Millennials | Who & What to Expect - Talent Navigation Experts

With graduation approaching quickly, workforce’s will be faced with more of the newer members of the millennial generation (AKA Gen Y.) It is hard to know how to approach this generation and understand what to expect. Millennials age range from mid-thirties to late teens, and is considered the largest generation since the baby boomers. They have change the culture of business’s forever.

The below stats were taken by Inc.com to quote the article. “Millennials are now the single largest group within the work force, and will soon become the biggest consumer group, too. Understanding, and being able to engage with, Millennials is going to determine how successful your business will be.”

The Stats:

Median salary across Gen Y is $39,700.
75% see themselves as authentic and are not willing to compromise their family and personal values.
By 2025, they will account for 75% of the global workplace.
Millennials are carrying a total of $1 trillion in student debt.
Over 63 percent of Gen-Y workers have a bachelor’s degree.
48 percent of employed college graduates work in jobs that don’t require a four-year degree.
45 percent believe a decent paying job is a “privilege,” not a “right.”
64 percent of Millennials would rather make $40,000 a year at a job they love than $100,000 a year at a job they think is boring.
88 percent prefer a collaborative work culture rather than a competitive one.
74 percent want flexible work schedules.
50 percent do not believe that Social Security will exist when they reach their retirement age.
92 percent believe that business success should be measured by more than just profit.
40 percent of Millennials think that blogging about workplace issues is acceptable, compared to 28 percent of Boomers.
80 percent of Gen-Y say they prefer on-the-spot recognition over formal reviews and feel that this is imperative for their growth and understanding of a job.
70 percent have “Friended” their managers and/or co-workers on Facebook.
71 percent don’t always obey social-media policies at work.
Millennials are connected to an average of 16 co-workers on Facebook.
56 percent of Gen-Yers won’t work at a company if they ban social-media access.
69 percent believe office attendance is unnecessary on a regular basis.
Millennials stay with their employers longer than Gen-X workers did at the same ages; in fact, more Gen-Xers spent less than one year at any one job.
35 percent of employed Millennials have started their own business on the side to supplement their income.
54 percent either want to start a business or already have started one.
About 37 percent of 18- to 29-year-olds have been underemployed or out of work during the recession, the highest share among the age group in more than 30 years.
84 percent say that helping to make a positive difference in the world is more important than professional recognition.
They’re more loyal to employers than previous generations.
The top ideal employers of currently employed Millennials are Google, Apple, Facebook, the U.S. State Department, and Disney.
41 percent of Millennials have no landline at home and rely on their cell phones for communication.
Millennials value community, family, and creativity in their work.
Millennials are not just virtually connected via social networks; they value the role that they play in these communities.
Millennials are considered multitaskers extraordinaire, though brain science tells us that multitasking is a myth. More likely, they are apt at switching tasks quickly enough to appear to be doing them simultaneously.
Millennials are the most racially diverse generation. Only 56 percent of Millennials are white, compared to 73 percent of Baby Boomers (52- to 70-year-olds). Millennials are almost twice as likely to be Hispanic as older Americans (19 percent versus 10 percent), and more likely to identify as African American (15 percent versus 11 percent) and Asian (6 percent versus 4 percent).
They are more tolerant of different races and groups than older generations (47 percent versus 19 percent), with 45 percent agreeing with preferential treatment to improve the position of minorities.

The article breaks down the millennial generation for you in two sentences. “In short, many Millennials are overeducated, under-employed, heavily in debt, and looking to make a difference in the world–either working for themselves, or in a company that doesn’t just focus on profit. They also want to work in a collaborative, flexible environment that doesn’t require them to be in the office all the time, and one that will allow them to utilize social media.”

To many older generations these wants are silly, and as a part of the millennial generation, I would agree some are. But to understand us you must know us first. This article is to show you what we as a generation find important and what we hope to find at our place of business, but just like you not all are alike. My advice on what to expect from most of our generation. Hardworking, kind, fearless, creative and collaborative team players. Your team will only grow stronger with this generation to be the best #dreamteam but don’t take my word for it, dial 303.771.3277 and let a Technical Recruiter at Talent Navigation Experts help you hire the right workers for your culture and team!