Born anywhere between a debated 1978 and 2000 (ages 8-30), some say Generation Y seems to be causing a commotion in the workforce / recruiting scene these days – well, at least the Yer’s older than age 15, that is.  With the economy slowing down to a recession in the past two years, mortgages with the highest foreclosure rates in decades, gas and food prices up, and companies cutting back on their budgets, one might think that people would be willing to take a dip in their expectations from employers.  “But ‘Y’ should we?” asks this new generation sliding into the workforce.

“Y”er’s are shaking up the workforce as some know it.  With the boomers on deck to exit the work scene, that leaves X to take Y under its wing.  Are Xer’s prepared? 

Growing up with world war II era-born parents, Generation Xer’s were told - “Go outside and play – use your imagination,” to “Share the soda with your sister/brother”, and “It’s ok if you didn’t win – you can always try next time”.  They were told to buck up, and to save their pennies for a rainy day.  

What a difference compared to today’s Generation Yer’s, who grew up with television galore, video games, and barely knew life before there were cell phones – do they even remember pagers?  And don’t forget – everyone gets a trophy – just for participating!  Does the phrase “I want it all, and I want it now” ring a bell?

But how are these new generation college grads making it in the workforce?  Some sources say they’re extremely over-confident – setting off their other generation counterparts.  Do we need to start giving bumper stickers that read “I Interviewed at “ABC Company” Today” to coincide with their mom’s and/or dad’s that read “My Child is an A-Honor Roll Student”?  Although, they do have a huge amount of technological suaveness – a saving grace for sure in this day and age, while other generations sometimes struggle to keep pace – especially those who have been out of the workforce for some time raising kids.  Technology is definitely in this generation’s corner.

How do companies compete for Generation Y talent that could just as easily be harbored into an on-line mega success overnight?  Take a look at Facebook, MySpace, or Twitter.  After all, that is what this generation is notorious for – wanting it all, and wanting it now.  What are companies doing these days to compete for this generation’s techno-talent, in an ever-shrinking workforce trying to keep social security alive?

As we switch over to Generation Y gear, it is easy to see a transition from business as it used to be – 9-5, 40 hours a week, to what it will soon become – or has already become.  Shorter hours, telecommuting, working from home, or inevitably, working from the beach.  Companies have been transitioning toward this new workforce paradigm on how to hook-line-and sink Generation Y talent – making benefits more appealing and the work place more attractive to this younger crowd – posh break rooms, easy-access coffee lounges, and bicycle races – indoors!!  I’ve seen verbiage on company websites referring to on-boarding as taking the company for a test-drive for one’s career, or referring heavily to a menagerie of college year experiences - friends and all - in order to invoke that warm feeling that can just be transferred to one’s new career – something Generation Y apparently can’t get enough of. 

While there are opinions everywhere on the generation gaps, trends, and challenges, I came across a few related stories here, here, and here.

How is your company adapting to Y new hires?  Tell us about it!

Diversity, inclusion, and your workforce impact your success and business.  The press about the workforce, aging demographics, and talent shortages is everywhere.  Consider the following:

• Gen X and Gen Y make up the core demographic of social networking sites [i.e. Facebook and MySpace].  Generating an estimated 90 million viewers every month, between business, industry, professional, and internet groups.
• According to the bureau of labor statistics the United States will face an overall labor shortage, continuing for decades.  In 2 years, the shortage of skilled workers is expected to hit 10 million.  By 2030, the estimated shortage is projected to hit 35 million.
• By 2015:  Hispanics will make up an estimated 15.9% of the labor force, up from 13.7% in 2006.  African Americans will make up 12% of the labor force, up from 11.4% in 2006.  Asians will make up 5.1% of the labor force, up from 4.4% in 2006. 
• By 2012 people of color will make up 35% of the workforce, and by 2015 students of color will make up 47% of college enrollment.
• An estimated 3.3 million white collar jobs and $136 billion in wages will shift from the United States to low-cost countries by 2015.
• People with disabilities aggregate income tops $1 trillion; they are the largest minority population in the United States that spans all other minority groups.

Integrating an overall workforce and diversity plan - as well as aligning it to your business strategy is critical.  While "planning" alone is not enough, questions you should integrate include:

• How will we successfully compete for our unfair share of future talent?
• What is our value proposition?
• Are we prepared and equipped to attract, hire, develop, and retain the talent needed to meet our business and member objectives?
• What sets us apart?
• What are the implications for our business?

Remember the buzz years ago about "the war for talent"? The best days are in the past as competition for critical talent will only intensify.  Are you prepared?