NEW YORK–(PRNewswire)–EY released new research today that shows a significant shift in Generations Y and X moving into management roles in the past five years and provides context, in light of this shift, for managing the generational mix. The research also explores perks that matter most to retain and engage employees of different age groups, and perceived strengths and weaknesses of members and managers of each generation.
EY’s external online generations survey of more than 1,200 US, cross-company professionals includes evenly split responses from managers and non-managers in three select generations — Gen Y/millennials: currently ages 18-32; Gen X: ages 33-48; and baby boomers: ages 49-67.
The survey reveals that management is evolving quickly: between 2008 and 2013 alone, 87% of Gen Y managers surveyed took on a management role vs. 38% of Gen X and 19% of baby boomer managers. By comparison, from 2003 to 2008, 12% Gen Y, 30% Gen X and 23% of boomers moved into management.
In considering today’s economic climate, most respondents selected Gen X (80%) as being equipped to manage effectively, followed closely by boomers (76%) and Gen Y (27%). Looking ahead to the economic conditions of 2020, respondents’ positive opinion of Gen X managers (65%) still persists and outpaces boomers (27%) and Gen Y, but the expectations that Gen Y will manage effectively in 2020 nearly double (from 27% now to 51% in 2020). As expected, boomers were least likely to be identified as equipped to manage effectively in 2020 economic conditions, possibly because respondents expect more boomers to move into retirement.
“As management shifts to younger generations, the research reveals areas companies can focus on to enhance skill sets, address the challenges of managing multiple generations, and retain and engage employees by understanding which workplace perks they may value most,” said Karyn Twaronite, the EY Americas Inclusiveness Officer and a partner of Ernst & Young LLP. “While it’s encouraging that 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.”
The survey findings will be discussed at a Sept. 10 event and webcast exclusively sponsored and hosted by Ernst & Young LLP to celebrate the publication of bestselling author Dan Schawbel’s latest book,Promote Yourself: The New Rules For Career Success (available today, Sept. 3, from St. Martin’s Press, a division of MacMillan), which explores ways millennials and other generations can advance their careers. Schawbel will deliver a first-of-its-kind keynote on the book and moderate a multi-generational panel of executives and professionals from American Express, Johnson & Johnson and EY, as well as the Gen Y CEO of The Muse who is on Forbes‘ 2012 “30 Under 30” list.