In our experience, using competency models to drive intrinsic motivation to develop works with everyone of all generations. If you look at the research, for example, Dan Pink’s research in DRIVE, it is a human characteristic to be motivated to mastery. It’s why we work on our golf game or learn musical instruments for fun. It’s why open source software and Wikipedia exist.
So once someone sees what they “should” be able to do, and they assess themselves against it and become aware of any gaps, young or old, they want to fix it. It is a totally different dynamic when you want to fix something, versus when someone else wants you to do it. Intrinsic motivation is the most effective and creates the best environment for learning transfer to occur.
The difference related to generations is about the patience they have in when that “fix” will occur. Older generations tended to accept experience as one way to develop over time. Younger generations want gaps to be closed immediately, and are driven to do whatever it takes to do it quickly.