EY Survey Explores Managing the Generational Mix

The Millennials Are Coming
The first step in getting ahead of the new generational curve, Twaronite said, is to understand the generational dynamic at play in your office and the context, or backstory, of working with Gen Y managers. 
 
"Gen Y currently represents more than a third of the US workforce. At Ernst & Young LLP, they represent 62 percent of our workforce, and we plan to recruit more than 6,300 students in the United States in fiscal year 2014 alone  the majority of whom will be Millennials," Twaronite said. "EY tends to trend ahead of the curve in Gen Y hiring, so Millennial managers are definitely coming down the pipeline." 
 
Twaronite stresses the current swell of Gen Y managers isn't just the typical managerial bump due to the natural aging of the workforce. Today's influx of Gen Y leaders is occurring at a much more rapid pace than in previous generations, and, as such, will have a much greater impact on workplace/leadership dynamics. 
 
Another factor firm leaders should take into account in the equation, Twaronite said, is that this tsunami of Millennial managers is perceived as coming in "less prepared" than Gen X or Baby Boomer managers.
 
In considering today's economic climate, most survey respondents selected Gen X (80 percent) as being equipped to manage effectively, followed closely by Boomers (76 percent), with Gen Y lagging behind at 27 percent; however, statistics predict confidence in Gen Y managers will grow by 2020.
 
"The fact that Gen Y managers are perceived as less prepared isn't all that surprising given the fact that they don't have the same years of experience," Twaronite said. "But that isn't Gen Y's fault. The difference between this generation and prior generations of managers is that Gen Y is the victim of the overscheduling of those above them. There has been less natural time for job shadowing for them, as older generations were expected to do more with less."
 
Twaronite said that while it's encouraging Millennials are expected to significantly grow their managerial skills by 2020, the "onus is on companies to also give them equitable opportunities to gain the right mentors, sponsors, career experiences, and training to capitalize on this optimism."

You may like these other stories...

Majority of House of Representatives urges leadership to preserve cash method of accounting for tax purposesA bipartisan majority of the House of Representatives – 233 members – has signed a letter urging House...
Tax friendly trusts swell under new rulesUS companies are latching onto an obscure real estate provision to avoid corporate taxes, widely adopting a financial maneuver that has been expanded under the Obama administration,...
The average annual salary for US finance and accounting professionals who have the Certified Management Accountant (CMA) credential has gone up slightly over the past year, according to the results of a new study from the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.