The workforce has changed.
Millennials make up the largest group of workers ever in the United States (32% as of 2015; over 66 million). Millennials are people who were born between 1980 and 1995. They are also the second largest workforce to ever exist; second to Baby Boomers (those born between 1946 and 1964). Generation X is the group in between these two, and represent 31% of the workforce. Baby Boomers represent 30% respectively.
It is paramount that we consider this reality as we move forward for a number of reasons such as workplace culture, environments, strategy, and even benefit packages, to name a few.
Here are a few additional insights about Millenials to increase our understanding:
- Millennials desire businesses to focus more on “people and purpose.”
- Millennials are living at home longer, are slower to buy a car, and are much more likely to have student debt.
- Millennials are more highly educated than those in earlier generations.
- Millennials have continued to move less than prior generations did at similar ages.
- Households in the under-35 age group have been taking on less debt since 2007 . . . except for student loans.
- Millennials’ rate of job change is not substantially different from that of prior generations.
- Millennials are both entering the labor market and forming households later than their predecessors did.
- Millennials value compensation packages that include Loan Repayment Assistance Programs (LRAPs), credits, and homeownership counseling.
“Conventional wisdom holds that Millennials are less loyal to employers than those in other generations, and that they won’t stay in the same job for more than a few years. Polls often paint a dispiriting picture of Millennials as flighty employees, unwilling to work hard in a single job over the long haul, and too ready to chase the next opportunity for personal fulfillment. When we look at hard numbers, however, we find that Millennials’ rate of job change is not substantially different from that of prior generations.”
(Source: “A new understanding of Millennials: Generational differences reexamined,” by Dr. Patricia Buckley, Dr. Peter Viechnicki, Akrur Barua. Deloitte Insights, 2015.)
- Social good
- Financial stability
- Technology innovation
- Regular feedback
(Source: “7 Surprising Traits That Make Millennials Excellent Employees,” by Deep Patel. Entrepreneur, 2018.)
The bottom line is that Millennials rule. We need to value, recruit, listen, and learn from them. And everyone.
Read the free ebook, “Millenials in Leadership,” by David A. Miller and Ryan Leak for additional insights.
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