Generation gap at workplace

I feel IT industry is currently experiencing a generation gap between the recent graduates and their project managers. I read in a recent survey that average age of a project managers is around 40 years. So obviously both of them will have a very different schools of thought on how project management should be done.Older project managers would usually falter in understanding gen-x dreams since they don't match with long established industry realities

Present set of veteran managers are still under old fashioned management perceptions. They believe that by spending long hours at office it shows one's commitment towards work. On the other hand present generation expect a fulfilling life outside of work , higher salary packets and prefer putting shorter hours at workplace. They would prefer being rated based on their quality of work rather than number of hours one spends at his/her workplace.

Most of the project managers fell in to this job by number of years of work experience they have put in and would smarten up their skills by being trained on few project management courses ( 10 days max???) by their company. Their skills of managing people would be very limited since they do not undergo formal training.Where as present generation would be more focused on what they want , they would choose appropriate career specializations during their academics and are usually more serious in taking project management as their career.

I think this generation gap would narrow down with time and I strongly believe younger project managers would make better managers than the present set of veteran project managers.