Right now there are four generations working side by side in the workplace. The oldest, most experienced people in the workplace, those born before 1946 are still 6% of the workforce as of 2009. Then you have of course the Baby Boomers, those born 1946-1964. They're still 41.5% of the workforce. And of course there's the much vaunted Generation X; those born 1965-1977, still almost 29% of the workforce.

But now there is a new young workforce; those born 1978 and later. The youngest people in the workplace today, with a note from their parents of course, are those born in 1994. I mean, are you with me? Where were you in 1994? They were getting born.

Now, those born 1978-1994 are almost 24% of the workforce. Some demographers have been calling them the Millennial Generation; some demographers call them Generation Y. I don't want to do to this generation what was done to my generation. We've been trying very hard not to name them. So I sometimes call them Global Citizens Born in the Late '70s, throughout the '80s and into the Early '90s. That's not really catching on. So I'll say Generation Y (for short).

Here's the short story about Generation Y. If you liked Generation X, you're going to love Generation Y because they're like Generation X-on-fast-forward-with-self-esteem on steroids. This is going to be the most high maintenance workforce in the history of the world. The good news is they're also going to be the highest performing workforce in the history of the world.

Think back to the early '90s and you'll remember that Generation Xers were the young people back in the early '90s. When Generation Xers were coming into the workplace, the older, more experienced people were looking at us and saying, "You’ve got some attitude: you're disloyal, you have a short attention span, you don't want to work as hard, you demand immediate gratification, you want everything your own way and you want it right now." It wasn't very flattering.

Sound familiar? There's a long-range term of art we use to describe this phenomenon. We call it "Kids Today." And of course part of this is just a developmental stage issue. Sometimes people say to me, "Well isn't this behavior just about being young and inexperienced?" And part of it is about being young and inexperienced.

Part of it is just a developmental stage issue. But one of the things we do in our research is we try to figure out where do developmental stage issues intersect with the accidents of history that make each generation a little bit different: Like nowadays 12 may be the new 19, but 30 is the new 20.


BONUS MANAGEMENT TIP - HOW TO MANAGE GENERATION Y

Practice "IN LOCO PARENTIS MANAGEMENT." It has become almost cliche to say that Generation Y is over-parented. You can't fight the over-parenting phenomenon, so run with it. Your Gen Y employees want it. They need it. Without strong management in the workplace, there is a void where their parents have always been. In loco parentis, a Latin term, means "in the place of a parent." Treat them with caring and respect. Set them up for success every step of the way. And hold them to high standards precisely because you care! Be strong and supportive (and strong!):

-Give them clear boundaries and lots of structure.

-Teach them how to keep score when it comes to their own performance.

-Negotiate special rewards in very small increments.