8 things you need to know about millennials at...
TRANSCRIPT
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Many millennials don't think workers should beexpected to stay with their employer more than ayear.
8 Things You Need To Know AboutMillennials At Work
JACQUELYN SMITHNOV. 18, 2014, 2:10 PM
The US Bureau of LaborStatistics predicts thatmillennials will make upapproximately 75% of theworkforce by 2030.
That's why it's absolutelyimperative that employersbegin to better understandmillennials (those currentlyin their 20s and early 30s)— and the exact reasonMillennial Branding, apersonal branding agency,teamed up with PayScale toconduct research andrelease a new report titled"Gen Y On The Job."
The report looks at howmillennials, also known asGeneration Y, are faring intoday's multigenerationalworkforce compared to Gen Xers and Baby Boomers.
"We found that millennials are more likely to be living with their parents, unable toachieve financial independence, and even those that have higher degrees areunderemployed," says Dan Schawbel, founder of Millennial Branding and authorof "Promote Yourself."
"Companies need to understand these issues because when millennials do get hired, theymight be less experienced and more frustrated than previous generations," he says."Also, millennials have high expectations and optimism about the workplace that isn't
realistic for most employers, so there's a mismatch in terms of expectations."
He says it's also important for companies to understand what millennials interests andvalues are in order to attract them. "By next year, millennials will account for the highestpercentage of workers compared to Gen X and Boomers, so employers need to getserious about competing for them. They are currently one in every four managers atcompanies already so their influence is growing," says Schawbel.
Here are eight things Millennial Branding and PayScale found in their research that youprobably didn't know about millennials:
1. The gender wage gap is shrinking with the millennial generation.
When corrected for job choice, experience, and hours worked, the gender wage gap issmaller for members of Gen Y at all job levels than Gen Xers or Baby Boomers. However,the gap still widens for millennials (as it does for all other generations) as responsibilitylevel increases. This means female executives across all generations see a greaterdisparity in pay than individual contributors.
ITU/Rowan Farrell
The gender pay gap hasn't disappeared — but it's smaller among millennials.
2. Many millennials don't think workers should be expected to stay withtheir employer more than a year.
About a quarter (26%) of millennials surveyed said that workers should only be expectedto stay in a job a year or less before looking for a new position.
Meanwhile, 41% of Baby Boomers believe workers should stay with an employer at leastfive years before looking for a new job. Only 13% of millennials agree with their moresenior counterparts.
3. Highly educated millennials are facing higher rates of underemployment.
Millennial M.D.s are underemployed at a rate of 30%, compared to 22% of Gen Xers and21% of Boomers, the report finds. Millennials who hold a Ph.D., meanwhile, report beingunderemployed at a rate of 34%, compared to 27% for Gen Xers and 25% for Boomers.
This can mean a few things: They are underpaid for their education, not using theireducation or training in their current job, or are working parttime but seeking fulltimework.
4. Millennials are having a much harder time achieving financialindependence than previous generations.
Twentyfour percent of millennials who participated in the PayScale survey said they hadto move back home at some point after entering the workforce due to financial hardship.Only 10% of Gen Xers and 5% of Baby Boomers said they did the same.
5. Millennials are the most educated generation in history.
Approximately 79% of Gen Y members hold at least a bachelor's degree, compared to69% for Gen Xers and 62% for Boomers. However, it's important to note that those whodo not major in highly soughtafter majors, like engineering, tend to struggle withheavier student debt loads than ever before.
Flickr/mdgovpics
About 79% of millennials hold at least a bachelor's degree.
6. Millennials are ambitious and eager for their careers to take off.
When describing their ideal jobs, millennials are more likely to value opportunities forcareer advancement and the chance to learn new skills than their Gen X or Baby Boomercounterparts.
7. Millennials were more likely to say they want a manager who is friendly.
On the other hand, the survey also found that they're less likely to say that they value amanager who goes to bat for them than Gen Xers or Baby Boomers.
8. Millennials want to own their own businesses.
Gen Y has an entrepreneurial spirit — and they are more likely than other generations tostudy majors related to entrepreneurialism.
Click here to see the full report.
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