Groucho Marx once said:
“I’ve read so much about the dangers of smoking, that I’ve decided to give up reading.”
That’s how I feel about Gen Yers. I gotta stop reading about them. It’s driving me nuts.
First off, most of the commentary, at this point, is redundant. I haven’t read or seen anything really new about Gen Y in at least a year now.
Second, some of it is such meaningless, platitudinal bullshit that it drives me up a wall.
—————
I’ll give you some examples, but before I do, let me apologize to those I’m quoting and citing. It does pain me (slightly) to think that the people I’m criticizing for perpetuating Gen Y bullshit are people I like and respect. But don’t worry. I’ll get over it.
While there are many of these truisms to draw from, I found a whole pile of them in one particular article on The Cooperative Trust’s blog.
—————
The first pile of Gen Y BS I’ll highlight is this one (and I know you’ve heard this a million times before):
“Gen Y doesn’t want to be marketed to, they want to be communicated WITH.”
Oh for chrissakes, really? Gen Y doesn’t want to be marketed to? I suppose the author thinks that Boomers and Gen Xers DO want to be marketed to, and that Seniors are just too old and senile to even notice marketing. NOBODY wants to be marketed to, NOBODY wants to be talked down to, NOBODY wants to be disrespected.
—————
Here’s another misguided statement, regarding the communication of messages to Gen Yers:
“If you have a fifty year old relaying the message, I can assure you it is falling on deaf ears.”
Nonsense. By this false logic, only members of a particular generation could possibly communicate with that generation. Good luck to Fisher-Price as they try to hire 3 year-old marketing people.
I hope I didn’t offend the author of the article, but since I’m a “fifty year old”, I imagine my criticism fell on deaf ears and he didn’t hear it.
—————
The third offending statement was this one:
“As we prepare for 20% of [credit union] CEOs to retire in the next five years, we’d be best served to start grooming young talent now. Make them an active part of strategic planning and decision making. Why not make a commitment to finding a board member under 35 in the next year…”
The board of directors — in any organization, not just credit unions — is to ensure the prosperity of the entity. It’s NOT a body designed to be a representative sample of the membership base, or (even worse) the desired membership base.
I would bet that most credit union CEOs are tactful enough to say that they would welcome the voice of Gen Y on their board of directors, blah, blah, blah.
But the reality is this: CU CEOs need directors who can help make critical business decisions — not people who can “talk the language” of their target market.
—————
If you thought that was enough BS for one article, you were wrong. Here’s another one:
“We have a pool of talent with insight into what Gen Y wants and needs from a primary financial institution…”
This is closely related to the “if 50-year-olds relay the message…” comment from above, but it’s not the same thing. This statement presumes that ONE Gen Yer knows what OTHER Gen Yers want and need.
In the business, we call this bully-button research. It’s a terrible basis on which to make important business decisions.
I recently completed a consumer study about how consumers manage their financial lives, and in analyzing the results, looked closely at Gen Yers. I found many differences in attitudes and behaviors regarding financial services between Gen Yers born between 1978 and 1986, and those born between 1987 and 1994. So how can one 29-year-old credit union marketer (or board member) presume to know what “Gen Y wants and needs”? Answer: S/he can’t.
—————
Bottom line: I imagine that some of you reading this will think “I hate these generational stereotypes, regardless of the generation they apply to.”
But I’ve got to tell you, from doing consumer research in this space for the past 15 years, there are generational differences, in aggregate. Of course, not all members of a generation fit the stereotype or persona, and that any one member of a generation won’t fit the mold on every attribute. Understood and accepted. But there are behavioral and attitudinal trends that are statistically different the generations.
What’s driving me nuts is that much of the “conversation” about Gen Yers isn’t really designed to uncover and discuss insights into how Gen Yers might be different from older consumers and how marketing or management efforts should be designed or changed.
Instead, much of the commentary is little more than a rehashing of meaningless platitudes designed to further a viewpoint that holds that Gen Yers should be given more attention, and more management and leadership responsibility.
The problem with this is two-fold: 1) Meaningless platitudes are poor supporting evidence for any viewpoint, and 2) Arguing that you should change management and leadership approaches because of a changing customer base is a non-sequitur.
Let’s hug it out.
I am SOOOOO not a “huggy” kind of guy.
Shot of Jack?
Devin: How will me getting drunk resolve this?
Funny, isn’t it, our need to put everything into neat little, quantifiable boxes so we can sell “systems” to clients? Everyone racing to the lowest common denominator. I’d rather be the outlier. But I admit, reading your post gave me a good chuckle – thanks!
Mari Anne: I’d rather be the outlier, too. And I hear you, re: “neat little quantifiable boxes”, but I must say that, drawing on 25 years of consulting experience, I have met a LOT of executives who WANT those neat little boxes.
Of course they do, Ron. Neat little boxes are easier to a) budget for b) brag about c) declare victory over d) manage with little real effort. Platitudes and stereotypes are the best way to ensure nothing will actually change, but the appearance of “work” will occur. Cynical, I know – but tell me I’m wrong.
Wow, I just read this blog Ron, and you are right! The comment about a 50-year old relaying the message falling on deaf ears is plain scary. And not just because I am 50-plus. To not listen to someone because they are older than you reeks of petulence and childishness. And if you’re a population clammoring for some respect, how about affording some in return there Sporto? We’re not saying we’re smarter than you, but once in a while we do have more wisdom. In this instance, I would stopped after the first paragraph. The rest just seems like some ill-informed, self congratulatory blathering.
Dan: The particular article I’m picking on here makes a lot of points I see elsewhere. In some of those other examples, I too, come away thinking it was just ” ill-informed, self congratulatory blathering.” I wouldn’t accuse the TrustCoop piece of that, though. Instead, what I think the piece is guilty of is trying to make the case for something — e.g., greater Gen Y involvement in CU leadership — using the wrong arguments.
First, let me say that I truly respect your opinion, so it has not fallen on deaf ears by any means. I do find it funny that as an article meant to point out how sick I am of hearing the typical Gen Y stereotypes from cu board members, it sounds as though you feel the same about the contradictory arguments. Though I do love hearing it referred to as “meaningless platitudinal bullshit”. Obviously no one suggests that “it takes one to know one” would be a great way to run a business or reach out to perspective members/customers/consumers. My point was merely that when reaching out to Gen Yers, I’m more likely to start a conversation as a 30 something face of my organization than as the 50 or 60 something board member/exec. As a Gen Yer, I can tell you that I skip through commercials, throw away statement inserts and delete the garbage email I get from companies. You’re more likely to engage me through community events or social streams so don’t waste my time or your money with marketing materials when 9 out of 10 times your marketing goes unnoticed.
Finally, I hope you don’t honestly believe that I am suggesting that credit unions should find young board members purely for the sake of “talking the language” of my target market? If so, you simply validate my argument by suggesting that no one under 35 is capable of making a critical business decision.
Jayson: Thanks for commenting. A few replies:
1. I’m a Baby Boomer. I skip through commercials, throw away statement inserts and delete the garbage email I get from companies. As do many other Boomers and many Gen Xers. In fact, Boomers and Gen Xers have been doing these things for YEARS. I know this from RESEARCH, not just by extrapolating from mine and my friends’ behavior. They are not behaviors that distinguish Gen Yers from other generations.
2. In your comment, you wrote “I’m more likely to start a conversation as a 30 something face of my organization than as the 50 or 60 something board member/exec.” I’m not quite sure what you mean by that. Are you saying that 30-something Gen Yers would rather talk to other 30-somethings at an FI than a 50- or 60-year old? In the article, you wrote “if you have a fifty year old relaying the message, I can assure you it is falling on deaf ears.” My sister-in-law is a copywriter for an ad agency and is um….50-something. She works on accounts that sell to Gen Yers. I can ASSURE you that she wouldn’t still have a job if everything she put in ads fell on deaf ears.
3. I am NOT saying that YOU are suggesting that credit unions should find young board members purely for the sake of “talking the language” of my target market. However, I AM saying that you, as well as others who have called for the appointment of Gen Yers to CU boards, are not making a good case for WHY Gen Yers should be appointed to the board. If you’re not suggesting the appt of Gen Yers for the sake of talking the language, than why are you advocating for Gen Yers on the board? What does someone who is a “Gen Yer” contribute? If that Gen Yer has started and runs a successful business, if that Gen Yer has legal experience, risk management experience, technology experience (and not just posting updates to Facebook), or marketing experience, then sure, that person might be a good candidate to be on the board. But you didn’t mention ANY of those things in your article. You wrote “Why not make a commitment to finding a board member under 35 in the next year” but you didn’t make a case for WHY.
4. Here’s what I’m really accusing you of: Not making a good case for why Gen Yers should take on, or be given, a broader leadership role in credit unions.
Of course Gen-Y thinks they are special. That’s how every generation feels in their youth.
I don’t watch ads. I throw away direct mail. I mark emails as spam. I ignore statement inserts. And I am Gen-X.
Gen-Y acts just like every other generation. The only thing that’s different between generations is that the toys, tools and technology get cooler. Otherwise, it’s all the same themes:
- Adults don’t relate to us
- Our viewpoints are underappreciated
- People don’t understand what we’re going through
- The world owes us more
The more things change, the more they stay the same.
FB: Spot on. However: I don’t remember (you know… “back in the day”) advocating that companies should put me (or my peers) on the board of directors of the companies we worked at. That seems to be unique to Gen Yers.
Same themes, different executions and delivery. It’s like bullying. There have always been bullies, but now kids just use the internet (“cyber-bullying”). The way the bullying theme plays out may be new, but the root concepts are timeless.
Kids always ask for more responsibility (than they deserve). That’s what kids do. They want to help, to prove they can contribute, that they are capable adults. They want to be taken seriously.
As far as I know, most CU boards are elected. If a Gen-Y member wants a board seat, there is nothing preventing them from launching their campaign today. But simply “being young” is not adequate qualification.
CRAZEE! GenYers just posted on WhyGenY a few days ago wondering if Credit unions need to be more sexy. Duh! Not sure if they fell on their head or something, but there are better ways to get noticed and sell financial services than with sex. I’m just sayin’.
Well, hold on a sec here. There may be “better” ways to get noticed, but that doesn’t mean that “making CUs more sexy” is an idea that should be dismissed out of hand. If someone advocated for “making CUs sexy” without opening the door to alternatives and not making a case for the approach, that’s what I would criticize — but not the idea itself.
Something can be “sexy” without it involving “sex.” Many people think a Lamborghini is sexy, and I’m pretty sure they don’t want to have sex with it. I’m pretty sure when people say CUs need to be more “sexy,” they mean more hip, cool, exciting and attractive — not “erotic.” I think they’re making a contrast between where CUs are today: sleepy, dull, practical.
My point exactly! Why don’t we just say let’s make credit union’s more hip, cool, exciting and attractive. And while we’re at it, let’s follow through and do something about it. I know where they’re coming from, I just think there’s a better way to present the topic and effect the change we all want to see. Transforming the idea of credit union’s being sleepy, dull, practical – well I actually see merit in being practical. The way to change the stigma attached to credit unions is to bring the solutions and the HOW actions. We all know what we should do – it’s the legs and the roadmap that will get it done. Young men like Bryce Roth, Dominic Sloma, and Don Emmer are good examples of how things will get done. And they just might say – Let’s make credit unions sexy. After all Kenny Chesney’s truck is sexy to some.
Agree completely…check this article ( http://www.imediaconnection.com/content/32381.asp ) for more thoughts on this that I am sure you already know from your research. Had to share this and your blog post with some in my organization who believe all they hear about Gen Y and it’s not because I am under-appreciated Gen Xer.
Andy: Thanks for the link. Great data points in there. I should’ve done my homework and found some of those points to put in my post. Also: It is my opinion that many of your colleagues don’t “believe all they hear about Gen Y” for the sake of believing it, but because it confirms what they WANT to believe, or that it supports some opinion or point that they believe.
Ron, I tried to make sense of this article, but as a Gen-X’er I got lost in the sidebar and wrote a song about my angst and ennui.
Excellent! Being the Boomer I am, I took your song — and the pathetic songs of 10 other Gen X losers — packaged them up, turned it into an album, and have been selling it for $10 on eBay.
I’m a little late on the uptake of reading this article, afterall I am over 50. Since the Gen Y road has not been paved like those of us Boomers. I couldn’t wait to leave home and start making my own path and money and yes also contribute to worthwhile caused. I understood you needed 1) Money to 2) support a cause. I guess the Gen Y are slower at wanting to make money because…quoting Jayson Peters”No one in the room gasped when I told them Gen Y’ers care more about being involved in a cause than getting a paycheck.” They will figure it out that do support a worthy cause it takes money. And to get money you need to work not just depend on the Gov., Mom, Dad etc.
Ron,
Thanks for this post. I do enjoy hearing differing viewpoints and I can honestly say that this post put my mind into hyperdrive yesterday. Personally, I don’t agree with rewarding people with promotions or seats on boards because of emerging trends or assigning employees to positions based strictly on their age and an assumption that this commonality will enable them to relate better with a specific seg or demographic group.
There is a lot of discussion going on about Gen-Y and yes, some of it is redundant and full of, as you put it, platitudes. I think that these trivial conversations are happening daily about other issues in the finance world as well.
The reality is this: Gen-Y is different. Not special, different. Many people who have already posted that this is just the way things work, different generation = different values. I agree with The FB that the following statements usually remain the same:
“- Adults don’t relate to us
- Our viewpoints are underappreciated
- People don’t understand what we’re going through
- The world owes us more”
Instead of focusing so much on the importance of age, I think a lot of Gen-Yers fail to realize that one’s age is not as important as the level of maturity and business acumen they possess. Sure, a 40-50 someone can relate to younger members, but I think you would agree that it takes a special type of person. A person willing to spend the time doing research like yourself and have experience navigating waters that sometimes may seem foreign.
What I think the blogger in question was trying to say is this: “Younger professionals have fewer barriers to effectively communicate with younger members.”
This does not mean that are the best or only people to do this. Again, you have to be strategic, you have to work hard to establish meaningful relationships and then you have to work even harder to maintain those relationships.
I’m in a unique spot. I just missed the Gen-X cutoff (sometimes I loose sleep about that.) I think I have a pretty good idea of the differences and similarities between both groups. As generational gaps are large, the differences between one person on the early part of the spectrum and another on the later end are, in a word, extreme. I think Jayson’s comments were aimed at those on the later end of the spectrum and in most cases I think they ring true.
You obviously have a wealth of knowledge and a knack for doing great research. How can we “young punks” (my words) learn from you? Part of being young and maybe a bit green behind the ears is accepting that you don’t know everything and what you think you know. Those of us who refuse to accept this fact of life, WILL be passed by. Those of us lucky enough to have a mentor or humble enough to eat crow and learn from discourse such as this will stand a better chance to become well-rounded professionals.
I guess my questions are these:
“How can we help young professionals realize that there are different variables at play here other than just age.”
“How can we learn from each other so that we can take what we learn and spend our time creating solutions?”
So, did I totally miss the boat here?
Thanks for your comment, Bryce. I saw your comments on @brudaddy’s FB page, and wasn’t sure how to respond to you, so thanks for taking the time to leave this comment.
Stepping back from the post, and trying to gain some perspective here, I realized something: That, in its essence, this post isn’t really about Gen Yers.
It’s about making assertions that are either untrue or un-provable, and making business recommendations without making a good case for those recommendations.
Plain and simple, Jayson made comments in the Trust Coop article that are untrue/unprovable: “If you have a fifty year old relaying the message, I can assure you it is falling on deaf ears.” Jayson offers no proof and how he can “assure” that, yet I can offer evidence that it’s untrue: Some of the most successful CU Gen Y marketing campaigns have been the result of a Gen Xer named Tim McAlpine from Currency Marketing. I need go no further to refute the statement.
Jayson wrote ““We have a pool of talent with insight into what Gen Y wants and needs from a primary financial institution…” If someone were to write “As boomers, me and my friend know what Boomers want from banks” I would have been just as quick (ok, maybe not AS quick) to point out the fallacy of belly button research.
And when Jayson recommends that “Why not make a commitment to finding a board member under 35 in the next year..” without offering an explanation for WHY this is a good idea, I push back on it — as I would if the writer had said “appoint a woman” or “appoint an Hispanic person” without making a case for why those appointments are good ideas.
So, you see, I’m really not making a statement about Gen Yers. Do I personally think many Gen Yers in the marketplace are inexperienced, impatient, unrealistic snot-nosed know-it-alls? Yes, I do. Wanna know WHY I think that? Because 25-30 years ago, I was an inexperienced, impatient, unrealistic snot-nosed know-it-all.
Wanna know why my boss tolerated me? Yep, because 20-25 years earlier, he was a …. you-know-what.
Some things don’t change. Gen Yers are really not as different as you think.
Ron,
Right on, man. I think (keyword, think) I’ve outgrown or am beginning to out grow my inexperienced, impatient, unrealistic snot-nosed know-it-all stage. Your points are valid. No doubt about it. I am a self-professed data fiend and I would never launch a product without doing the due diligence first.
I have a bit of a different perspective on ideas. I am not saying that we should state things as factual without the proper grounds, but sometimes throwing ideas and thoughts out there to see if they stick is a great jumping off point. Sure, sometimes the idea will come back riddled with bullet holes, but then the next step is to figure out how to address those holes.
I read your post several times yesterday and again today and much of what I said yesterday was out of frustration. Not knowing you personally, it’s tough to get a gauge on a person (one of the many caveats of Internet-based relationships.) Looking back now, your post did indeed get me thinking critically about things.
There truly are a great group of young and youngish (me) thinkers out there that have the ability to contribute a lot. This type of discourse is helpful in challenging them like it has challenged me. My biggest concern is that group growing disheartened and discouraged. Passion with out direction is a dangerous thing, but when coupled with knowledge it is the foundation that is needed for something truly great to take place.
There is no doubt that Tim has made his mark on the CU industry. He had a great idea and has helped to boost CU relevancy. One thing I think is important to note is the fact that he surrounded himself with Xers/Yers to do the outreach for his programs.
I sort of feel like the “polarization” of X vs. Y is a horrible thing. It’s almost like the separation we see in polotics (no, I’m not going there.) Perhaps the best initiatives are those that are a combined effort? When I talk about marketing strategy, I always say the best plans contain multiple channels. We must communicate the same information, but in different ways depending on who we are trying to reach.
Bottom line: It is about backing up your statements with data. Sorry for the misunderstanding, but thanks for making my mind do cartwheels last night.
-Bryce
Also, you can keep the typos. Free of charge. My gift to you.
-Bryce
Bryce: One quick response:As a market research/data geek, there are few people out there who support the use of data more than I do. BUT.. I do recognize two things: 1) Sometimes good, accurate, and valid data isn’t available, and
AND THIS IS REALLY REALLY IMPORTANT….
2) Sometimes, data isn’t a good influencer. What I mean by that is this: How many presentations have you heard in the past year (usually about social media) start with a rattling off of social media adoption stats like “900 million use FB…” If an exec didn’t support the use of SM in his/her organization when FB was at 250 million, 500 million, and 750 million users… then why would s/he be swayed by the 900 million number?
Data is great to support assertions and opinions. But they must be supported by logic and emotion. You HAVE TO MAKE A CASE. That’s what I’m getting on Jayson’s case about. He didn’t make a case.
You have to make a case. You have to be influential if you want to initiate change. Meaningless bullshit platitudes don’t influence people. They only serve as confirmation for those who already believe.
Yep, I just posted an article about FB eliminating 83 million bogus accounts today on my FB Fan page and someone responded with, “This sucks for people who decided to use FB thinking there were 900 million users.” I had to laugh and then kindly respond with this:
“…most ecommerce professional will openly admit that of the 960 million users FB boasts about, nearly 40% are dormant or shell accounts. Irregardless, there is a large audience of actual customers that can be reached via this medium. Anyone who tells you that the numbers that FB reports are even close to accurate should be laughed out of the conference room. Literally.”
Thank you Ron, I have to say that 1.) I completely agree, if I were trying to initiate change, I should have tried to make more of a case in my article. It was more of me being fed up with the same tired ass stereotypes. Much in the same way my post struck a nerve with you. 2.) While I had hoped the blog didn’t come across as a whiney 20-something complaining that Gen Y is being handed leadership roles, I certainley see how it came across that way. Let me say that I DO think that it is on Gen Y to prove they deserve leadership responsibility, I don’t think any of us up-and-commers expect to be handed the industry on a silver platter. I realize the article could be interpreted as having all the social grace and charm of a sticky-handed 4 year old yelling “gimme!”. If nothing else I am glad it sparked some multi-generational conversation. And rest assured, my gripes will forever be logically supported and I’ll be sure to make my case. I very much appreciate the criticisms.
I never used the term “whiney” (however it’s spelled). In my mind, I wasn’t attacking you — I was attacking an article I read on the TC website.
“What’s driving me nuts is that much of the “conversation” about Gen Yers isn’t really designed to uncover and discuss insights into how Gen Yers might be different from older consumers and how marketing or management efforts should be designed or changed.”
I agree with you here, Ron. We can sit around and whine about how this “conversation” needs to change, or we can change it. As CU advocates, we should do the latter. (I like wine, but don’t like whiners.) ; )
As CU advocates, offer solutions, blaze trails, and live out the CU philosophy of “People Helping People.” (This goes for CU to CU, CU to member, and CU colleague to CU colleague.)
As a Gen Xer who happens to be a mom to 2 Gen Yers as well as 2 Gen Zers, there’s a lot I could write to continue the conversations above about these specific generations, but as I stated above, I don’t like whiners. I will simply say that I’ve raised all four of my kids to work hard to make an honest living, expect nothing, appreciate everything, and help others to do the same.
I’m going to be much less caustic than I was in the last post regarding Gen Y, because I’ve had some time to cool off since then. I can understand Ron’s frustration because there is an inordinant amount of conversation taking place about Gen Y. The reason for the conversation is obviously the size of the generation and the fact that they’re becoming gainfully-employed and the largest group of acquirers. No surprises that everyone in the retail space is trying to figure out how to capture more of them. I think every generation wants to believe it’s special in its own way, and I’m sure each one is.
Here’s where I think we’re different: since technology has become so ubiquitous in the workplace, Gen Y has less of a disadvantage than X or Boomers did when entering the workforce. At one point, informal knowledge was the key to accelerating up the food chain. Now that a 22 year-old can walk into a company with more formalized network connections (think: facebook, linkedin, twitter contacts) and a better dexterity with technical interfaces than their older counterparts, it’s not unreasonable to think that we might be able to take a senior title more quickly and do well with it.
I’m not saying that every ‘kid’ coming out of college deserves the corner office or a seat at the boardroom table. What I am saying is that, given the new market landscape, perhaps our generation is the first that may need to be seriously considered for both. We’re able to more quickly make up the experience shortfall than previous generations could, not because of our inherent knowledge or skill, but because we have better resources at our disposal.
Josh,
Good points. What you are referencing is fluid and crystalized intelligence (the psych major in me coming out there.) Yes, the young people entering the workforce have crystallized intelligence (the ability to use skills, knowledge, and experience) with technology and networking, but no crystallized intelligence (in business dealings). This is not a knock on younger employees, it is just something that must be acquired through experience or mentoring.
On the flipside, Xers have crystallized intelligence in operating a business, but may not be fluid (the capacity to think logically and solve problems in novel situations, independent of acquired knowledge) in certain situations.
An ideal leader would possess both forms of intelligence or acknowledge that they are missing one piece and find a person to fill a spot until they can acquire the skills they are lacking.
This is precisely why I believe that working together across the “generation gap” produces the best results.
Anyhow, as Ron pointed out, the real meat of this discussion is the importance of conveying a message that can be backed up with relevant facts that encourage us to think about solutions. I love statistics and data, but we all know that most of the time we can make stats tell the story we want them to tell.
-Bryce
I am a 58 year old who has a 14 year old son from the woman I have been married to for 32 years. I am a credit user (not so much a saver) who thoroughly enjoys his ‘Gen Y’ Virtual Wallet and never visits a branch. I post on Facebook, Twitter and LinkedIn daily using a smartphone and I text way too much. I like to listen to Springsteen, The Who and Fleetwood Mac interspersed with Nickleback, Green Day, Drake, Eminem and The Rippingtons.
Good luck placing me into a stereotype. But just like any other generation, if you genuinely want to serve me better, simply ask me about my needs. I will tell you (once) and if you develop a solution that meets the majority of what I want from a bank, you will have me for a long time. Instead of assuming what I want, ask and respond appropriately.
And I don’t want to be on a bank board (not that you would ask).
As a gen y-er who has done marketing for a community credit union, and now at a community bank, with the other things that were mentioned I think there are a few other issues. Gen Y-ers are influenced heavily by culture (like other generations) but everyone my age wants and thinks they should be CEO, have a corner office, and get immediate respect from everyone they come into contact with, right away. Their ideas are always right and are unable to take criticism in most cases. I don’t know whether this is because we see athletes or pop stars taking over at young ages or because we have been given too many participation medals all our lives. Bottom line is right now, not because we are stupid, or unintelligent, but we just don’t know anything. We simply don’t have enough to stand on our own, just because of our lack of experience. What new can we bring to the table that hasn’t been brought up already? What are you going to tell your boss that he doesn’t already know. Not much if your boss has half a brain. Yes, there are new vehicles, channels, and technology that gen y may know more about, but after you talk about how important social media is and how we all need to get on pinterest or we are going to be left behind, what else do you have to spout? It’s fluff, not proven, tested, or experience based results.
And if you have the ability to speak with other gen y people…what are you going to do with it? I totally understand needing to bridge a gap to the future and properly attacking demographics, but at the same time, gen Y isn’t exactly a money maker for financial institutions. Look at the latest in brief from the financial brand. http://thefinancialbrand.com/24726/briefs-ing-direct-bofa-promotions-generation-y/
A typical gen ys low checking account and facebook activity isn’t adding to the bottom line of your financial institution. Until they do, gen y communicators will not exactly be desired on boards or senior leadership teams.
I am not saying that it’s a bad thing, gen ys can be good to add energy and perhaps add a different perspective but just because we can communicate with other gen ys doesn’t mean we deserve anything. We need to be patient, work hard, pay our dues, and then we will have the experience to be listened to and respected.
Dave — Thanks for weighing in. Here’s the thing I’ll tell you: It was no different for me when I started off. Was always telling my boss how things needed to get done, how to change, etc. The only difference between now and then is that we, as a society, seem obsessed with reporting on, and communicating on this stuff. Nobody was writing articles and blog posts about how Boomers weren’t getting respect, etc. \
Oh — and I have news for all the Gen Yers out there. As much as some of them would like to think of themselves as a “lost generation” coming off the “great recession” I can only say: “OH BOO HOO.” When my peers and I got into the workforce, it was on the heels of the biggest economic disaster of the last 50 years: The Jimmy Carter Administration. Double digit unemployment, double digit inflation, double digit interest rates. Guess what? Things got better. Please tell your peers to quit their effing complaining.
There is something to be said for growing up with digital technology in your life. I’ve had the argument with people 10 years older than me, that going to a branch or an ATM makes banking a chore more so than a task. They call me lazy, I call them behind the times…
Either way, I think my laziness represents a good chunk of consumers, who are basically lazy and want banking to come to them… and here’s my key point.
The banks that do figure out how to bring banking to their customers are the ones that will steadily erode the business of their competition in the next 3 decades.
I do think there is something in the way Gen Y’ers have been raised too, like our opinion matters. We need to be heard, and there are a lot of us. I guess needing to be heard is not new, but not since the boomers has there been such a surge in numbers.
The other key thing, and one all the reports miss, is that business is becoming real time. Waiting 3 years for a strategic project to hit is still an option… but only just. In the mobile, social, and local apps waiting 3 years = death.
This will eventually come to banking. Even if it’s only on the service end. CU’s would surely be at the forefront of that?
I think the 50 year old comment is pretty spot on, we do not like you guys, we’ve grown up seeing your false images you put forth and frankly, don’t really trust anything coming out of your mouths. So ya… it’s pretty much falling on deaf ears. We hear you, we’re just not listening.