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Last year a few smart, ambitious Gen Y employees at TalentSmart asked me about the things I’ve done and learned that might help them steer their careers. These conversations plus the fact that I have a younger brother finishing college in the fall got me thinking and eventually researching. Here is part one of my answer.
THE RESEARCH
As a recovering trophy kid myself, I’ve learned quite a bit about this
I agree so very much with this post. I see most folks our age dividing almost down the middle to these two camps, and then wondering why they haven't earned the golden office in the corner by age 27.
I would, however, question one point on your table (while appreciating that it is a quick and dirty.) You mention that it is an attribute of a leader vs a trophy kid to use self-depracating humor rather than sarcasm. I see where you are going (don't be the smartest smartass of them all) but at the same time don't think that any leaders are formed by allowing themselves to always be on the depracating end of a joke. I see more witty banter occurring with other leaders I encounter, with a little humility humor tossed in.
On top of this, there are some things that only time and experience will solve. The young shot callers realize this and most do develope some patience.
Sometimes, it's getting down in the trenches and doing all the ugly, messy, but necessary stuff that makes the business work. Sometimes, it's going back to school to fill in the gaps in your knowledge. And sometimes, it's listening to the old-timers and their there-I-was stories to gain insight into not only how things are done, but why certain choices and directions were chosen.

I really like this post and it really got me thinking. I hope you'll do some more follow-ups, I think it's great you went out there and really asked people.
@Jimmy - You're absolutely right that the fundamentals of good leadership are relatively constant.
What changes, I think, are where each generation starts from. For example, Madison, Wisconsin never moves, but to get there from the east requires different directions than from the west. While we're all trying to get to the same end goal of strong leadership, in many areas we seem to be starting from a different place than our predecessor generations.
@Elisa @Mehnaz - Great points. In some ways you're both right. Self-deprecating humor is a poor cover for incompetence. If you're constantly performing below average and calling attention to it with self-deprecating humor, then it's not going to be too funny for too long and won't become that leader. But that's a performance issue, and not a humor problem.
Self-deprecating humor is a great way to diffuse the perception that you're entitled and arrogant (even if you're not arrogant, you are often pereceived that way simply b/c of your age and confidence.) Whereas sarcasm--the comedic tool of choice for our generation--only feeds into that perception. The main point is that if you must use sarcasm, don't direct it at other people. It only makes you look small and insecure even if it's done under the guise of "witty banter." It might get you a date, but it probably won't get you a promotion.
Thanks again for your great thoughts!