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."

Already a member? log in here.

Editor's Choice

Upcoming CPE Webinars

Dec 3The materials discuss the concepts and principles in the AICPA’s new special purpose framework.
Dec 8Kristen Rampe will cover how to diffuse the tension in challenging situations in this one-hour webinar.
Dec 9A key component to improving your firm’s workflow efficiency while enhancing your profitability at the same time is how you leverage emerging technologies.
Dec 16Kristen Rampe will give tips on how to bring confidence into the room and build a valuable network.