7 Steps to Accelerate Your Career

Here is a list of steps created by Leslie G. Ungar that should help lead you into leadership!

1. Identify the connection between communication and leadership skills.

The earlier a Gen-X makes the connection between these two skill sets, the more velocity their success will have. In the 60's, CEO's did not have to have well tuned communication skills. Today, you can't be a leader if you can't communicate effectively. Period.

2. Value the axiom: visibility = viability

The earlier you embrace the value of visibility the faster your career accelerates. This requires a different mindset: to be verbally visible. Children are taught to be seen and not heard. A concept that will not work in the executive world. Use your communication skills to make your value visible. The more visible you are, the more viable you are to your organization.

3. Seize speaking opportunities.

These opportunities will be both internal and external. Once you have the mindset to speak, you will see opportunities everywhere. The opportunity may be informal. Do people listen when you talk at the conference table? Do you seek the spotlight? The opportunities may be external. When you are in the spotlight do you give a powerful presentation? Are your non-verbal skills working for or against you? Do you use the scalpel of clarity?

4. Use communication to advance professional relationships.

We have more ways to communicate than ever before in history. Use communication to enhance relationships that are under you on the organizational chart, peer relationships, and relationships above you. Even in this technological world, relationships will drive your success. Use verbal and technological communication to nurture these relationships.

5. Protect Your Value

Everyone has a value they bring to their job and their company. One of your challenges is to protect that value. You want to comment at a meeting, ask yourself, does this protect my value? Gary is slow to answer requests and emails. Co-workers and senior staff end up talking about his lack of response rather than talking about his expertise or performance. Respond whether or not you have the answer, to protect your value.

6. Keep Moving Forward

Gen-x'ers, like many that came before them, get caught in the office web. They are tempted to get involved in office or industry politics. They need to use their communication skills to always move forward through challenges and have the discipline to not get mired in making a stand on a mountain that doesn't really exist. Ask yourself daily, how can I use communication to move forward?

7. Understand and value the role of presence

Established CEO's struggle with presence. If you learn early the value of establishing presence, you will rise above your peers. And you will be more ready for your next position than those that don't understand that presence is a 24/7 trait. Establishing presence is a process. The earlier you get started the earlier you will own a conversation and own a room.

How Flexible is your Work Environment?

Here is the second workplace assessment that will help you determine how flexible your workplace really is:

Another term for flexibility is “laid back” or “easygoing.” Determining the flexibility of your work environment is an important first step toward defining your workplace culture.

First and foremost, its important to remember that there is no right or wrong way to be—whatever works best for your company and management style is key. Defining this in order to give your employees an idea of what is expected of them will boost productivity and attract individuals who naturally fit that style.

In order to determine the flexibility of your workplace, consider the following questions:

How important are procedures? Is there a strict way to do everything, from ordering supplies to logging customer calls? Or are employees free to use their own methods to accomplish their work? Are there forms and paperwork for most tasks?

Who makes decisions? Is there a hierarchy of decision-making before an idea sees fruition? Or are employees free to try different ideas on their own?

Is variation encouraged? Are employees punished when they do something that’s not of the standard, even if the ultimate goal is still accomplished? (Example: a waitress writes “hamburger” on an order pad, and presents it to a cook, who makes her a hamburger. However, corporate policy dictates that the proper code for ordering is “HB.” The cook knew what she meant and the guest received their hamburger. Some environments shrug this off, as long as the goal is complete. Others council their employees to be more careful for the sake of uniformity—lack of structure can lead to a breakdown in the kitchen, etc.)

What about the little things? Are employees expected to clock in and out at a certain time each day, no exceptions? Or is it okay if they come and go as necessary, as long as their work is done on time and they fulfill their hourly requirement? Is lunch taken at a certain time each day? Are breaks timed? Is there a work-issued uniform?

On a scale of 1 to 10, how flexible is your work environment? Ten being “anything goes” and 1 being “HB means hamburger, no exceptions.”

Again, there are no right or wrong answers. Many work environments operate at maximum success when everyone follows a certain structure. Others find they flourish when employees are encouraged to go with the flow or do what works best for them.

Getting an idea of how the flexibility of your work culture compares to others will help your employees/colleagues to fit in and function in a way that best compliments your company.

*This assessment test was created by Melissa Dylan

WHO ARE X AND Y AND HOW DO THEY WORK

Generation X Personality/Lifestyle	Gen Y Personality/Lifestyle
Born 1965-1976 51 million	Born 1977 – 1998 75 million
Accept diversity Pragmatic/practical Self-reliant/individualistic Reject rules Killer life Mistrust institutions PC Use technology Multitask Latch-key kids Friend-not family	Celebrate diversity Optimistic/realistic Self-inventive/individualistic Rewrite the rules Killer lifestyle Irrelevance of institutions Internet Assume technology Multitask fast Nurtured Friends = family
Workplace Do’s · Casual, friendly work environment · Involvement · Flexibility and freedom · A place to learn	Workplace Do’s · Structured, supportive work environment · Personalized work · Interactive relationship · Be prepared for demands, high expectations

QUOTE OF THE WEEK

Self-assessment is essential for progress as a learner: for understanding of selves as learners, for an increasingly complex understanding of tasks and learning goals, and for strategic knowledge of how to go about improving.

~D.R. Sadler

Attend the VRMA 2008 Annual Conference

Identify and Distinguish the Atmosphere at Your Work

Discovering the true culture of your office is the first step toward employee satisfaction.

During a job interview, it’s important to inquire about the office atmosphere. Finding an environment that suits your work style can mean the difference between a job you love, and a job you can’t wait to leave.

However, experience has shown that most interviewers respond the exact same way. “We work hard, but we have fun, too.” This is the blanket answer, meant to indicate a bottom line: we expect you to get your work done, but don’t be scared, we’re also nice people.

That would be great if it were true. However, most of the time it’s surprisingly inaccurate. Sometimes “we have fun” means free happy hour every Friday starting at 3 p.m. Sometimes it means “You may listen to your iPod from 8 to 8:30 every morning.”

The definition of “we work hard” also varies drastically. In most environments you can assume that work comes before play. Other times the managers will set aside important tasks to throw a Cinco De Mayo party. (Think Michael Scott from The Office, as an extreme example.)

Being arbitrary about your workplace culture leads to universal problems. For one thing, you may attract the wrong kind of employee. A worker looking for a fun, flexible environment will balk and perform poorly if they accept the position only to find themselves in a structured atmosphere. An employee who is more task-oriented will not fit in with a culture that values fluidity, where a whimsical idea will lead to dropping current projects to pursue something new.

It’s important for both employees and managers that each workplace make a specific distinction on their true office environment. Doing so means attracting and retaining the right employees, as well as letting employees know from the start what is expected of them.

But how do you define your workplace culture?

The best way to begin is through a series of self-assessment questions, the first of which is listed is listed below. The rest will be listed, one each week...

* This artice is from Melissa Dyaln from www.workplaceculture.suite101.com

SELF-ASSESSMENT #1: How goal-oriented is your workplace?

Of course all workplaces are goal-oriented (why else would you be there?). But the degree to which it guides daily tasks will vary.

First and foremost, its important to remember that there is no right or wrong way to be—whatever works best for your company and management style is key. Defining this in order to give your employees an idea of what is expected of them will boost productivity and attract individuals who naturally fit that style.

Long term or short term? Does your company lay out a daily goal for employees? For instance, a daily sales goal, certain number of customer calls, or guideline on tasks completed each day? Or are the goals longer-term? A quarterly earnings goal, or annual look-ahead, the means of which are up to the individual? Do you use deadlines?

How often must employees “check in”? Do you expect daily reports on their progress? Weekly? Sporadically, as they make headway? Or are employees left largely on their own, as long as their workload is completed (that is, everything is running smoothly and no one else complains)?

Do you compare? When setting goals, do you compare yourselves to other companies, and emphasize the numbers? Are employees set against each other, with a leader board posted prominently? Are employees rewarded when they reach a personal best? Are announcements made company-wide when people exceed?

Who is promoted? Do you promote by the numbers? Or do you look at overall performance, including attitude, leadership style, and commitment? Will the person with the highest sales be promoted to manager? Or the person with average sales, but a track record for hard work and respect from peers? (This person could very well be one and the same.)

Who is fired? Will you retain an employee with a poor track record of achievement, but who tries hard, goes the extra mile, and has a great attitude? This question is important, because co-workers may get frustrated picking up the slack for an employee who doesn’t pull their weight on tasks, but on the other hand this person can do a great deal for morale.

On a scale of 1 to 10, how achievement-oriented is your work environment? Ten being daily goals and check-ins, one being attitude and teamwork is more important than numbers.

Once you have seriously considered these questions, you will have a better idea of how your workplace culture values achievement.

*This self assessment is from Melissa Dylan at www.workplaceculture.suite 101.com

Video Diaries: The Multitasking Generation

Time Magazine has called the generation after Y, the "Multitasking Generation". This video about the subject seems to confirm that if it is not already, this will be a way of life in the workplace and the world.

This is the BEST Advice I've Seen Yet! It is Directed at Generation X, but Every Generation Should Read it, Reflect on it & Potentially Take It!

This article, called Generation X: Stepping Up to the Leadership Plate was written by Deborah Gilburg and posted on CIO.com

The United States is on the brink of a generational transition the likes of which has not been seen before. The largest generation in history to retire—some 77.5 million people, according to the AARP—will begin vacating the workplace in the next five years. And over the next 15 years, our workplaces will continue to shift to a new generation of leaders. That’s right: The reign of the seemingly omnipresent Baby Boom generation is in its final season, raising many questions about what this means for organizations and institutions throughout the nation.

So what, you might ask? What does this have to do with me? Well, if you are in your 30s or early 40s (so-called Generation X), have a mid-level position in your organization and see yourself needing a job for the next 20 to 30 years, this has everything to do with you.

The problem posed by the upcoming generational changing of the guard is that the generation in line to succeed the Boomers, the Gen X-ers, has not been equipped with the leadership skills and knowledge needed to assume the responsibility being passed on to it. Due to generational differences, the Baby Boomers have not been good about sharing their knowledge and experience, and Generation X has not been good about tapping into it.

Currently between the ages of about 45 and 64, Baby Boomers inhabit the most powerful leadership positions throughout the United States—the average age of all CEOs is 56, and 65 percent of all national leaders are Baby Boomers, including the president. (By contrast, 2005 data indicates only 7 percent of national leadership is Gen X.) As such, they retain much of the experiential, technical, institutional and political knowledge in the workplace. They have the industry connections, networks and inside scoop to get things done. They’ve experienced successes and learned from their failures. They are community builders and can galvanize a force of their own at the drop of a hat. And they have vision. Those are the characteristics that Gen X-ers need to learn in order to assume the leadership mantle in the future.

Generation X is also a cohort of employees who share some common traits. Born between 1961 and 1981, Gen X-ers tend to be a transient workforce, averaging a three- to five-year life span in any one organization. Gen X-ers are technologically savvy, pragmatic and competent; they are efficient at managing themselves to get the job done. They tend to be free agents, frequently distrusting corporate motives. And most have received very little training, development or mentoring in the workplace, and hence are adept at learning on the fly. Additionally, as a generation they have notably different values from the Baby Boomers. For example, many believe family time is so important that they are less willing to sell their souls to the 24/7 devil and often put work/life balance over income and career advancement. This means opportunities for flextime, part-time work and telecommuting are very appealing to them. These are generational traits that older leaders would do well to understand and incorporate into planning for their organizations’ future.

The term “generation gap” came to prominence in describing the disparity between kids of the first postwar generation and their parents, sometimes called the G.I. Generation. But another gap inevitably exists on the other side of the Boomer generation. This gap, created by differing sensibilities and economic realities, has put passing the leadership torch from Boomers to Gen X-ers low on the priority list. For the past 20 years, Boomer-led organizations have been highly focused on cost cutting and downsizing, often to the detriment of emerging leader training and mentoring programs. Furthermore, Boomer culture tends to emphasize competitiveness, self-importance and youthfulness—qualities that may make it hard for Boomers to grasp their responsibility to mentor and prepare their successors. In fact, some organizations are choosing to invest in short-term solutions, such as retirement postponement incentives that keep knowledge-rich Boomers in the workplace longer, rather than in long-term training and development initiatives for future leaders.

Given the lack of consideration or preparation for the future that most organizations have demonstrated to date, it is quite likely that Gen X-ers are going to find themselves suddenly in the driver’s seat and expected to steer organizations through complex, chaotic and uncertain terrain, prepared or not. How can this next generation of leaders take charge and seek out the knowledge that they will need to lead well? How can they step up and prepare for their future?

Here’s my advice to fellow Gen X-ers:

Stop hoping for things to change. It is unlikely the status quo will change. As has been the lifelong truth for those who grew up as latchkey kids, Gen X-ers must continue to figure out what to do to take care of themselves. In short, if you are just waiting in the shadow of the Baby Boomers, push aside the apathy for which Gen X is known and use the coping skills you grew up with to effect positive change.

Perform a frank assessment of your strengths and limitations. Self-knowledge is the most important tool that good leaders possess. When you are aware of your strong points and have insight about your shortcomings, you can chart a path for yourself to advance and succeed. Resist the compulsion to be overly self-critical; you are simply taking an inventory of your abilities and what you need to learn. Consider how your values, such as a desire for work/life balance, can be leadership strengths, and how a lack of political savvy may be a limitation. Successful leaders need to understand how to inspire people to work toward meaningful goals, and these skills can be learned if you are willing to do the work.

Find the value in Baby Boomers. No matter what you think of Boomers’ leadership, values or pursuits, the reality is they have amassed a lifetime of experience and knowledge. While some knowledge hoarders exist, most Boomers are simply unaware that they aren’t sharing it, or that you don’t have it. Look for potential teachers, coaches or mentors who demonstrate qualities you admire or possess knowledge you desire. Seek them out and enlist their help. You may need to convince them why they should help you. To that end, sincere flattery can go a long way. So can free labor. Tell them you admire their work and ask them about their methods, or offer to take notes for them at a board meeting in exchange for a chance to attend and observe. Most importantly, focus not on where you differ but on what they have to offer. By taking charge of the process and developing relationships, you can harness the insights gleaned from their experience and help them better understand you and your goals.

Employ the power of the collective. Many Gen X-ers have made remarkable contributions to their family, community, industry or country. Their collective impact as a generation, however, has been woefully low, and its members continue to live with policies, priorities and directives of an older generation that do not address many of their shared concerns. By exploring the common ground that exists among fellow Gen X-ers—in your workplace or your communities—you can start to change policies to better serve your common goals. For example, if you want flextime in your company, find out who else might benefit, and generate a critical mass to help sway decision-makers. Or start an emerging leader organization to lobby for the training and mentoring you will need to lead your organization successfully.

Gen X-ers are often described as cynical and indifferent, and let’s be honest, many have been. Speaking as a Gen X-er myself, I know we have a lot to learn, but as a generation we have the endurance to tackle life’s hardships, the technical know-how to manage the realities of a global workforce, and most importantly, a deep commitment to the future of our kids. It’s our time to step up.

Hey, Gen X'er: You’ve Won!

This is from Tammy Erickson who writes for a blog called Across the Ages for Harvard Business School. If you get a chance you should check out this blog, as it is filled with interesting information. http://discussionleader.hbsp.com/erickson/

Picture this.

A Boomer walks into a Gen X’er’s office (okay, cubicle) and says, “I’ve got great news for you! You’ve won!”

Now remember: Boomers, as I’ve argued, tend as a group to be pretty competitive. This is the cohort that grew up in a world that was fundamentally too small for them. They went to high school in Quonset huts behind the high school because there weren’t enough classrooms to hold them all. They’ve competed for everything from spots on the high school sports teams, to college admissions, jobs and promotions. Winning, for Boomers, is a very big deal.

“You’ve won the promotion!” Pause, as the Boomer waits for any obvious signs of delight from the X’er. “Of course, it does mean you’ll have to relocate. The promotion is in our Topeka office.” Pause. Dead silence from the X’er. Then, “No, thanks.”

What does the Boomer, in all likelihood assume? For most, it would be easy to make a rapid leap to a value judgment regarding the X’er’s level of commitment to the company and to his or her career. It would be a short step to assume that the person lacked ambition, confidence, or perhaps even raw intelligence. After all, how could they not get how big a deal this is?

All of these judgments would, I believe, almost certainly be wrong.

And, by the way, what does the X’er, in all likelihood assume about the Boomer? Would insensitive, out-of-touch, or even down-right nuts be possibilities? I suspect they might.X’ers, as I’ve discussed, were teenagers during a difficult time in many national economies. During the 1980’s and 90’s there were persistent financial crises in many Latin American countries and stagnation in Europe. It was a time when the President had Americans wearing Whip Inflation Now buttons. And, it was the era of re-engineering. Knowing an adult who was laid off from a corporation where he or she had once planned to collect a gold watch of retirement is a widely-shared experience for many in Generation X.

As a result, many X’ers tend to be very nervous about putting too many eggs in the corporate basket. When I talk with X’ers, I often visualize athletes bouncing on their toes, ready to dodge one way or the other, depending on which direction the play moves next. Many hate the feeling of being boxed in. They don't like having their degrees of freedom, their options, reduced.

Of course, in many traditional corporate career paths, boxing people in – at least in the sense of urging them to specialize or to take on managerial roles that remove them from the “skill” of the business is exactly what we do to people in their 30s (where the majority of X’ers are today). Hence many X’ers are feeling increasingly uneasy within corporations. Our research shows that X’ers, for example, are more likely than any other generational cohort to fear being laid off. (In reality, they are probably the least likely cohort to be laid off -- but they are the most perpetually worried about it.)So, back to the promotion to Topeka.

In all likelihood, the idea of being promoted and relocated feels to the X’er, not as a “win,” but as being moved out along a tenuous limb that could, goodness knows, be sawed off by a capricious corporation at any moment. Helping X’ers feel more comfortable in taking on these types of roles has to do with helping them see the opportunity as one that broadens their options, rather than limiting them. And, of course, suspending the predictable Boomer knee jerk reaction in the process.

By the way, I was teaching a class of executives recently – and told this story as part of a discussion about the importance of looking at each generation’s actions through their eyes, not our own. One of the participants, an X’er, shared with me that she had just gone through an identical experience, right down to the specifics of Topeka as the targeted site for the promotion!

What did you do? I asked.

“I quit.”

Question: X’ers, have you had similar experiences?

To hear more from Tammy on generational issues facing the workplace today, click the link to the Harvard Business radiocast found on the right hand side of this blog.

Do You Know What Your New Hires Want From You?

No? Then you should read this list compiled by Jennifer Blanchard, called What Are Today’s Gen Y College Graduates Looking For?

1. 
   Performance-based Compensation—they want to know that the work they do matters and makes a difference for the company they’re working for. Performance-based compensation is a great way to show Gen Yers the value of their work.
2. 
   Flexible Schedules—some Gen Yers work better first thing in the morning while others don’t function at all before 10 a.m. Giving them flexibility in their work schedule will keep them happy, and will allow them to give you their very best work.
3. 
   Flexible Location—the line between work and life is blurred for Gen Yers. They like to be able to work when they want and where they want, even if that doesn’t always include coming into the office. A flexible work location allows them to have a personal life while also completing their daily tasks.
4. 
   Marketable Skills—Gen Yers always think about the future. They come into their first day on the job imagining where they’ll be a few months from then. Gen Yers are big dreamers, but in order for them to reach their dreams they are going to need skills that make them marketable for promotions and future jobs.
5. 
   Access to Decision-Makers--according to Tulgan, Gen Yers want strong bosses. They want bosses who give them direction and mentor them throughout their time at the company. It’s hard for a Gen Yers to work for a company where your boss doesn’t even know your first name.
6. 
   Personal Credit for Results Achieved—Gen Yers will work hard for you, but they want to know that any results attained from working hard will come with their name on it. They’re good working on a team, but they aren’t fans of doing work and not receiving any credit.
7. 
   A Clear Area of Responsibility—although it often seems difficult for employers to grasp because they come into the workplace with only a little experience, Gen Yers want responsibility right off the bat! They don’t want to come to work and do menial tasks, they want to be in charge of a project. They want to own the work they do.
8. 
   The Chance for Creative Expression—Gen Yers are looking for jobs where they can be creative and add their input to the projects they work on. They’re not looking for cookie-cutter jobs that include doing the same thing everyday the same way it’s always been done. They want jobs that allow for innovation, period.

Quote of the Week

How dare those lazy Gen Y kids ask for such luxuries like health care, a personal life, and performance based raises!

~TTAM (screenname on Digg Forum)

Check out the forum on the link to the left

IS THIS THE WAY YOUR BOSS FEELS? SURE HOPE NOT!

There are always two sides to every coin and this article broadcasts the side that is not very happy with Generaton Y. This information written by Bob Dumpling, entitled "Gen Y Don't You Just Shut Up?" seems important to share this on the blog. This is because it may be the opinion of more individuals than just the author, and its important to hear because, how can we combat what people are feeling and saying if we don't know that that is?

What are your thoughts on Mr. Dumplings diatribe? Do you believe he has a point, no point or an inkling but no perspective? And, is it our responsibility to try to change his mindset or not, and if it is how do we do it? Feel free to comment on this blog post as a means of working out this complicated issue.

ARTICLE: Gen Y Don't You Just Shut Up?
found @ http://newmatilda.com/2008/07/31/gen-y-dont-you-just-shut

With World Youth Day finally over, it's time to pause and ask ourselves why we give young people so much attention. The fact is, every day is world youth day. And there has never been a younger, more naive and inexperienced collective of youth than Gen Y.

Apparently Gen Y are much like baby boomers and are referred to as "echo boomers". Not because they're crazy, misunderstood dreamers, but because they're revolutionaries, striving to change the world. Seriously.

I think there is a subtle distinction between Gen Y and the Boomers: Baby Boomers actually stood for stuff, had beliefs, dropped out and shook things up. No doubt there is an element of echoing in Gen Y, but more of the vacant, drafty kind than anything that actually resonates.

Many accuse Gen Y of consuming at an unparalleled rate. This would seem very unlike the Boomers in the 1960s. I don't necessarily see this as a bad thing - and you can't really blame them when they grew up in the age of John Howard's annual tax cuts and a booming economy. But unfortunately much of this extra cash is being spent on five lifestyle "pillars". They are: entertainment ($151 per week), fashion ($55), sport ($25), travel ($24) and music ($11).

Gen Y is stereotyped as living in a world full of white noise, the static of incessant, clicking, twittering and txting. These young impressionable minds are drowning in the sound of this pervasive buzz, with little respite for reflection or deeper thought. Meanwhile, Google has killed off any understanding of sub-text. Sound nasty? Employers are at a loss to deal with "self entitled and whiney" Gen Y employees who won't use old-world technology such as email, who find rostered start times personally offensive and see having more than 10 jobs before they are 30 as a rite of passage.

The mediascape is filled with analysis of a generation who psychoanalyse each other via the insight of Facebook status updates or cry for hours over the aptness or crassness of an ill-spelt txt msg. Apparently, Gen Y doesn't read books published before 1999. They read the Wikipedia entry for pre-millennium publications.

Surely there is a deeper level of introspection going on out there? To be fair, the weight of being a millennial may be a greater weight than any weight ever weighed. I say this because I just read the insightful night thoughts of Ryan Paugh (pronounced "paw" or "paff" or "fluff"). Ryan is a Penn State grad (Journalism with a minor in Business) and co-founder of Brazen Careerist, which sounds like a deceptively honest consultancy firm but in reality is a convenient hub for unbelievably amusing Gen Y quotes.

Ryan was "reflecting" on his current position in the world and asks, "Am I Still A Millenial?" In short he suspects he is, although Ryan says he is more mature than he was a year ago. Genius. How could he possibly know this? Well Ryan explains with four points: "I'm not as idealistic; I'm more skeptical; I'm not as bold," and (my favourite), "I'm more myself than I've ever been".
Ryan is all too familiar with the slings and arrows Gen Y endures, such as "narcissistic", "politically impotent" and "consumer obsessed". So Ryan has a new motto when tempted to respond to such hurtful accusations: "Stay cool. Backlash is always going to suck, but as soon as I give into the hate I lose my leverage as a reputable voice." I know what Ryan means and it terrifies me. At the very least it proves McKinsey & Co have truly conquered the world.
In 2006 another Ryan - Ryan Heath - published the succinct, Please Just F*ck Off, It's Our Turn Now - demanding older generations make way for an enlightened Gen Y which was ready to change Australia. Unfortunately, after working on the Kevin07 election campaign, Mr Heath f*cked off to Belgium, so it's lucky no one took him up on his request.

Why so angry? In the past 10 years, the media, entertainment and political landscape has changed and it's all Gen Y's fault. The majority of consumer products and infotainment are marketed towards Gen Y. Media content is dictated by the 16-25 year-old demographic and it has been completely dumbed down.

When the media isn't producing content for Gen Y, it's pushing content about Gen Y: What makes them tick? How to get their attention? What Gen Y really wants. What's our favourite infantile celebrity up to this week. This is the generation that talks like it invented the exclamation mark. The attention spans of Gen Y-ers are now being classified in categories according to species of goldfish. They don't know what they want and we should all stop trying to figure it out.

Unfortunately there is no Planet Y, only Planet Us. For the sake of Gen Z, Gen 0 and Gen Mars something needs to be done and this incoherent buzzing needs to stop. I'm not completely sure what the answer is but it does include an internet tax, conscription and bucket loads of harden the f*ck up.

The Nielsen Company - the one that rates EVERYTHING - has polled Americans on their economic outlook

U.S. Consumers Tighten Belts & Spending

Consumer attitudes and spending patterns are revealed

By: James Russo, Vice President, Food Sector Marketing, The Nielsen Company

Net worth is declining. Credit tightens up. Salaries stay fixed. Unemployment rates rise. Foreclosure actions surge. U.S. dollar weakens. Personal debt increases. Food costs soar. Gas prices explode. Nielsen reveals how economic pressures are changing the what, when and how of consumer spending.

The U.S. economy is in a very precarious situation. Recent information from The Federal Reserve indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters. And while readings on core inflation have improved somewhat, energy and other commodity prices have increased, and some indicators of inflation expectations have risen in recent months. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization.

U.S. consumer confidence has plummeted 50 points.

With all this activity, U.S. consumer confidence has plummeted 50 points since January 2006 to 57, the worst performance since the recession levels of 1992. With good reason. Everything costs more these days, from fuel oil (a 48% increase), to gasoline (up 35%), eggs (27%), bread (16%), milk (13%) chicken (10%) and that menu staple of large families, ground beef (7%).

With the average wage inching up a mere 3%, it’s clear that family finances are losing ground. For a real double whammy, as the cost of living rises, people face the specter of their primary asset—the family home—losing value by the minute, an average decline of 8% so far in 2008.

Global confidence declines
The U.S. isn’t alone in its gloomy economic forecast. A Nielsen Global Consumer Confidence survey found that 56% of global online consumers believed their country was in a recession. For 39 of the 48 countries surveyed, confidence levels posted double-digit declines in the past six months, with New Zealand, the USA and Latvia recording the steepest declines.

Conversely, Taiwan bucked the trend, with a confident 14-point uptick in consumer confidence over the last six months, followed by the Netherlands (5%), Russia, Poland and the Czech Republic (3%), Brazil (2%) and Belgium (1%).

Word travels fast
The Internet has had a profound effect on financial markets and consumer confidence due to its near-instantaneous relay of information. To get another angle on U.S. consumer confidence, Nielsen Online, through its BuzzMetrics service, monitors consumer chatter on the Internet, tracking consumer-generated content on more than 70 million blogs.

Results showed dramatic jumps in economic discussions on the heels of critical events. For example, when the Federal Reserve announced a 0.75% rate cut and the Dow Jones Industrial Average plummeted 400 points in January, economic discussion increased 26% compared to the prior week.

Competitive advantage will require a pulse on consumer sentiment...

Negative sentiment inched up again between February and March to 65%, as news of the sub-prime lending fiasco and ethics violations spread. In this age of consumer control, the new building blocks of competitive advantage will require a pulse on consumer sentiment as one of the best ways to foster consumer engagement and loyalty.

Coupon activity has jumped noticeably by 10.2%...

Retailers feel the squeeze
U.S. non-discount retailers are feeling the pinch. From 2001–2007, shopping trips per household are down 4%. There are some bright spots, however. Bargain shoppers are shifting spending to value channels, making 35% more trips to supercenters, 10% more trips to club stores and 9% more trips to dollar stores to stretch their budget. Regardless of channel or department type, coupon activity in the year ending April 2008 has jumped noticeably by 10.2% driven by in-store offers.

Shrinkage is redefined
U.S. consumers might find more than their budget shrinking. Food manufacturers are taking action in price-sensitive categories by opting to downsize packages—a less for more philosophy. Consumers find that 12 ounce bags of potato chips are now 10 ounces. Nineteen ounce cereal boxes are now 18 ounces. Sixty sheet paper towel rolls are now 52 sheets—the list goes on.

Consumers would prefer larger sizes with lower price per serving...

Bad move, according to consumers. New findings from a recent Nielsen Panel Views study in the U.S. reveal that when given a choice, consumers would prefer that manufacturers offer larger sizes with lower price per serving rather than downsize or reduce the frequency/amount of price breaks (sales) to offset costs. However, with price increases at such staggering levels, more manufacturers have been offering smaller packs as a better approach than passing on double-digit price increases to consumers.

Economic impact segmentation
Recognizing the relationship between consumer confidence and purchase behavior, Nielsen conducted an analysis of 47,000 members of the Nielsen Homescan Panel in the U.S. across 36 product categories. The panelists sorted into eight Economic Impact Segments ranging from the light coupon & sales segment (22%) made up of older, smaller households that take advantage of coupons and sales, to the panic-stricken segment (6%) comprising large, bustling families who will do whatever it takes to save money—from switching stores to changing brands, to stocking up, to using less product.

Each of the eight segments represents a different belt-tightening strategy, both in terms of how they plan to save and which products they look to for savings. Pet food, for example, registered as the most recession-proof category, and air fresheners were one of the most recession-sensitive ones. Getting into the mindset of consumers during these tricky times could prove golden to marketers as they struggle to develop strategies that not only keep shoppers happy but that deliver profitability as well.

Gas burned up 12–16% of the weekly consumer retail budget...

Road wage
U.S. gas prices are another factor taking a big bite out of household budgets. Nielsen determined that in 2007, gas burned up 12– 16% of the weekly consumer retail budget. That number is expected to grow to 19%—almost one-fifth of planned retail expenditures—as gas prices hit four dollars per gallon. While consumers try to limit their per trip gas spending, they cannot control the weekly gas spend, despite economizing efforts such as combining errands and trips, eating out less and doing more things at home to offset gas costs. Overall weekly gas spending in 2007 increased by 46% from a weekly average of $32.02 to $46.72 per household.

And as gas prices rise, so does Internet chatter. As the majority of U.S. consumers are feeling the impact of rising gas prices, they are turning toward social media to discuss which vehicles are the most fuel-efficient on the market that meets their needs. Discussions are centered on alternative methods for fuel, more efficient cars and commutation options.

Consumers make tough choices about their spending habits...

Product immunity and vulnerability
As spending power declines, consumers reevaluate necessities and are forced to make tough choices about their spending habits and the product categories they purchase. Knowing which products are most affected by a recession can guide effective strategic decisions with regard to pricing, promotion and assortment tactics.

Nielsen’s analysis of macroeconomic variables, historical trends and consumer behavior reveal that products such as seafood, dry pasta, candy, beer and pasta sauces are most immune to a recession and are expected to weather the troubled financial waters. Conversely, the most vulnerable product categories included carbonated beverages, eggs, cups/plates, food preparation/storage and tobacco.

Higher prices drove private label dollars, not national brand abandonment...

Private label sales grow
While private label products have traditionally been touted as the low-cost alternative to national brands, contrary to conventional wisdom, Nielsen analysts discovered that the 9.1% private label sales growth in the U.S. during these tight financial times was more a function of rising commodity and food prices than consumer preference.

The telling fact: while dollar sales climbed to $77 billion, unit sales decreased slightly. Turns out that higher prices for commodity categories like eggs, milk and cheese drove private label dollars, not national brand abandonment.

Escape from reality
The movies have always provided an escape—a reality transport from everyday concerns, which might explain why U.S. movie-going box office sales has increased 9% in the five years between 2003 and 2008, according to official figures released by Nielsen EDI. And while January–June 2008 box office sales are slightly down year-to-year (-3%), a May 2008 survey of adult moviegoers report that fully 78% of respondents said that rising gas prices did not keep them from going to see a movie over the weekend.

DVD sales, on the other hand, have suffered. In a separate Nielsen VideoScan study, findings show that approximately 18,000 DVD sales are lost each week in the U.S. for every one-cent increase in the price of a gallon of gas. While a variety of other factors affect DVD sales as well, rising gasoline prices appear to have a direct correlation to weekly sales levels of both new release and catalog titles.

There are opportunities in a slowing economy...

Opportunities exist
When market volatility defies convention, how do companies plan for the future? All is not doom and gloom. There are opportunities in a slowing economy to lead the recovery and Nielsen has developed a model to help clients cope with these uncertain times. The Predictive Macroeconomic Impact System explores the macroeconomic landscape along more than two dozen variables, evaluates the impact on client business by product category and proposes a holistic business response to optimize outcomes.

Category-specific opportunities exist to maximize in-store efforts. For products that are performing strong and showing immunity during a recession, manufacturers and retailers in these industries have the opportunity to increase product exposure even further. For products at the other end of the spectrum, companies would be well-advised to target their marketing efforts to shore up performance and maintain traction during tough times. Now is the time to plan for recovery.

Just how BIG is the travel industry in America? This report from the Travel Industry Association attempts to break it down

Economic Research: Economic Impact of Travel and Tourism

In 2007, the U.S. travel industry received $739 billion from domestic and international travelers (excluding international passenger fares). These travel expenditures, in turn, directly generated more than nearly 7.7 million jobs with $186 billion in payroll income for Americans, as well as $116 billion tax revenue for federal, state and local governments.

Economic Impact of Travel in the U.S., 2007p (Including both U.S. resident and International Travel)
Travel Expenditures *	$739.4 Billion
Travel-Generated Payroll	$186.0 Billion
Travel-Generated Employment	7.7 Million Jobs
Travel-Generated Tax Revenue	$116.1 Billion
Travel Trade Surplus	$17.6 Billion

Source: Travel Industry Association, Bureau of Economic Analysis/U.S. Department of Commerce
* Includes spending by domestic and international travelers in the U.S. on travel related expenses (i.e., transportation, lodging, meals, entertainment & recreation, and incidental items); p=preliminary

Travel Expenditures in the U.S., 2000-2007p ($ Billions)
Year	Domestic*	International	Total	International Passenger Fares	Grand Total
2007	642.7	96.7	739.4	25.6	765.0
2006	614.1	85.7	699.8	22.0	721.8
2005	572.1	81.8	653.9	21.0	674.9
2004	532.4	74.5	606.9	18.9	625.8
2003	495.8	64.3	560.1	15.7	575.8
2002	478.3	66.6	544.9	17.0	561.9
2001	483.8	71.9	555.7	17.9	573.6
2000	503.4	82.4	585.8	20.7	606.5

International Visitors spent $122.3 billion traveling in the U.S. in 2007, including international passenger fares. U.S. resident travelers spent $104.6 billion while traveling in foreign countries during 2007. As a result, a travel trade surplus of $17.6 billion was generated. Click here for detailed data and analysis on travel economic impact.

Source: Travel Industry Association, Office of Travel & Tourism Industries /U.S. Department of Commerce
Note: * Spending by international visitors traveling to the U.S. on U.S. flag carriers that are made outside the U.S.

Updated on June 2008

Here is another insightful article from the Neilson company about about Gen Y's spending power

Why Ask Y?
Meet the Millennials: Generation Why?

By: Laurel Kennedy, President, Age Lessons, LLC and Kathy Mancini, DirectorConsumer Insight, The Nielsen Company

If you had to pick one word to summarize Gen Y, it would be interactive. Weaned on the Internet and reality TV, Millennials expect to be entertained and involved, to shape an outcome vs. await one. They’re copious consumers who blur the lines between real life and reel life, seamlessly working anytime from anywhere

Meet the Millennials, also known as Generation Y, Generation Next, Echo Boomers or the Digital Generation – one of the most confounding, connected, confident and collaborative age cohorts on the planet. Shaped by influences ranging from Columbine to cell phones, terrorism to text messaging, merged families to corporate mergers, they bring a buoyant outlook to life. To many, Millennials are reminiscent of the Baby Boomers—both generations notable for their enormous size and cultural influence.

Gen Y is the beneficiary of being born in the most child-centric era in U.S. history, defined by “baby on board” signs and helicopter parents hovering over every soccer game and piano lesson. Their experience stands in stark contrast to Gen X, the so-called latchkey kids left to their own devices after school, whose parents engaged at arm’s length, via phone.

Gen Y is accustomed to “on demand” everything...

Life on demand
Gen Y has one thing in common with Gen X—both have little use for hierarchies and authority. The world is literally their playground, and they are equally at ease gaming online with a counterpart in China as they are texting friends in the middle of High School Musical. With noticeably short attention spans, Gen Y is accustomed to “on demand” everything, conditioned by limitless choices in programming, media options and immersive, interactive experiences. For marketers and employers, the challenge will be keeping pace in the race to engage Gen Y consumers and employees.

Roughly 70 million strong, Gen Y is the most ethnically diverse of any American generation. According to the 2006 American Community Survey, Gen Y comprises 60% White, 15% Black Non-Hispanic, 18% Hispanic and 4% Asian. Compare that to the Boomer cohort composition of 72% White, 11% Black Non-Hispanic, 10% Hispanic and 4% Asian.

Half of consumers under age 24 made an Internet purchase...

Web-wise shoppers
The 2007 Nielsen Global Omnibus Survey looked at online shoppers around the world and found that approximately half of consumers under age 24 made an Internet purchase in the previous month, and 100% had made an online purchase over the six months preceding the survey. Top sellers included clothing/accessories, books, videos/DVDs/games, electronic equipment, airline tickets/ reservations, music downloads and tickets to events.

As a domestic buying influence, the Nielsen Homescan Panel determined that U.S. households with at least one Gen Y member represent the third largest buying group, accounting for 37% of total dollars, 31% of total trips and 15% more dollars than the average U.S. household

During 2007, Gen Y households spent close to $1,600 in the dry grocery department alone. Peek in to a Gen Y household basket and you’re likely to find dry mixes, frozen pizzas/ snacks/hors d’oeuvres, stationery/school supplies and shelf stable juices and drinks.

The typical Gen Y-er surfs the web an average of 22 times per month...

Stoked to surf
With snacks at the ready, the typical Gen Y-er hunkers down to surf the web an average of 22 times per month for more than 25 hours total, scanning an astonishing 1,426 web pages. Popular sites (Nielsen Online rank orders by unique audience percentage) include Bungie Studios, Code My Layout, Flirtingquiz.com, TinyPic.com, SparkNotes.com, Urfortunerevealed.com, Aeropostale.com, AOL RED, WhateverLife.com and Hollister Co. Content for these top-rated sites is a perfect reflection of eclectic Gen Y interests, ranging from gaming to free MySpace page layouts, from a flirting skills test to photo and video sharing, from study guides to fortune-telling.

Game on!
Xbox 360 commanded play during 28 days per month among 10-26 year olds, possibly due in part to the higher attach rate of the platform. Attach rate refers to the number of games owned along with the system and assumes the greater number of games owned, the more the system is used. Other likely factors in the success of Xbox 360 are the strong library of games available (including Halo 3 released in the fourth quarter of 2007) and the large installed base of the platform (over 62% share of next generation console usage).

In contrast, PlayStation 3 logged the highest number of usage days (21+) among the 27 and older crowd, likely appealing not only to video gamers, but to tech-conscious, Blue-ray early adopters. Wii lagged on usage days with the older demographic, possibly due to the fact that Wii video games tend to appeal to a younger crowd.

American idyll
Where will you find Gen Y on Tuesday and Wednesday nights? Eyes glued to American Idol for the finalist performances, text voting for their favorite singers, blogging about each set and watching the results round. The Fox network owned eight of the 2007 top ten shows appealing to the 9–24 year old demographic, per Nielsen Media Research.

Media madness
Consistent with American tradition, Gen Y is just as interested in cars and driving as their predecessors, although perhaps more likely to opt for a hybrid vehicle. In an effort to appeal to this wheel base, car companies spent more than $433.6 million on TV advertising targeting Millennials. Phone companies were a close second in ad expenditures, budgeting more than $410.4 million on targeted Gen Y commercials.

Four in ten see new movies within the first 10 days of release...

Moving to the big screen and big picture, Nielsen Entertainment found that four in ten movie-going youth ages 12–26 identify as “early attenders”, jockeying to see new movies within the first 10 days of release, a rate 20% higher than average. Roughly the same relative percentage rate applies to Gen Y’s overall theater habits, which include taking in 9.5 movies per year and five of the summer 2007 releases. Must-see genres for Millennials include comedy and action adventure, followed by suspense, animation, horror and sci-fi/fantasy.

Spirited consumers
Along with sophisticated media consumption patterns comes a more sophisticated palate. By tracking alcoholic beverage purchase behavior, Nielsen discovered that beer consumption dropped 12 percentage points in the 1997–2007 period among consumers age 21–30, with wine and spirit sales picking up the slack. Although the same pattern is evidenced for drinkers over 30, the change was only half as fast for that cohort at 6%.

Beer remains the beverage of choice for Millennials...
On a dollar basis, beer accounts for 47% of Gen Y alcoholic beverage spending, and on a volume basis, 83% of purchases. Millennials are almost twice as likely as older consumers to purchase imported beers and almost three times as likely to pick up a craft beer.

Immediate needs
The big take-away about Gen Y is immediacy. They see it. They want it. They want it customized. They want it now. They text it to their friends. And then they want it changed. Product life cycles will be compressed beyond precedent. Customers will literally design their own products. Aesthetics matter, but environmental considerations rule. Honesty will be the only allowable policy, because within minutes, vigilant bloggers will have spread the viral word about corporate transgressions.

It’s a new age of media and a new generation of challenging consumers with money to spend, a discerning eye, and an electronic neural network that never rests.

QUOTE OF THE WEEK

"Multi-tasking - Screwing everything up simultaneously"

~ Anonymous

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