The Power Of Positive Thinking: How Gen Y Will Get Through The Recession
Posted by meredith on 11-14-2008As America faces its first economic downturn in a decade and news of layoffs continue to pour in from all fronts, the word panic has begun to crop up in conversations around the water cooler. But what about conversations on Gchat (aka the water cooler for the twentysomething desk set)? Not so much.
While millennials are certainly aware of the dire financial times we live in, our general attitude towards the future remains optimistic. Some may scoff and say that this is because we don't know what we're in for, and to some extent that's true. Ten years ago today I was celebrating my Bat Mitzvah. My only concept of the economic climate then was my own personal windfall. But does this really put us at a disadvantage now? If anything, our inability to recall the widespread anxiety of the past will help us to weather what's ahead by allowing us to keep a level head.
Another reason we're not worried? The odds are in our favor. As our Millennial panelists pointed out last week, Boomers are still going to retire and Xers aren't nearly as numerous as we are. The end result? Even in a slow-moving labor market, there will continue to be plenty of opportunities for talented Millennials.
But what really keeps us calm in these troubled times? The same strategy that got us through high school, accepted into college and hired in the first place: making a plan. From a recent article in PC World:
[Millennials] have good judgment, and many of them realize that they won't be able to make the demands for raises, promotions, training and the hottest technologies during a recession that they've previously made on their employers, says [Lisa Orrell, a generational relations expert and author of Millenials Incorporated]
And, if all else fails? We'll move back in with our parents. No, it wouldn't be ideal, but it's still a viable option if we need it. Unlike Gen X, this move backwards isn't synonymous with failure. It's more like a reset button.
Categorized under: Campus
November 14th, 2008 at 5:33 pm
I wish I was as calm as you say our generation is. To be honest, I'm very nervous about my future and the future of my generation. This isn't just a downturn in our economy, it's going to be a deep recession and if someone doesn't do something soon I fear that our generation will be feeling the effects for decades to come. As for moving back in with our parents, this isn't going to be an option for a lot of people because their parents may also be losing their jobs and eventually their homes. If anything I'd say our generation is ignorant if they are under the impression that this crisis isn't going to affect them greatly. I do agree with your article in the sense that the power of positive thinking can get us through these times, but I also believe we, as a generation, need to fully understand the situation so that we can do what we need to in order to dig ourselves out.
November 18th, 2008 at 9:58 pm
I believe that this recession is teaching us a valuable lesson: that the old way of doing things simply does not work. Companies have been slow to innovate, be flexible, transparent, and fully utilize Gen Y.
While the recession will probably be deep, I think it is the perfect time for our generation because we have very little 'skin in the game' like retirement investments, seniority, etc. We have the opportunity when we do come out of this recession to rebuild and transform corporate America for the 21st century.
December 2nd, 2008 at 4:09 am
Every time I start thinking about the economy and the recession that we are currently in, I have to go and emerse myself in Azeem Kayum's book, "Wrestling with the Goddess." It calms me down and helps me persevere.
December 8th, 2008 at 12:02 am
[...] protracted than anyone had imagined, everyone is eating a little humble pie. Yet many folks think the socially engaged generation will not be drastically altered. Or will [...]
December 22nd, 2008 at 1:08 am
[...] you're not hearing that attitude so much. Millenials are now realizing their first economic downturn, and a more sober attitude from the general web 2.0 crowd towards works seems to be arising. The [...]
January 12th, 2009 at 9:34 pm
Hey Meredith!
Fun (and accurate) post. I just came across this on a Google search and wanted to share. I wrote the book "Millennials Incorporated" and conduct lots of seminars about you guys at work. Aside from the many strong assets your generation possesses, you are also very optimistic…as shown by your post!
Pepsi recently released a press release (that I was quoted in) about the survey they conducted to gauge Millennial optimism. It's an interesting survey and kicks off their new "Pepsi Optimism Project" campaign.
Even with the current economic situation, 4 out of 5 Millennials responded they are optimistic about the future and 77% responded they are optimistic about their careers.
You can read about it on my blog if you're interested.
http://blog.generationrelations.com/?p=87
I was also just interviewed on an ABC talk show, VIew From the Bay, about how older generations are coping with Millennial (younger) bosses.
A new dynamic that is happening more and more with managing generations in the workplace!
Bye for now,
Lisa