The millennials (born from the early 1980s to the early 2000s) are currently the largest generation in the American workforce, and by 2020, they will form almost half of the global workforce.
Hence, with this generation quickly taking over, it is important for employers to understand these so called Generation Y-ers.
Here are four things backed with statistics that businesses need to know about the perceptions and expectations of millennials in the workplace and how they are at work.
- Millennials are the most educated generation in history, but face underemployment and have a harder time achieving financial independence.
The millennials might be the best-educated generation in history, however, most of them are also facing underemployment with 34% of them with a Ph.D reportedly being underemployed.
A report by New York Times also cited that they are the worst paid generation despite having more education. According to the report, this can be attributed to the “slowing economy, high unemployment, stagnant wages, and student loans.”
- Millennials are not worried about loyalty, but they care about growth opportunities.
Most millennials lack loyalty. Nonetheless, a recent survey by Deloitte pointed that millennials’ loyalty are driven by a variety of factors including the underutilization of their skills, and lack of opportunities to grow as leaders.
In fact, the survey results showed that 71% of those that expressed to leave their work in the next two years are not satisfied and unhappy with how their leadership skills are being developed.
- Millennials are technology and social media savvy
Millennials are called the “digital natives” as they grew up with these emerging technologies. They easily adapt with new trends, and most of them know the ins and outs of the digital platform
A study by UNC Kenan-Flagler Business School found that they switch their attention between media platforms such as laptops, smartphones, and tablets 27 times per hour on average while previous generations only averaged 17 times.
Additionally, according to PWC, 41% prefer to communicate through electronic channels than face-to-face or on the phone.
- Millennials are entrepreneurial
Millennials are discovering entrepreneurship earlier than their predecessors. As described in the recent BNP Paribas Global entrepreneurs Report, millennials are setting out their businesses at around 27 years old while the older generation ventured into entrepreneurship at roughly 35 years old.
These “Millennipreneurs,” as coined by the same report, have also launched an average of 8 companies which is more than double the number of companies launched by Boomers who averaged 3.5.
