Decoding Tomorrow:
Futurism and Foresights Today

Let me tell you what has been happening in the trenches for the past 6 months, and why Gen Y is highly relevant to the economically downgraded times we are living in.

This came to my attention as I was hearing reports of law graduates and merchant banking graduates being offered $20,000 cash payments for not coming to work.

That's right - Australia's brightest university talent are getting paid to not come to work.

Who would like some of that action?

The reasoning amongst big law firms and merchant banks is that it will cost them less to pay for a Gen Y to live like a king on a Thai beach for one year, than to have them in the office. Interesting thinking, don't you think. At the other end of events, the raucous cynisism abounds.

A colleague of mine always stated that Gen Ys 'will get sorted out' in the next recession.The argument went that they will feel pain, forget about their dreams and aspirations, and knuckle down like the rest of us. What a positive perspective.

That is kind of like saying that 'my father beat me, I turned out alright, so I am going to beat my kids'.

Be that as it may, some things have shifted on the ground and in the mentality of Gen Ys over the last 6 months.

Some of these developments are:
a. less job security
b. less focus on work/life balance
c. less optimism for the short-term future
d. less focus on being self-actualised
e. less cockiness about how their enthusiasm is more important than the expertise of Gen X or the experience of Baby Boomers

so if there is less of something, what is there more of instead?

f. more desperation to cling to a job
g. more focus on getting the job done, even if it is boring
h. more tunnel-vision and tendency to settle into a job 'because it pays the bills'
i. more focus on their own basic human needs, as opposed to their more
aspirational needs
j. more respect for Gen X and Baby Boomers who have been through tough times before

Now, some of these developments may sound good right?

Gone is the cocky, narcissistic, innovation-craving, self-actualising Gen Y of old. I hear a chorus of HR managers sing the blessings of the economic downturn...

My questions still remain:

1. What are the essential positive qualities of the Gen Ys that can actually help us out of this predicament?

2. Isn't it more profound to have an organisational culture where people turn up 'pumped' to be at work, than to herd a flock of disengaged people who are there just 'because it pays the bills'?

3. What type of organisation do you think you need to be to emerge at the other end victorious and stronger than ever?

Here are three quick thoughts on how to harness Gen Y's thinking in downgraded times:

1. A survey by the Aberdeen Group called Customer 2.0: The business implications of Social Media showed that For Best-in-Class companies, the average Return On Marketing Investment (ROMI) increased 11% for the group over the previous year.

However, within that group the leaders in Social Networking (top 20%) had an average 100% improvement in ROMI. In this group, customer retention improved 9% over the previous period, however those considered market leaders in Social Media had an 82% improvement in customer retention.

Social media is in the bloodstream of Gen Ys. 14% of KPMG's staff in 2007 were recruited on Facebook.

Engage this generation in a conversation about how to best use social media to connect with high talent and re-connect with your customers.

2. The key descriptors of Gen Y according to the research in my 2008 'Gen Y 2.0 Lime Green Paper: an interactive system to attract, engage and retain Gen Y talent' is that they are innovative, creative, entrepreneurial and team-oriented.

In times when we need to innovate our way out of old ways of doing things, be creative with our marketing and budget cuts, take on an entrepreneurial start-up attitude and focus on team-spirit, you may like to reconsider the 'financial crisis' strangling those key characteristics of your Gen Y staff - instead nurture them by inviting your Gen Y 'future leaders' to have a say in your company's direction.

3. It is not just about Gen Y. However, Gen Y is the bloodstream of change.

They used to get criticised for splashing their money around too much, and having their parents bail them out from their credit card bills.

Wait a minute, isn't that exactly what parental governments are doing with our banks' balance sheets. Gen Ys' financial acumen are a reflection of the irresponsibility of the times.

We all need to upgrade our financial thinking to operate in this web 2.0 world we are living in. Just around the corner (2010-2020) lies web 3.0 which will require a new upgrade in organisational thinking.

Focus on creating an organisation culture which is inspirational, motivational, engaging, innovative and has real chutzpah for your cross-generational teams.

Finally, for today...

Let me share with you a personal example of tunnel-vision as opposed to 2020 vision.

I was chatting to a friend last week who runs an SME. He asked me 'how the downturn was treating' me - interesting question I thought. In my usual up-beat voice I told him that my mantra is 'full force forward /back to basics'.

He then spent 30 minutes telling me the macro- and microeconimic reasons why his business was struggling. As a diplomatic friend I kept listening to this heartfelt and rational analysis.

I should have interrupted him.

Because I asked myself whether not both he and I could have made some sales calls in that time, written a profound blog, or re-connected with some past clients.

Think This:
What is your whingeing costing you?
What productive activity could you do instead?
What profoundly connecting relationship-building measure could you implement?