The children of Baby Boomers are beginning to flood into global job markets. Born between 1980 and 1999, these new employees are shaking up the workplace. They're called the Millennials (or Generation Y) and their impact on businesses and organizations around the globe is going to be profound.

Over the next two decades the cost to recruit and train Millennial employees will be huge. And, if organizations don't take positive steps to fully integrate younger workers, the resultant turnover -- which costs from 50% to 150% of an employee's salary -- could run into the billions. That's a real challenge these days because the Millennials bring with them a unique perspective (and work ethic) that stymies older workers and frequently leads to intergenerational conflict.

Managing Across the Generational Divides

Fortunately, companies can create a culture that attracts and retains multiple generations or employees. Not that managing a multi-generational workforce is simple. The Mature or Silent generation, born before 1945, displays a loyalty to the company that places duty before pleasure. Baby Boomers, born between 1946 and 1964, are known for being workaholics, for maintaining a love-hate relationship with authority and for being extraordinarily idealistic and optimistic. Gen Xers, the MTV generation, came into the world between 1965 and 1979. They often demonstrate independence, are results oriented and are known for their skepticism.

Creating a culture that integrates and energizes Millennial employees with those of other generations means challenging them, providing plenty of feedback, cross-training to build competencies, and developing clear-cut career paths. Ironically, these are effective management strategies that also work well with Boomers and Gen Xers (although they may not be as likely to bail out if these conditions aren't met.)

Rebuilding the Millennials' Reputation

While there have been many books published about the upcoming Millennial generation, many have been somewhat disparaging of Generation Y. Older employees seem fond of complaining about the Millennials "laziness," disrespect for authority, poor work ethic and sense of entitlement. In contrast, there needs to be a strong advocate for these new workers.

True, the Millennials have grown up with more feedback and praise than previous generations, but that also translates to higher expectations for success.

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