[Desk Column] Do Chairmen Understand Kids These Days?

The bitter aftertaste that begins with "Kids these days" and ends with a "tsk tsk" sound. This clich?d repertoire symbolizing "generation gap" is quite ambiguous. It either refers to the "intergenerational conflict" caused by the generation gap or the "intergenerational misunderstanding" that gave rise to it. Moreover, the generation gap has a long history. From the lament "Kids these days have no manners" inscribed on a Sumerian clay tablet over 4,000 years ago to the sighs and reproaches echoing in Homer's epics some 3,000 years ago. In the eyes of the older generation, "kids these days" have always been reckless, selfish, and unruly regardless of the era. So, what about the kids of today?

Recently, The Wall Street Journal (WSJ) published an intriguing analysis article about the Millennial generation born between 1981 and 1996. They work more (4.17 hours vs. 3.17 hours for older generations), sleep more (8.91 hours vs. 8.58 hours), receive more education (0.51 hours vs. 0.04 hours), and enjoy more recreational gaming (0.36 hours vs. 0.15 hours) than Generation X (born 1965?1980) or the Baby Boomers (born 1946?1964). The reason this is possible is that they watch less TV. Millennials watch TV for 1.99 hours, much less than the 3.2 hours watched by older generations.

This is more than just numbers; it is a smoking gun confirming a generational shift. Today's young generation rejects the method of watching TV at a predetermined time (uniformity), gathering people in one place (collectivism), and passively receiving broadcasts (one-way communication). They value diversity over uniformity, prefer individuality over collectivism, and support two-way interaction rather than one-way. Therefore, "watching live broadcasts" has long become an artifact, and TV has fallen from a necessity to a choice.

A successful case that has penetrated this change is Netflix. Starting as a DVD rental business in 1997, its introduction of online movie streaming services in 2007 was decisive. As of the third quarter of last year, its revenue was $5.2 billion (about 6.22 trillion KRW), with 158 million global subscribers and 140 million hours of content consumed daily. It has long surpassed YouTube in internet traffic. "Traditional TV broadcasting will disappear within 20 years," said Reed Hastings, CEO of Netflix. Five years ago, this statement sounded like bravado, but now it sharply strikes the core.

Above all, it goes without saying that Netflix aims to be "Phono Sapiens." Coined by The Economist in the UK, Phono Sapiens refers to humans who use phones wisely, a play on "Homo Sapiens," meaning wise humans. They watch dramas, shop, rent cars, and order food on smartphones instead of TVs. For them, the smartphone is a vast society, a robust world, and an infinite universe. Considering this, it is no coincidence that Uber's corporate value, which provides food delivery and ride-sharing services via smartphones, is higher than that of the U.S. "Big Three" automakers.

The cases of Netflix and Uber send a clear message. Companies must now stake their survival on the management keyword "generation." Moreover, the cycle of generation gaps is accelerating at a breathless pace.

According to Professor Jeon Sang-jin, who defines the complex intergenerational relationships as a "generation game," the core of intergenerational conflict lies in the difference between the continuity perspective of "You will walk the path I have walked" and the discontinuity perspective of "You walked your path, and we will walk ours." In other words, generations are inherently incompatible. Therefore, only companies that willingly acknowledge generation gaps and overcome misunderstandings can create value rather than conflict. What is commonly called "corporate innovation" is actually premised on "intergenerational empathy."

So, Chairman, do you really understand the kids these days?

This content was produced with the assistance of AI translation services.