A generation lost, but with potential

Generation Y only has a chance if more collaboration between business, government and educational bodies occurs

Aranda Adams

If you look at recent stats, Generation Y – people between the ages of 18 and 30 – is under the gun.

For one, they have a high rate of unemployment. Statistics Canada noted in July 2011 that for those between the ages of 15 and 24, the rate of unemployment was at 17.4 per cent.

Yet despite what this says about youth employment, with the proper engagement, Generation Y has the potential to be the brightest, most talented generation to come in a long time.

However, aside from the numbers on Canadian youth unemployment, a recent Monster.ca Labour Day poll by Harris/Decima notes that the current Generation Y workforce faces some challenges.

The poll asked what Generation Y and baby boomers think about the state of the workplace.

Despite being different generations, both had the same viewpoints regarding how the workplace operates.

Of those asked, the Generation Y crowd in the prairies believed that companies were not getting ready for the mass exodus of baby boomers for retirement, while baby boomers from the same region were working during their potential retirement age because of financial reasons.

The poll also noted that 35 per cent of Generation Yers expect to change jobs an astonishing five times in their lifetime.

Forty-four per cent of this same age group believe that there are not enough mentoring programs, while baby boomers think that 36 percent of companies are not equipped to deal with young workers.

Is there something wrong with this picture? Baby boomers want to retire comfortably, while those who are just finishing post-secondary schooling are unable to get a head start and build their careers.

I think there is something wrong here. But how do we change this from a generation lost to what Don Tapscott in his 2009 book Grown Up Digital called, “(a generation with) growing aspirations, truly awesome capabilities, and nascent demands that are far-reaching”?

There are lots of things that everyone can do better.

First and foremost, governments need to look at encouraging mentorship programs for businesses, especially small businesses, many of whose owners are going to be retiring soon. Without mentorship programs, many of the solid businesses that employ young people will face challenges in the near future if these young workers are not well-equipped to handle the challenges of running a business.

Second, governments need to encourage newer investment in private research and development through tax incentives, which will encourage newer industries like renewable energy and IT to create jobs for Generation Y.

Companies must increase their private R&D to create new economic opportunities that can burgeon here. Businesses must step up to the plate as well, and not be afraid to hire younger, well-trained people who will be leading this world in the near future.

Finally, universities and other post-secondary institutions must retrofit many of their programs.

This includes making courses more interactive for students, thereby increasing the potential for knowledge retention. Outside of course work, universities and their student associations, like the one here at the University of Winnipeg, need to put money back into career centres, which are largely starving for resources.

If money was reallocated by student unions and diverted from, oh let’s say, activist activities, and put into career centres, it would help students gain necessary skills like networking, resumé building and job searching.

While Generation Y may be frustrated, this generation, with the right leadership from our business and political leaders, can be the new “greatest generation”, and we can make the baby boomers proud.

Adam Johnston has recently finished his B.A. in Economics, and Rhetoric, Writing, & Communication from the University of Winnipeg and works as a financial journalist. He blogs at http://moderneconomicstechnologyenvironment.wordpress.com.

Published in Volume 66, Number 3 of The Uniter (September 15, 2011)

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