April 04, 2017 @ 01:15 PM

April 04, 2017 @ 01:15 PM

K. J. Somaiya Institute of Management Studies and Research, Mumbai

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Gen X Versus Gen Y

Extempore Speech has also become a tool to test MBA aspirant on assessing overall communication and personality so it is also equally important and crucial component of MBA selection process. 
MBARendezvous.com - India's content lead MBA Website has initiated series of articles on "Extempore Speech" which will certainly help you to clear MBA admission selection.   
This article on "Gen X Versus Gen Y ” will boost your confidence to be successful in Extempore Speech:
There always has been a generation gap since the dawn of civilization. Old people act like a frog in the well. They are fully convinced with their ideas as ultimate and ideal. Many of us still might be struggling to bridge the gap between the generation X and the elders but there is a new entrant in the generation hierarchy and that is Generation Y. 
Generation X, commonly abbreviated to Gen X, is the generation born after the Western post-World War II baby boom ended. The term generally includes people born in the 1960s and the '70s up through the early '80s, usually no later than 1982.
On the other hand, Generation Y, also known as the Millennial Generation (or Millennials) are called Echo Boomers, due to the size of the generation and its relation to the Baby boomer generation. As there are no precise dates when the Millennial generation starts and ends, they are believed to be born somewhere from the mid-1970s to the early 2000s.
Gen Y is often referred to as young, smart and bold. They aren’t consumed by fashion as much as comfort and they typically have numerous electronic devices attached to them that are in use simultaneously. The 70 million strong workforces who are just now entering are the Generation Y.
The Millennials are sometimes called the "Trophy Generation", or "Trophy Kids," a term that reflects the trend in competitive sports, as well as many other aspects of life, where mere participation is frequently enough for a reward. 
The Millennial Generation (or Gen Y), like other generations, has been shaped by the events, leaders, developments and trends of its time. They are famous for their dot com start-ups like Face book and College Humor, but equally as infamous for their entitled attitudes and over-exuberance. These young entrepreneurs are fresh out of school (some because they’ve dropped out all together) and have decided to take the world by storm, with or without their parents support.
Gen Y may not be as exuberant in activist activities as their predecessors from the ’60s and ’70s, but because of their strong relationship with technology and the Internet, this generation is more aware of the world.
Gen Y is different in many respects from their upbringing to politics. Generation Y in Asian countries show different preferences and expectations of work as compared to those who grew up in the US or Europe. This is usually attributed to the differing cultural and economic conditions experienced while growing up.
Also employing Gen Y may become dicey in the long run as they have too great expectations from the workplace. They are incredibly ambitious, demanding, and often question everything. Don’t expect loyalty to their company to be high on their priority list; and if there is not a good reason for long hours or an extended commute, forget it. They won’t consider either.
To address these new challenges, many large firms are currently studying the social and behavioural patterns of Millennials and are trying to devise programs that decrease intergenerational estrangement, and increase relationships of reciprocal understanding between the older employees and Millennials.
But as the complexion of workplace changes, Generation X isn't happy to see Generation Y as the new entrant in there domain of work. Both generations have similarities for sure. Being tech savvy and the willingness to rebel against boomer norms have brought them together for a short time. But as more of Gen Y enters the workplace, Gen X is becoming increasingly marginalized.
Gen X works hard with little success. This is aggravated by Generation Y's readiness to assume all the leadership positions when the Boomer generation retires. Gen X can't seem to win and Gen Y reaps the rewards. Generation X is no doubt feeling like a stepping stone generation, and many are, in fact, choosing to align themselves with Generation Y rather than fade into the background.
Generation Y is 50% bigger than Generation X as they are dropping out of the workforce to take care of their children, family. Generation Y has the same confidence, the same ambition and the same savviness as Generation X had in their twenties, but the demographics are in Gen Y’s favor. Y can ask for change and actually get it.
Generation X accepts diversity, has a pragmatic approach and are self-reliant. They reject rules and have a killer life. They are tech savvy, multi-tasking and more hooked to PC. They are latch-key kids and draw a line between family and friend. Regarding their work they are casual and need a friendly work environment. They favour flexibility and freedom.
Meanwhile, Generation Y celebrates diversity, are optimistic and self-inventive. They rewrite rules and have killer lifestyle. They are irrelevant of the institutions and are more addicted to internet. They assume technology and multi-task fast. They are nurtured and equate friends as family.  Regarding work they are more in favour of structured, supportive work environment and believe more in personalized work and interactive relationship. They are always prepared for demands and have high expectations. 
Though the tug of war will continue between the two, but if you like Generation X, you’re going to love Generation Y, because they’re like Generation X on fast forward with self-esteem on steroids. These entrepreneurs run on pure passion. They’ve learned a lot from their parents and have always been told they could do anything in the world. And if we go by the figures they’re going to be the highest performing workforce in the history of the world.
So, who would you bet on: Gen X or Gen Y?
Update yourself with more articles on Extempore Speech and stay tuned towww.mbarendezvous.com  - India's only content lead MBA Portal.

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