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Almost every conversation I’ve had with a buddy or a colleague of late brings forth some form of the question: “So, how badly has your portfolio been dinged?” The upside of recent events is that none of us will need to watch a Freddy Krueger movie to feel the hair stand up on the back of our necks this Halloween. A glance at the headlines in the business section is more frightening than any haunted house. Chaos echoes throughout the world’s financial markets. As our largest banks and insurance companies continue to fight for their lives—some unsuccessfully—baby boomers on the cusp (or at least flirting with the idea) of a secure retirement in the not-too-distant future are having to radically rethink their life plans. And while no one I know is enjoying this white-knuckle roller coaster ride with more downs than ups, take a breath … step back … and see this situation from the perspective of your front line entry-level employees and youngest professionals. Then, you’ll find ways to connect on a deeper level. For the last decade—maybe longer—teens and young adults have carried a trick-or-treat mindset into the job market feeling that if they show up in costume (acceptable work attire) and put forth some degree of effort, they’re entitled to a paycheck. And really, who can blame them? They’ve come of age in a seemingly endless period of prosperity and growth and have always been on the demand side of the employment equation. To them, jobs have been ridiculously easy to come by, money has been in endless supply, and credit has been as readily available to them as the air they breathe. The senior members in the workplace recall their entry into the workforce as very different. If they couldn’t pay cash for something as young adults—up to and including a house—they simply did without until they saved enough to buy it. Conversely, Gen Whys are preprogrammed mega-consumers in a perpetual mode to acquire the latest and greatest of everything, regardless of the cost, as long as their credit app comes back as ‘approved.’ The way they see it, the entire economy is mortgaged up to the hilt, and everyone else appears to be up to their eyeballs in debt … so, why wait to join the buy now/pay later club? After all, it’s all going to work itself out and everything will go on as it always has… And in the blink of an eye, this financial Katrina blows in unannounced and ravages the only economic climate they’ve ever known. If it hasn’t already made a significant impression on their value system, it will very soon. My 23-year-old daughter was recently recruited to a top-level wealth management firm in L.A., lured with an offer of a high salary and an attractive benefit package. She immediately signed a twelve-month lease in an upscale apartment community, bought nice professional suits at boutiques, joined a health club, and is now putting her husband through Pepperdine Law School. She called me this morning to tell me that because of this crisis, her boss has cautioned all employees about impending layoffs. I could tell that she didn’t even fully comprehend the term ‘layoff.' After all, she’s never been laid off—nor has anyone she knows, so this is completely foreign territory to her. And she’s not the only 20-something who’s hearing these scary words for the first time. Unfortunately, leading economists claim that we’re not at the bottom of this thing yet, and the worst is still to come. So how does this impact those who hire and manage 16-to-26-year-old employees? The Good – The upside for business owners and managers is that they’ll see employee turnover numbers drop significantly. Gen Whys are not going to be as trigger-happy as they’ve been up to now to quit their jobs just because they’re asked to work late, take out their lip rings, or clean up the break room. The news that jobs are becoming tougher to find and that “you might even have to kiss-butt to get one and keep one” is spreading rapidly on Facebook. This will also have an impact on job performance. When a young employee ultimately ‘gets’ that there are others waiting in the wings for the job he now has, he’s going to up his game to remain on the payroll. The Bad and the Ugly – Uncle Sam’s bailout plan has taken us into unchartered territory. The government may soon extend its bailout to consumers who signed off on mortgages they couldn’t afford claiming these people were taken advantage of by lenders. One has to wonder what kind of unfortunate message this unprecedented action sends to impressionable young minds about the consequences of fiscal irresponsibility, e.g. “Be prudent and live within your means, but if you don’t, someone will be there to save your butter.” Then again, when we as a nation find ourselves in crisis/survival mode, no one’s giving much thought to the example we’re setting for the next generation. You and I can talk all day about choice and consequence, and we can preach ‘personal responsibility’ from the highest mountaintop. But it’s how we’re handling our own crisis that becomes the most impressionable lesson. So, what does this mean for employers, managers, leaders, and educators? The Opportunity – Gen Whys are not only watching the storm, they’re watching those who are most affected by it. By virtue of their youthful age, they have not likely taken a huge hit by the drop in the Dow. But that doesn’t mean that they aren’t actively formulating strategies for saving and investing. Boomers and X’ers are in a prime position to be fiscal responsibility coaches and mentors, providing solid money management strategies (not financial investment advice) for long-term stability. In other words, let our pain become their gain.
When the dust settles … the companies that stick with their values and lead the way through the mire will be the ones who weather the storm and emerge stronger than before. Whys
Cracks Blame the test. Blame the question. But whatever you do, don’t allow the schools to accept any blame for their inability to teach students how to write.
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