In many ways the fates of popular soft drink Dr Pepper and Generation Y (those born after 1980) are intertwined.

In 2001, Dr Pepper was going through a major rebranding exercise that introduced the UK to a new catchphrase: ‘Dr Pepper, so misunderstood’. In the same year, the first wave of Generation Y’s 20-somethings were leaving university and entering the world of work. Both found their own way to stand out in a crowded marketplace.

But while the rejuvenated Dr Pepper brand reached previously unimaginable cult status, it is Generation Y who have ended up living by the slogan ‘so misunderstood’.

Gen Y suspicion

Seven years (and many millions of pounds profit for Dr Pepper) later, Generation Y are still viewed with suspicion by employers. Earlier this year the Daily Mail announced in its headlines the “arrival of Generation Y, the graduate divas who want it all”. Across the Atlantic, USA Today bemoaned the country’s wayward graduates, who “wear flip-flops to the office or listen to iPods at their desk”. So what have Generation Y done to deserve all this attention?

Making sense of Gen Y

The answer is largely anecdotal, that somehow they are more demanding, lazier and greedier than their predecessors. Some theorists suggest that Generation Y have developed this perceived sense of entitlement after years of economic boom under first John Major’s Conservative government and then New Labour. Alternatively, Reverend Bob Mayo has proposed is his book ‘Making Sense of Generation Y’ that they are in fact victims of a change in family dynamics that has seen the child become the centre of the family unit. After being lavished with attention by their parents, is it so surprising that they expect the same treatment from their bosses?

Work 2.0. phenomenon

All these theories share a belief that Generation Y have somehow been spoiled by overindulgence on a national or familial scale. There is, of course, more than a grain of truth in these assertions. The representatives of Generation Y that I have met, talked to and interviewed have been exceptionally ambitious and more than aware of the wealth of options at their fingertips.

But every 21-year-old I have ever met, regardless of what decade they were born in, has wanted to get a top job, earn lots of money and travel the world if they can squeeze it in somewhere. What is new is the scale of Generation Y’s ambition, and their determination to balance that success at work with equal success outside it. This may be a little more subtle than the headlines being splashed across the national media, but it is nonetheless still very significant. A fundamental shift is taking place in the way we look at our lives, our careers and employment in general. And I’m going to call that phenomenon Work 2.0.

Portfolio career

Broadly, these changes can be looked at as a reaction to the classic job: the nine to five working day week with suit and tie and company car. Generation Y aren’t looking for a ‘job for life’. In fact, we don’t think anybody is anymore. What we’re seeing develop in its place is the ‘portfolio career’, spanning a number of different job roles in a number of different companies or even industries. We ran our Work 2.0 survey (talking to 1,000 people and running three in-depth focus groups) at the beginning of the year to look at intergenerational attitudes to work, and some of the responses were astonishing. Over the next 15 years, 52% of Generation Y plan to change job roles and 40% believe they will move into a different industry. And it isn’t just these young upstarts. While the trends are less marked in older generations, they are nonetheless there. A fair chunk of Generation X (now in their 30s and 40s) share Generation Y’s aspirations. Despite having been around a little longer, 36% of Gen X also want to try their hand at a new job role while 32% hope to jump ship to a whole new industry or sector.

Work/life balance

Where the difference becomes more marked is in the way Generation Y view the work-life balance. By that, I don’t just mean leaving the office promptly at 5.30pm every afternoon. They expect the companies they work for to cultivate personal as well as professional achievement. 50% of Generation Y think sabbaticals are an important extra perk when looking for a new job, while as many look for free gym membership as for signing on bonuses. Although there is rarely any substitute for money, they would accept a lower salary to work in a company that offers flexible working hours or the ability to work from home.

Gen Y wanderlust: transferable skills

Perhaps a cause of greater concern for employers, Generation Y also have wanderlust when it comes to exploring longer-term opportunities outside of work. They are twice as likely as their predecessors to take time off work to travel or return to full-time education. It is increasingly common for employees to leave their jobs in order to pursue a career as an actor, writer or street performer. Our day to day business at FreshMinds Talent, a recruitment consultancy for high-fliers, consistently throws up even more extreme examples. One of our candidates had a CV that included working as a foreign correspondent for The Telegraph, as a pastry chef and saucier, and also counted among his talents “flock management”, apparently “responsible for flock of 500 sheep”.

Another freelance consultant left her high-profile job to make films before starting her own healthy food business for children. We have helped a professional surfer get a job in strategy and placed a former golf journalist in marketing. In their 20s, these examples represent a generation that is happy to soak up experiences as they come along and build up a group of transferable skills. The challenge for Generation Y is to communicate the commerciality of these skills to sometimes sceptical employers.

Employers - take note

Employers, for their part, have to carry some of the responsibility for adapting to the change. Whether or not you share Generation Y’s itchy feet, you are better placed to manage your employees if you understand their penchant for exotic travel or urge to express their creativity. One of the most remarkable findings to come out of our survey has been the loyalty Generation Y feel for their employers.

41% believe that the company they work for says something about them as individuals. So why you might not be able to hold on to them forever, by looking after them you will be fostering a brand advocate for life. Welcome to the world of Work 2.0: the workforce is already changing, now it’s down to the workplace to keep up.