Millennials and baby boomers in accounting and finance industry


Millennials, also known as Generation Y or Echo Boomers, is the most ethnically diverse generation in the U.S. history. 42% of Millennials identify with other than a Hispanic white ethnicity, whereas 61% holds a college degree. Millennials acquire their first home, get married and make a family later than the Baby Boomers and they are more tech-savvy because they are connected to technology from an early age. Aged between 19 and 37, Millennials are in a life stage where they make important financial decisions for their future.

There is no doubt that Millennials possess a remarkable dexterity with the Internet, mobile devices, and social media. Although all generations have experienced technological advancements, the access to information to Millennials since grade-school is supreme. In fact, Millennials believe that their relationship to technology is what makes their generation unique. Liberal and open-minded, they support equality in all shapes and sizes, including equality in the workplace and the right to live as pleased.

Baby boomers are people in their late 40s and 50s, well-established in their careers, holding positions of authority. Highly-skilled, extremely motivated and work-oriented, Baby Boomers, may be less tech-savvy, but they grew up in an era of reforms and thereby, they question established systems and status quo. In fact, Baby Boomers are not afraid to challenge the system in order to achieve extraordinary results for their company.

Independent, committed and competitive, Baby Boomers often criticize Millennials for lack of ethic and narcissism at the workplace. They favor hierarchical structure and sometimes they find it hard to adjust to new trends. They are also more into working in the office than remotely and they set career goals that promote their career further.

The importance of Work-Life Balance

One of the most important characteristics of Millennials is how strongly they favor work-life balance. Modern organizations have a demanding schedule and sometimes the lines between work time and personal time can become blurred. Millennials recognize the importance of a balanced schedule and seek for greater flexibility at work. They wear jeans and they can work remotely, but the bottom line is that they do their job even by supporting a rather unorthodox office culture. Thereby, finance organizations seeking to attract Millennials should offer work schedules that focus on productivity and career advancement combined with great vacation benefits.

Millennials have career goals just like Baby Boomers

Like Baby Boomers, Millennials seek for financial security, leadership, and career advancement. They have career goals which they try to achieve through effective business strategies. They possess strong social and environmental sensitivity and the want to make a difference in their organization. So, at the end of the day, attracting Millennials in the finance and accounting industry requires an understanding of what these people look for and how they can achieve it.

Millennials are tech-savvy, but not only this

There is no doubt that Millennials are technology junkies, and it makes sense since they grew up with computers. They know how to interact online and social media is a vital part of their life. To that end, they are often criticized for using social networking for personal branding, although they often raise money for non-profits or share insights on personal bad experiences to help other people anticipate a similar occasion. Besides being technology geeks, Millennials also favor human interaction at the workplace, especially when it involves acquiring new skills. Compared to Baby Boomers, Millennials are more likely to attend an industry conference or take a private class training than simply working on their digital options.

Millennials work smarter, not necessarily harder

Millennials are more interested in producing results rather than showing how hard they work. By valuing productivity, they are also strong supporters of automated processes that can save time on a worker’s schedule. Even if these processes are challenging, Millennials believe that this can work to the advantage of the organization, not only because new talent can be attracted, but also because automated processes create great efficiency that can place the company ahead of its competitors. Moreover, in the finance industry, Millennials with a CPA are productive and invested in the company. Their fast-paced nature delivers results and unlike what Baby Boomers believe, Millennials favor feedback. They value work ethic and constructive criticism and they require feedback at least once a month so that they improve their performance and achieve professional development.

Baby Boomers possess the know-how

Baby boomers bring on decades of work experience and possess the know-how to determine what works in the organization and what does not. Therefore, they can contribute their knowledge and offer great advice to help millennials reach their full potential and move forward. Although they are not so technologically adept, still they understand automated processes and the need of change and they take initiatives in making things happen effectively.

After all, the Baby Boomers and the Millennials, share many common characteristics and they actually complement one another. As the finance industry grows, the relationship between the two generations becomes increasingly productive and this can only be beneficial to any organization.




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