexible schedules, casual cultures and work-life balance, but their preference for informal, abbreviated, instant-messaging text has made many poor writers and communicators. Oh, and did I mention that they need constant feedback on how they're doing. Forget about annual or semi-annual performance reviews, this is a generation that has grown up on non-stop parental feedback ("good job") and they need those pats at work as well as at home.
Ron Alsop, longtime Wall Street Journal reporter has a new book out on this subject, The Trophy Kids Grow Up, where he makes the case that understanding will be needed on both sides of the work aisle in order to make the transition of this generation to work smoother. Generation Y will have to adjust to the cultural mores of corporate life and corporations will need to adapt their recruiting and management tactics to attract and retain these job-hopping workers. There's really little choice, as 78 million baby boomers exit the doors, businesses need to replace them.
Millennials have learned from watching the downsizing their parents went through that there is no job security any more. As a result, they want to be in charge of their own destiny. If they don't feel appreciated in corporate life, some may leave to start their own ventures. Take this cautionary tale that Alsop relates about Justin Pfister, an IT employee for a Time Warner subsidiary. Pfister became discouraged because the business people seemed "afraid of the IT people who think creatively and implement their own ideas" and so he left and started Open Yard, an online retailer of sports equipment. Says Pfister, "We get stifled when we're offered single-dimensional jobs. We are multidimensional people living and working in a multidimensional world."
Corporations face the additional challenge of integrating "millions of millennials into a workplace with three other very different generations," says Alsop. This includes the traditionalists (born between 1925 and 1945), the baby boomers (born between 1946 and 1964), and generation Xers (born between 1965 and 1979). Since each group has different work habits and styles this can present a challenge. But forward-thinking companies are starting to make preparations for this sea change.
Some have launched studies to help them get to know the millennials better. L'Oreal has fielded a study of millennial's values and attitudes with an organization of European business schools. "The millennial generation is at the top of my agenda of priorities," says Francois de Wazieres, director of international recruitment for the Paris-based beauty company. She sees this generation's gifts as a "good fit with our emphasis on innovation, creativity, open-mindedness and entrepreneurial spirit."
Next: 10 Steps Corporations Can Take to Address Gen Y
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