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Executive Interviews: Interview with Tamara J Erickson on Managing Troubled Times
March 2009
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By Dr. Nagendra V Chowdary
In Plugged In: the Generation Y
Guide to Thriving at Work, you have
offered your priceless advice to Gen
Ys, telling them everything that they
should do to make their workplaces
an integral part of their life. Yet, the
very same Gen Ys seem to be clueless
during these hard times. What’s your
advice to them to keep the same
optimism?
First, the good news: despite a
slowdown in immediate career
opportunities, the current financial
crisis is unlikely to diminish the long-term fortunes of Generation Y. This
generation’s timing for asset
accumulation couldn’t be better –
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most Ys had not yet taken advantage
of their company’s 401k or other longterm
savings options and, as a result,
had little to lose over the pastmonths.
They now have an opportunity to get
in at the bottom, with long years
ahead to ride the market up. The housing market, when they
decide to enter, should also tip in
their favor. Unlike members of
Generation X, whose timing for home
ownership could hardly have been
worse, Ys will likely enter a homebuying
stage after the much smaller
cohort of Xers will have left the
market glutted with a surplus of
houses, and much lower prices. Ys’ big challenge is to get a toe hold in
a tight job market. Ironically, their
seemingly clueless attitude toward
work may be a sensible approach at
this point in time. Fresh from a
childhood of generally positive
economic times, many Ys are not in a
heavy money-oriented phase of life.
They’re in a time of learning and
exploration, content in the
knowledge that they have long lives
ahead to ‘make it big’ financially, if
that’s what they choose to do in the
end. Although some do have high
levels of school debt, most Ys have
not yet taken on other major financial
commitments, such as home
ownership. They need jobs with
financial compensation adequate to
cover their school or consumer loans,
but Ys have more financial flexibility
than older generations and, as a
result, may be able to capture some of
the more interesting work
opportunities. Their challenge is to
create a short-term strategy designed
to make the best of a difficult
economic time. What should Ys do?
- Take advantage of your greater
financial flexibility by seeking jobs
that offer strong opportunities for
learning and challenge, even if the compensation is lower than you
would like for a future “career”
position. Focus on resume-building
experiences – even, if you can afford
it, doing some work on a volunteer
basis if it provides you with
opportunities for leadership,
creativity or learning.
- Use your social networking skills to
look for cyclic, contractor-type
engagements via online sources.
- Work with the career offices at your
college to identify internship or coop
opportunities.
- If feasible, use the time while the
market is down to do some of the
things you want to do ‘someday’ now
– travel or further your education.
- If you can swing it, begin to invest
in stocks or property while prices in
the market are low.
- And, if things go south, tap into the
option popular with many Ys –
minimize expenses by living
temporarily with Mom and Dad.
1.
Troubled Times Case Study
2. ICMR
Case Collection
3.
Case Study Volumes
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