“X” Marks The Spot

“Y” the next generation will change the way you do business.

The terms “Generation X” and “Generation Y” are used with such frequency, it's easy to dismiss them as mere labels. But experts who study demographics and generational trends point out that the experiences and values of the generations newest to the workforce differ in some significant ways from those of the generations that came before.

Generation X is defined as the generation following the Baby Boomers—that is, those born between 1965 and 1980. Generation Y is the cohort born between 1981 and 2000. Gen Xers are already a mainstay of your workforce, whereas Gen Yers have just begun to enter the workforce and, at 74 million strong, will play an important role in the years to come.

Robert Wendover, director of the Center for Generational Studies, points out several ways in which members of Generations X and Y differ from their generational predecessors.

Now and in the years to come, employees from Generations X and Y will have a big impact on your business. Read these articles by experts: How Emerging Managers Will Alter Gases & Welding's Leadership Paradigm Robert W. Wendover of the Center for Generational Studies From Kid To King Mike Henning of the Henning Family Business Center Managing The New Generation Of Employees Kathryne A. Newton, Ph.D., of Purdue University Learn how you and your company's next-generation employees can achieve success together.

Work/Life Balance - While many Baby Boomers traditionally have held fast to the idea that long hours on the job are a necessary part of “paying one's dues” in exchange for job security, Gen Xers and Gen Yers (often the children of Baby Boomers) often prefer to focus on achieving balance between work and family, and not devotion to one at the expense of the other. They frequently look for ways to “work smarter” on the job, measuring achievement in results rather than time invested.

Career Development - Many Baby Boomers have focused on achieving career success within a single company or industry. By contrast, Generations X and Y have grown up in an era of mergers, acquisitions and layoffs. To them, “job security” is very nearly an alien concept and career versatility is the name of the game. They value opportunities for training and experiences that challenge them.

Technology - Generation X grew up with the advent of the personal computer, and Generation Y is even more reliant on technology in virtually every aspect of their lives. This translates for most into a high comfort level with technical gadgets and communication tools—like e-mail, the Internet and iPods.

Members of Generations X and Y are bringing and will continue to bring new perspectives to the workplace. However, it is important for leaders in the gases and welding industry to realize that these next-generation employees are not merely younger, but are shaped by different experiences and, thus, often have very different worldviews from their predecessors. The fate of the industry depends on how successful we are at attracting the leaders of the future. How well is your company prepared?