Understanding Millennials

Dr. Jolene Erlacherwww.leadingtomorrow.orgjolene@leadingtomorrow.org

Generations Today

•Silent: Born 1928-1945 (Age 69-86)

•Boomer: Born 1946-1964 (Age 50-70)

•Gen X: Born 1965-1980 (Age 34-49)

•Millennials/Gen Y: Born 1980-1995 (Age

19-33)

•Gen Z/Digital Natives: Born 1995-2010

(Age 4-18)

•Generation Alpha: Born after 2010

Workplace Stats  91% of Millennials (1982-1995) employees don't expect to stay more than three years at any given job. (Future Workplace Survey) Starting in 2015, Baby Boomers will no longer be the majority of the workforce. The majority of the workforce will be Millennials, ages 20-33. (U.S. Bureau of Labor Statistics)

1. High unemployment and the lack of skilled labor worldwide threatens a projected loss of $10 trillion between now and 2030. The loss is fueled by anemic economic growth and aging populations, thereby impeding business growth and competitiveness and introducing significant economic challenges. (Boston Consulting Group)

Workplace Stats44% of Generation X (1965-1981) workers are reportedly actively disengaged, meaning they're planning to look for another job within the next 12 months. (Gallup) 61% of high school students would rather be an entrepreneur than an employee when they graduate from college. (Internships.com) 1 in 3 young professionals under age 30 prioritize social media freedom over salary when choosing to accept a job offer. (Cisco Connected World Report) 

Workplace StatsThere are 4.8 million job openings in the United States right now; the highest level since January 2001. However, roughly half of the employers can't find qualified workers. The skills gap between higher education and workforce training has been identified as a "critical problem" for the U.S. (Council on Jobs and Competitiveness) High unemployment and the lack of skilled labor worldwide threatens a projected loss of $10 trillion between now and 2030. The loss is fueled by anemic economic growth and aging populations… (Boston Consulting Group)

Sources of Age Diversity

Taylor, Paul, and Scott Keeter, eds. “Millennials: Confident. Connected. Open to Change.”Pew Research Center. February 2010. Web. 13 September 2010.

•Life cycle effects: Young people differ from older people, but may resemble them later in life. •Period effects: Major events (war, economic decline, etc.) affect people differently based on location in life cycle. •Cohort effects: Period events and trends that influence young adults as they are developing their core values.

Boomers Gen X Millennials Gen Z

Born 1946-1964 1965-1980 1981-1995 1996-2009

Size 78 Million 48 Million 80 Million 57 Million

Characteristics Hard-working, competitive, loyal, confident

Anti-authority, individualistic, self-reliant

Confident, needy, digital thinkers, entitled

Realistic, creative, hyper-connected

Why they are the way they are

Healthiest, wealthiest, largest generation of time

Children of workaholics & divorce, cable/internet

Micromanaged, rewarded for participation, technologically connected

Raised in culture of fear, mobile technology, helicopter parents

Communication Styles

Prefer detailed dialogue in person or via phone, appreciate meetings, believe no news is good news

Prefer concise communication, without clichés or over-explaining, email

Prefer frequent feedback and problem-solving via technology instead of phone calls or meetings

Prefer visual communication via technology, expect to communicate whenever/wherever they want

Boomers Gen X Millennials Gen Z

Born 1946-1964 1965-1980 1981-1995 1996-2009

Problems Dwindling retirement funds, job dislocation, rising healthcare costs or inadequate healthcare

Debt, caring for aging parents and young children, balancing life/career, stuck in middle management

Debt, unemployment, difficulty transitioning to career, negative stereotypes

Finding identity, lack of job opportunities, falling apart of American Dream,

Flaws “Been there, done that,” attitude, not open to new ideas

“Wait and see” approach, difficulty committing

“What’s in it for me,” high demands, short attention spans

Need for structure, want quick results, lack interpersonal skills

Gen Z Report by XYZ University

Matures/Silents

Value the past

Respectful of order/authority

Disciplined, hardworking

Want to mentor

Seek fulfillment through career

Tangible symbols of service

Baby Boomers

Optimistic

Team players

Uncomfortable with conflict/criticism

Expect work to matter (not fun)

Personal appreciation (promotion and recognition)

Career that gives identity

Full engagement

Generation X

Pragmatic/informal

Confident with technology

Like flexibility

Independent

Have a life away from work

Recognition for ambition

Work-life balance=$$

Want to do things their way

Ability to get ahead (degree/certification)

Generation Y/Millennial

High-tech

Confident/Avoid conflict

Attached to home/parents

Value time/flexibility at work

Need lots of supervision early

Ask why?/Seem disrespectful

Constant feedback

Freedom (sign of trust)

Idealistic

Opportunities beyond first position

Fun/Friendly!

Millennial Core Traits

•Special/Entitled: “baby-on-board,” self-esteem programming, angel-child movies, helicopter, social media, parents/pampering teachers•Sheltered: programmed, enclosed, monitored, bike helmets/seat belts•Confident: protected from world, reality distant, trust in parents/leaders/systems (changing over past decade)•Team-Oriented/Collaborative: positive peer pressure, value orderliness, uncomfortable with class divide, increasingly interconnected, tolerant

Millennial Core Traits

•Conventional/Rule Followers—move towards structure, trust big gov’t & parents, value traditional ways, new norms (tolerance)•Pressured/Driven—increasing demands from technology, schools, personal and parental ambitions, higher stakes (i.e. grades, major)•Achieving/Slackavists—doing vs. being, extracurricular is growing, specializations (i.e. sports, music), structured activities•Tech-dependent•Family-oriented (work/life balance)

A Snapshot of the GenerationsSilent Boomers Xers Millennials/Gen

Y

Attitude w/Authority

Endure them Replace them Ignore them Choose them

Role of Relationship

Significant Limited, useful Central, caring Global, 24/7

Value System Conservative Self-based Media Shop around

Role of Career Means of living Central focus Irritant Place to serve

Schedules Mellow Frantic Aimless Volatile

Technology Hope to outlive it Master it Enjoy it Employ it

View of Future Seek to stabilize Create it! Hopeless Optimistic

Elmore, Tim. Generation iY: Our Last Chance to Save Them. Atlanta: Post Gardener Publishing, 2010.

Work comes first

Follow the rules no matter what

The boss deserves respect

Seniority=promotion

9 to 5

Work is based on hours

Face-to-face contact

Dress the part at all times

Will change to meet the needs of the organization

Life comes firstFollow rules that work

(why?)Equality and respect

must be earnedTalent=promotion

No defined work clockOnce I am finished, I can

leaveDigital contact

Dress the part as necessary

Expect organization to change to meet their

needs

Work Ethic Differences

Millennials: What do they want?

To feel valued/special/appreciated To have authentic relationships (boss/colleagues) To receive constant feedback/affirmation/correction To be a part of something meaningful To feel like they are making a meaningful

contribution To have flexibility/freedom To have opportunities for professional

growth/promotion

Millennials: What do they need? Trusted mentors/coaches (good/bad cop) Affirmation of talents and contributions, constant

feedback Immediate constructive feedback on areas needing

improvement Sincere explanation of “why” for processes and systems

that seem confusing Role models of effective professional practices Advocates of their needs and perspectives to leaders Patient equipping and empowerment (sometimes in very

basic skills)

Effective Intergenerational Leaders:

Possess emotional intelligence!!! Ask good questions/listen!!! Understand differences in perspectives/values Educate team on those differences and their

potential, foster team building Create systems that help empower every group

(options for rewarding performance) Maximize the strengths of an intergenerational

team