Make us your home page
Instagram

Recession dispenses dose of reality to Generation Y

MIAMI — It was only five years ago that Miami accounting firm director Richard Berkowitz thought he had a problem during tax season relating to his younger workers. "When I told them it was mandatory they come in on the weekend, they looked at me like I was out of my mind."

Today, his younger workers are much easier to manage. The recession has brought a shocking reality to the Generation Y professionals who stumped baby boomers when they first entered the work force with their desire for work-life balance over the corner office.

Stunned by a barrage of pink slips instead of promotions, Generation Y—people between ages 18 and 30 — has swallowed a piece of humble pie. Those who still have jobs are adopting new workplace attitudes and making themselves more valuable.

They still want a chance at career development, but they are no longer demanding that it happen on the fast track.

"This is the generation that dreamed they wanted to be CEO of a public company but didn't have an idea what to do to get there," Berkowitz said. "What's happened is that realization set in. They've discovered you have to be on the ground and working hard to accomplish great things."

In some ways, this coddled, tech-savvy generation, also known as the millennials, is best positioned to prosper postrecession: They never really trusted corporate America. They know how to scour the Internet for opportunities. They grew up innately adapting to change and embracing fast-paced innovation. As a group with high self-confidence, they are approaching their plight with optimism.

"They are seeing this as a re-evaluation period," said Tamara Bell, editor in chief and president of Y Gen Out Loud, a news platform for political and public policy conversations. "They will tell you, 'We can do this. We can make the change necessary to get the engine going.' They see it as an opportunity to change what they were doing and learn something new instead of being in complete panic mode."

By all measures, the newest members of the work force are bearing the full effect of the worst economic slump since the Great Depression. The recession brutalized their income, savings and career-ladder potential.

About 37 percent of 18- to 29-year-olds have been underemployed or out of work during the recession, the highest share among the age group in more than three decades, according to a Pew Research Center study released in February. Even more, the unemployment rate for Gen Y remains much higher than the national rate, according to the Bureau of Labor Statistics. While the overall national unemployment rate was 9.5 percent in June, the latest figures available for making that comparison, for Gen Y it was 15.3 percent.

Because of these stark numbers, many of them realize that they can't make demands for raises, promotions, time off, training and the hottest technologies during a recession.

Cesar Alvarez, executive chairman of law firm Greenberg Traurig, thinks the recession was the wakeup call for this group of workers, much like other generations had defining events that changed their behavior.

"I think their concept of the ultimate safety net has shattered," Alvarez said. "I'm seeing them much more engaged. I think this was a tipping point that helped the new generation suit up for the game."

Christina Totfalusi Blake, a 29-year-old attorney, feels lucky to have a job, particularly one that provides the attributes most Gen Y workers value — meaningful work, opportunities for learning, quality of life and likable colleagues.

Blake joined Kelley, Kronenberg, Gilmartin, Fichtel, Wander, Bamdas, Escalyo and Dunbrack in Miami Lakes after working solo in Orlando for two years. She views her workplace as a social hub where collaboration has value.

"There's an open-door policy so I can chat with other attorneys," she said. "For me, brainstorming, having senior associates to bounce ideas off is huge. It's something I can't put a value on."

But Blake still wants the high salary and work-life balance. "Young attorneys are taking lower-paying jobs for the same long hours. But our hopes are still there, in light of our student loans and high debt, that compensation will go back up."

Some seek those same goals by working for themselves.

For some millennials, there is little to lose in becoming an entrepreneur: no mortgages, no families and not a whole lot of obligations. They often start businesses on a shoestring budget or look to their parents for startup capital.

Sonny Palta, 23, has started two businesses alone and co-founded two others, including Green Monkey yoga centers in Miami. He won't even consider working for an employer, nor would many of his peers. "We look at it as unbearable. Work without passion is nothing to me. I'd rather do something I love for bare bones and hope I hit that one idea that makes it big."

Almost five years ago, the consulting firm Deloitte turned to Stan Smith when it became alarmed by the high turnover of its youngest employees. Smith not only studied this group for the firm, but he also went on to publish his first book, Decoding Generational Differences: Fact, Fiction … or Should We Just Get Back to Work?

Smith, now an independent consultant, said the recession has made Generation Y workers more concerned about their future, more compliant to employers' demands. But he believes the attitude change is temporary.

"They are compliant for now. Yet if you dig beneath the surface, their underlying values are still there," Smith said. "They want flexibility. They want work-life balance. But for now, they are just not as vocal about how they want it served up."

Indeed, this is where employers need to be cautious, said Bell of Y Gen Out Loud. "They will go into a job to pay the bills, but really are looking for something fulfilling. If they can't find it in the job they take, they will stay until the economy turns, but at some point they are out the door."

Bell said the best way to keep young workers is make them part of a team. "They want to know their contribution is valued and they are sitting at the table with everyone else."

Michelle Zubizarreta manages a Hispanic ad agency whose work force skews heavily toward millennials. She has done exactly what Bell suggests: given her young staffers a seat at the table. "They are motivated by having their ideas heard and feeling like they count. I will call them into a new business pitch, saying, 'We've got to talk to the young consumer. Talk to me about how to do it.' "

As the recession created the need for new revenue streams, Zubi Advertising turned to its tech-savvy, multitasking Gen Y staff for creative input. Zubizarreta gave her young workers the green light to use Facebook to do consumer surveys. She also created innovation groups, setting up teams to develop ad-related iPhone apps and come up with other moneymaking ideas.

She said her young workers seem enthusiastic. "I tell them they're going to work hard, but they will have fun."

Recession dispenses dose of reality to Generation Y 09/18/10 [Last modified: Saturday, September 18, 2010 4:31am]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Tribune News Service.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Last steel beam marks construction milestone for Tom and Mary James' museum

    Growth

    ST. PETERSBURG — Tom and Mary James on Wednesday signed their names to the last steel beam framing the 105-ton stone mesa that will be built at the entrance of the museum that bears their name: the James Museum of Western and Wildlife Art.

    The topping-out ceremony of the James Museum of Western & Wildlife Art was held Wednesday morning in downtown St. Petersburg. Mary James (from left), husband Tom and Mayor Rick Kriseman signed the final beam before it was put into place. When finished, the $55 million museum at 100 Central Ave. will hold up to 500 pieces of the couple's 3,000-piece art collection. [Courtesy of James Museum of Western & Wildlife Art]
  2. Heights Public Market to host two Tampa Bay food trucks

    Business

    TAMPA — The Heights Public Market announced the first two food trucks for its "rotating stall," which will feature new restaurants every four months. Surf and Turf and Empamamas will be rolled out first.

    Heights Public Market is opening this summer inside the Tampa Armature Works building.
[SKIP O'ROURKE   |   Times file photo]

  3. Author Randy Wayne White could open St. Pete's biggest restaurant on the pier

    Food & Dining

    ST. PETERSBURG — The story begins with Yucatan shrimp.

    St. Petersburg Deputy Mayor Kanika Tomalin, pilot Mark Futch, Boca Grande, St. Petersburg Mayor Rick Kriseman, and author and businessman Randy Wayne White,  Sanibel, exit a Maule Super Rocket seaplane after taking a fight around Tampa Bay off the St. Petersburg waterfront, 6/28/17.  White and his business partners are in negotiations with the City of St. Petersburg to build a fourth Doc Ford's Rum Bar & Grille on the approach to the St. Petersburg Pier with a second event space on the pier according to White. The group met near Spa Beach after a ground breaking ceremony for the new pier. "We want to have our business open by the time the pier opens," said White. Other Dr. Ford restaurants are located on Sanibel, Captiva and Ft. Myers Beach. SCOTT KEELER   |   Times
  4. Guilty plea for WellCare Health Plans former counsel Thaddeus Bereday

    Business

    Former WellCare Health Plans general counsel Thaddeus M.S. Bereday pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District …

    WellCare Health Plans former general counsel Thaddeus M.S. Bereday, pleaded guilty to one count of making a false statement to the Florida Medicaid program, and faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set, acting U.S. Attorney W. Stephen Muldrow of the Middle District of Florida stated Wednesday. [LinkedIn handout]
  5. DOT shows alternatives to former Tampa Bay Express toll lanes

    Transportation

    TAMPA — State transportation officials are evaluating at least a half-dozen alternatives to the controversial Tampa Bay interstate plan that they will workshop with the community over the next 18 months.

    Florida Department of Transportation consultant Brad Flom explains potential alternatives to adding toll lanes to Interstate 275 during a meeting Wednesday at the DOT’s Tampa office. Flom presented seven diagrams, all of which swapped toll lanes for transit, such as light rail or express bus, in the I-275 corridor from downtown Tampa to Bearss Avenue.