Gen Y will bring sound values to crisis

a-cavaye-asxA new era of good corporate governance is more likely to come from the values of Gen Y than through stricter government regulation, according to the Dean of Flinders Business School, Professor Angèle Cavaye.

Professor Cavaye said the baby boomer mindset of personal prosperity, materialism and shareholder wealth is likely to be replaced by the next generation’s strong sense of social responsibility.

“Corporate governance has come under increased scrutiny thanks to the global financial crisis, and that can only be a good thing,” Professor Cavaye said.

“However, I think the business world in the years ahead will be shaped by the values of Gen Y – their concern for the environment, equity, philanthropy, and caring for others – rather than the pursuit of personal gain,” she said.

“This generation doesn’t strive for the same things that baby boomers aimed for in life. In 20 years time, they will be the CEOs and they will be the ones in control and business will be done differently.”

Professor Cavaye says that despite criticism in educating some of the high profile business leaders associated with the crisis, business schools internationally will play a vital role in the recovery from the global financial crisis.

“While the finger has been pointed at a small group of elite business leaders for the global downturn, we need the best financial and economic brains to help us out of this crisis. The world needs the insights and knowledge of the emerging business leaders and we have an opportunity to complement their new values with the skills required to tackle challenges in the modern economy,” she said.

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0 thoughts on “Gen Y will bring sound values to crisis

  1. I agree that the accumulation of assets/wealth that typifies the baby boomer generation has become its downfall. However I am yet to be convinced that Gen Y has the “concern for the environment, equity, philanthropy, and caring for others” that you refer to. I would suggest that the jury is still out on this as Gen Y appears at least on the surface to be very self centred, somewhat selfish and lacking in respect when compared to the baby boomers. Yes they do take an ‘interest’ in the areas of which you refer, however only in the sense that it must serve their self interests. One can hope that as Gen Y matures they do adopt the skills required to improve society, but at the same time recognise the benefits that come from putting in, not just taking out, not expecting everything to be there for them at their whim.

  2. I agree with Martin on his point that Gen Y on the surface of things seem to be very self centred, selfish and lacking in respect, when compared to the baby boomers. I particularly believe there is a lack of respect. I myself, am a Gen Y, and I do have a concern for the environment, and for others, etc however, I can only relate myself to a certain few with the same concerns. It is taking Gen Y a long time to grow up- with many living not just with, but off their parents, and splurging unneccessary amounts of money, in comparison to the baby boomer generation. And in Australia, the easiest way is considered the best way- Martin is correct in saying that Gen Y expects everything to be there for them at their whim. Gen Y is the most materialistic generation yet! I believe that we are heading for trouble, especially as we are in an age where everybody is considered as ‘deserving,’ even those who do not work hard and earn it- and that includes education.

  3. I am not sure how you can get things so backwards. The baby boomers biggest downfall is there loyalty to the good of the masses. Baby boomers strive for security in their workplace and into the future and not the grab for cash that following generations have. Generation x saw that in hard times caused by economic mismanagement leads to retrenchment of even the most loyal employees and so they strive for climbing the ladder as fast as possible. This lead to the fast turnover of staff as gen x move from job to job jumping a rung or two with each move.

    Now gen y are the most materialistic of all the generations. But with that the have some guilt which means they jump on any bandwagon, like human induced climate change, that relieves that guilt no matter how absurd the evidence might be. I am sure as gen y grows they will become less naive as we all have, but at the moment they are the most naive generation. Not because they know less, but because they believe they know more.

    It must be said that the current crisis had nothing to do with corporate greed, in fact it was caused by the socialist policies of the Clinton years. It was Bill Clinton that created lenders that offered loans to everyone regardless of their ability to repay, with walk away clauses that meant lenders where left holding the hot potato when the artificially inflated prices dropped.

    As far as corporate governance goes, we will not see a change until we somehow take away the power of the institutional investors and the boards to approve CEOs. It has long been known to intelligent investors that a good CEO is groomed from inside the company, is introverted and puts the company vision over the personal reward. Hiring celebrity CEOs is the best way to hold back a company or even liquidate it.

  4. As a somewhat embarrassed member of Generation Y, I agree with most of what the other commentators say, and can confirm that Professor Cavaye does not seem to understand us at all. I suspect she is really trying to attract enrolments, in the interests of cash-flow, by making us feel as if she is our loving Mum. It will not work unless she also promises we will not have to work as hard as the baby boomers (and perhaps Generation X, whom she ignores) to ‘walk the boards’, as they say. Sean Collett seems to think it is happening already. Come to think of it, it is a long time since I last met an undergraduate who failed anything.

  5. I totally agree with Melanie. Alot of those in Generation Y expect to go to University… do close to nothing, and graduate with a degree. Once upon a time, University was a meeting of the minds and an intellectual playground. However a new slogan should be adopted- “never Fail at Flinders!” Whilst such policies of passing as many students as possible may look good statistically and encourages students to study here, it no longer reflects the hard work that no doubt (still) many students put into their education. Perhaps this also comes down to the selection process that SATAC provides as the gateway between High School and University; some people are just better off at doing other things than studying at Uni. If passing becomes more and more easy, our degrees at Flinders will no longer have any quality attached to them. The rest of the world will catch up with this, and those policy makers in charge of the University, will find it all coming back and biting them and their policies on the bum. Who wants to go to a super TAFE? International students will rather pay more to study over in the US or the UK (currently alot come to Australia, simply because its cheaper); and graduate with something worth presenting to a future employer. Generation Y has to learn that not everything comes for free, and that hard work (I am in my sixth year!) is the currency to success. If this belief is not adopted sometime soon, then we will be handed down all the “problems” of previous generations, without any idea on how to solve them. So come on, lets get real, lets put the intellectual back into University, lets stir the pot and create some decent debate, and lets see some of those inexperienced University leaders become more experienced and write worthy articles (rather than advertisements) on the home page of this once proud, smart, intellectual and hard working university!

  6. I am taken aback by the honesty with wich my co Gen y members are conducting this urgument. Gen Y ( of which I am a die hard member) does not seem to attach value to anything that does not yield either profit or status of being coll or preferrably both!Just because Bil Gates and Michael Dell did not finish their degrees does not mean that academic success and wealth are mutually exclusive! I would also be hard pressed to provide a name of friend who is interested in such words as sustaninabilty, ethics and corporate governance beyond their mere currency!

    I also think, however, that Prof Caveye may be slightly misunderstood here. She did elude to the role Business schools (and i guess school in general) can play in order to encourage and build the mindset envisaged among the Gen Y.

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