LOS ANGELES — Some of the rising stars of the municipal bond market want to correct some misperceptions about their generation.
They did so this week at The Bond Buyer California Public Finance Conference on a panel dedicated to the municipal bond business's absorption of the so-called "Millennial" generation.
Panelists said that in some respects the generation gap isn't different from conversations that have been going on for eons.
"I can't think of one point in my life that there was not talk about 'kids these days,'" said Andrew Belinfanti-Knight, a 33-year-old Wells Fargo vice president recently honored as one of The Bond Buyer's Rising Stars of the muni market. "I think this trend probably goes back 12,000 years."
But communication and work-style differences wrought by start-up technology companies and the march of social media have widened the generation gap.
Millennials don't think having a work ethic means you must be a workaholic, said Belinfanti-Knight. They value a work-life balance, but want to grow their careers and do expect to work hard, the panelists said.
Millennials don't shy away from working hard, said Belinfanti-Knight; it is mainly the approach to getting the work done that differs.
For instance, they don't value face-to-face communication over electronic communication the way that older generations do.
Some boomers have complained, according to the panel's elder statesman, Polsinelli LLP law partner Timothy Reimers, that Millennials will send a flurry of emails to a supervisor sitting two feet away, rather than getting up and walking into the office to have a conversation. Boomers see that as a lack of respect, while Millennials see it as a time-saver.
Belinfanti-Knight said the solution might be to let the younger employee know that your preference is for them to walk into the office for a conversation. Since his generation grew up texting and emailing they don't realize what they are doing is not acceptable to their supervisor, he said.
Older industries have to compete with tech start-ups for employees, so they do need to embrace some Millennial work-styles if they want to compete for employees, according to panelists.
The younger generation also brings a comfort level with social media that can help to grow businesses.
"Many issuers are not proactive on social media," said Rising Star Poonam Patidar, a 33-year-old member of law firm Mintz Levin. "Issuers could become more adept at social media. They could tweet if you want clean water, buy our bonds."
