The Who, How and Why of Managing Gen Y
Who Are Millennials
- 80 million young adults born between 1976 and 2001.
- By 2014, 36% of the U.S. workforce will be comprised of millennials.
- By 2020, 46% of all U.S. workers will be millennials.
- 64% ask about social media policies during job interviews.
- 24% say it would be a key factor in accepting the offer.
- 15% have less than high school level
- 40% have high school level
- 28% have some college
- 20% have 4+ yrs of college
- 15% have less than high school level
- 34% have high school level
- 35% have some college
- 15% have 4+ yrs of college
Millennials are the most diverse generation.
- 59.8% White
- 14.2% Black
- 18.5% Hispanic
- 4.3% Asian
- 3.2% Other
- 72.5% White
- 13% Black
- 12% Hispanic
- 3% Asian
- 1.5% Other
Percentage of 20-year-olds who value a job with more than 2 weeks of vacation as “very important”:
- In 1976 - 31%
- In 2006 - 17%
Percentage of 20-year-olds who value a job that gives you a chance to make friends as “very important”:
- In 1976 - 54%
- In 2006 - 40%
Percentage of 20-year-olds who value a job that most people look up to and respect as “very important”:
- In 1976 - 43%
- In 2006 - 33%
Why does your company need them?
Millennials want to learn and grow with you.
- 52% said opportunities for career progression made an employer attractive.
- 65% said the opportunity for personal development was the most influential factor in their current job.
- 22% saw training and development as the most valued benefit from an employer.
Millennials are tech-savvy multi-taskers.
Millennials switch their attention between media platforms like laptops, smartphones, tablets and television 27 times per hour on average -- as compared to only 17 times for previous generations.
Millennials can be a social media megaphone for your company.
Friends of fans represent a set of consumers 34 times larger than fans themselves. Having employees who are more active on Facebook can greatly increase your digital reach.
Millennials On Social Media
- 66% would look up a store after learning their friend had checked in.
- 43% have liked more than 20 brands on Facebook.
- 91% make their Facebook places and Foursquare check-ins public.
- 52% have over 300 Facebook friends; the top 10% have over 1,000.
Millennials are motivated by more than the money.
Job factors valued as important:
- 30% meaningful work
- 28% high pay
- 25% sense of accomplishment
1 in 3 millennials said he/she would prioritize social media freedom, device flexibility and work mobility over salary in accepting a job offer.
Millennials are mobile.
71% of millennials would like to work abroad.
Millennials want to lead.
- 92% of surveyed 21-to-24-year-olds-felt entrepreneurship education was vital in the new economy and job market.
- 30% started a business in college.
- 35% have started a side business.
How To Keep Them At Your Company
Organizations will need to recognize the priority millennials place on flexibility and fulfilling social needs at work, while at the same time setting realistic expectations of career paths and advancement opportunities.
- 43% felt extremely or very confident that they could find another job if they lost or left their current one.
- 70% of them are planning to change jobs once the economy improves.
This generation prefers on-the-spot recognition to traditional performance reviews. A whopping 80% of millennials said they would rather receive feedback in real time, not to mention frequent check-ins to keep a pulse on progress.
Motivation of millennials will require coupling structured assignments and frequent feedback with opportunities to learn, grow and contribute in meaningful ways. Millennials want a work environment that is comfortable and inspires them to contribute without fear of being criticized, such as one that has “pizza party” lunches or offers time off for a job well done.
Millennials are natural collaborators, particularly when the group’s purpose and goals are understood. Employers should be clear about deadlines and any business boundaries the group should be aware of.
- Buzz Marketing Group
Kenan-Flagler Business School
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