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They have not experienced a recession personally or old enough to comprehend the impact on their parents. Think that is the biggest difference - it all seems like upside to them.
I had a fairly large secondary private equity portfolio closing on October 1. I ran point on the deal with a team of 5 associates (4 Gen Z and 1 Millenial) - 3 of the 5 DID NOT SHOW UP on closing day (with various excuses). My son informed me two days before closing that he “sees two of everything” - yet I managed to get him to a specialist, close the transaction, and cover for all 3 AWOL associates (somewhat worse for the wear, but I made it through). My son is fine, thankfully. Spoiler - exactly zero of my missing associate cadre had an excuse for not helping on closing day even approaching what I was going through. 🙄
It's about consequences. They haven't had to face them yet. When they do, they often refuse to accept that it results from their own behavior rather than external factors (as outlined in Rule 1 of the 7 Habits).
I hope that as they grow older, they will understand that they cannot continue blaming outside forces and will mature. However, it's our responsibility to hold them accountable; if we don't, we will be to blame as well.
I have had a similar experience. Last month my senior associate gave me an ultimatum to be made partner now or never. I told him never and fired him last week. He had been immature and disrespectful over the past two years and the ultimatum was the last straw. I was hoping to semi-retire in another year but may now need to postpone unfortunately.