Generation Y: Investigation of Their Role in the Contemporary Life Conditions and Job Market

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Generation Y: Investigation of Their Role in the Contemporary Life Conditions and Job Market ISSN 2039-2117 (online) Mediterranean Journal of Vol 9 No 3 ISSN 2039-9340 (print) Social Sciences May 2018 Research Article © 2018 Argiro et.al.. This is an open access article licensed under the Creative Commons Attribution-NonCommercial-NoDerivs License (http://creativecommons.org/licenses/by-nc-nd/3.0/). Generation Y: Investigation of Their Role in the Contemporary Life Conditions and Job Market Adamou Argiro1, M.A. Katsarou Danai-Eleni1, M.A. Koffas Stefanos1*, Dr. Aspridis George1, Assoc. Prof. Dr. Tsiotas Dimitrios2, Dr. Sdrolias Labros1, Prof. Dr. 1Department of Business Administration, Technological Educational Institute of Thessaly, Larissa-Greece 2Polytechnic School, University of Thessaly, Volos-Greece *Corresponding Author Doi: 10.2478/mjss-2018-0044 Abstract Human evolution in connection with contemporary globalization has created a new Generation: Generation Y. It consists of young people with specific qualitative characteristics and abilities, as well as a broad-minded and extrovert approach to their lives. Nevertheless, they were unlucky enough to be born and grow up in a period of intense economic crises and social upheaval. As a result they face, especially now, the spectrum of the total breakdown of job prospects and established labour rights; consequently they resort to the less frustrating reflection, that of obligatory migration. In order to better understand this Generation it was deemed necessary to develop and send a questionnaire to young people in Greece and abroad. The use and analysis of the research provides the opportunity to form a complete picture of the extent and manner in which the economic and social uncertainty influenced the development of their character, the differences in their mentality, as well as their true opinion of their own generation. The results are assessed to be very useful for understanding them and their role in the prevalent life conditions and especially the job market. Keywords: Generation Y, Distinguishing Characteristics, Work Environment, Exploratory Approach, Comparative Approach 1. Introduction The understanding of generations is based on the importance and continuity of the historical process and the various events of each time –especially traumatic ones– as well as on the resulting conscience, thus suggesting that the members of a generation are bound together by the experience and remembrances of those events, by the common and self-evident perceptions they share, but also by the demographic transformations and consequent impact (Bourdieu, 1993; Mannheim, 1997; Edmunds and Turner, 2005:560). As humanity evolves and develops, we undoubtedly experience a series of significant 17 ISSN 2039-2117 (online) Mediterranean Journal of Vol 9 No 3 ISSN 2039-9340 (print) Social Sciences May 2018 changes: changes in the environment, in our conscience, our behaviour, our goals and pursuits. As we grow older, we are being replaced by a younger version of ourselves; a younger generation. It is the Generation Y or Millennials as they are more widely known. They are called Generation Y, which follows the letter “X” in the alphabet, as Generation Y was preceded by the renowned Generation X; those born between 1962 and 1975. Their name was the result of the difficulty to define them: children of the ’70s and ’80s, apolitical, feckless and hedonistic, strangers to the banners and the fighting spirit of the demonstrations that had characterized the previous generations, they were an enigma to analysts; a form of “unknown X”, hence Generation X (http://www.tovima.gr/politics/article/?aid=86534). Generation Y is the most populous generation to appear. They want to learn, to develop, and to know “how” and “why”. They are especially demanding, always ready for any challenge and change, and at the same time extremely adaptable. They possess more qualitative and quantitative characteristics and skills ever to appear in the workplace and is said that they are here to change the relationship employer-employee forever. They seek moral values at work and work- life balance. Their emphasis is on team effort, corporate social responsibility and on communication within and without the organization. They are characterized by their emphasis on learning and training, they seek answers to all important issues, while they achieve immediate and constructive communication and feedback (Prensky, 2001; Αggelatou, 2013). As far as Greece is concerned, Generation Y expresses and captures those who have been most significantly afflicted by the country’s economic and social crisis over the past years. This is the generation that was born between 1977 and 1994. They are young people with many skills and formal qualifications, as well as extensive specialized technological knowledge and skills; however, due to the impact of the extended economic recession and the repercussions for its macroeconomic mitigation in the labour market they are unable to find work. “As a consequence of the massive unemployment, Generation Y is closely linked to the loss of human capital in mainly the following two forms: first, by the devaluation of abilities and skills due to either lengthy inertia or inaction, or by underemployment in jobs that require less specialization (brain waste), and second, by the mass exodus abroad of the most healthy and productive parts of the country’s human resources (brain drain)” (Lazaretou, 2016:34). According to statistics of the Bank of Greece, between 2008 and June 2016, over 427,000 Greeks between the ages of 15-64 left the country permanently, of whom more than 223,000 belong to the Generation Y. All indications so far point to the fact that the phenomenon continues with the same intensity since 2008 and was further exacerbated after the first semester of 2015. As Lazaretou (2016) points out in the report of the Bank of Greece, the departure of Greeks abroad in search of employment is a process that is still ongoing without any indication to its conclusion (Lazaretou, 2016). Given the reports above, the objective of the current article is to study the characteristics of Generation Y and to highlight its role in the contemporary work environment. This is achieved not only by the theoretical literature review, but also by the presentation of the results of a research targeted to young people residing both in Greece and abroad. The results are very important as they clarify further the characteristics of this generation, but also because those may be useful to policy makers involved with labour issues. Moreover, they are useful to the corporate and organizational context for shaping a productive work environment, where Generation Y will be able to utilize its capabilities and serve as added value to the final contribution of each corporation or organization. 2. The Evolution of Modern Generations Over Time To this day, many academics and researchers have made extensive efforts to describe and analyze the culture of the various generations in an attempt to determine and explain the structural inequalities among age groups, cohorts, or entire generations, in order to finally be able to bolster their view that a greater and wider focus on the contextual volatility of genetic identities, rather than a unified structure of consecutive generations, may contribute to the co-existence of an experience- based general equalization of the cultural and economic sociology of the various generations 18 ISSN 2039-2117 (online) Mediterranean Journal of Vol 9 No 3 ISSN 2039-9340 (print) Social Sciences May 2018 (Pilcher, 1994; Warren and Hauser 1997; Mannheim, 2013; Mead, 2017). Beginning the analysis of the evolution of modern generations with the “Era of Depression” (includes those born between 1912 and 1921), individuals tended to be extremely conservative; at the same time they were characterized by obsessive saving for harsh times. Their debts were kept low and they used safer financial products. The individuals of this generation felt the responsibility of bequeathing a legacy to their children in order to ensure a better life for them. They were permeated by patriotic views, were strictly work-oriented which they placed even higher than personal pleasure. Additionally, they respected authority and were characterized by a sense of moral obligation (Schroer, 2017). The people in the next generation were those of World War II (born between 1922 and 1927). It was the generation of heroes, conventional and dedicated, respectful of authority, possessing personal pride and enjoying the diffuse gratitude of every citizen towards them. This was the generation that produced a number of important world leaders (Pendergast, 2009). Furthermore, its members shared a common goal: to win the axis of insatiable and dangerous power. It turned out though that there was an acceptable sense of “postponing” everything, a consequence perhaps of the mental and physical fatigue of the lengthy war (Schroer, 2017). Moving on to the “Post-War Cohort” (those born between 1928 and 1945), there were significant opportunities in work and education; the war had ended and the post-war economic boom influenced many countries of the world. However, the tensions of the Cold War rose and the ever-increasing dynamic of nuclear war and other unprecedented threats led this generation, during its entire time, to levels of extreme discomfort and uncertainty (Schroer, 2017). It should be noted that its first part is demarcated by the assassinations of JF Kennedy and Martin Luther King, the landing on the moon, the use of contraceptives and
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