Millennials are changing just about everything, from how we live to where we shop.
Their generational preferences for authenticity and social values have sparked widespread innovation across industries, and the American workplace is no exception.
In 2016, Millennials made up 25 percent of the workforce, and are projected to reach over 50 percent by 2020 (MediaPost). As demographics continue to change due to Baby Boomer retirement and continued immigration, the Millennial influence within the workplace will move from novel to normal. According to Pew Research Center, Millennials will dominate the workplace by 2025, holding over 75 percent of American jobs.
“The millennial market is driving me mad!” is a statement I routinely hear from organizational leaders of the Baby Boomer and Silent Generations. At times, it seems as though there is no limit to the generational differences between Millennials and their predecessors.
With Millennials representing over $200 billion in annual buying power, Generation Y (and their “frustrating” worldviews) are not a force to overlook. Established organizations seeking continued relevance in our ever-changing world will need to incorporate millennial-friendly practices and strategies into their operations.
The generational gap between millennial behaviors and priorities is a well-documented area of friction between that of previous generations.
I love the healthcare industry.
One of my very first “real” jobs was working as a Resident Assistant, turned Weekend Cook, turned Activities Director, turned Marketing Intern, at a rural long-term care facility in the heart of Sweet Potato Country, USA (Vardaman, Mississippi, anyone?).
There were some great moments, like receiving over a dozen hugs from my newly adopted “grandparents” after every piano rendition of “When the Saints…”
When you hear the term “Millennials”, do you think of young parents?
Recent statistics say you should.
According to 2015 Goldman Sachs report, almost all of new mothers – nearly 90 percent – were millennials.
Wasn't it just yesterday this debt-strapped and unemployed generation was leaving college to Occupy Wall Street and move into their parent’s basement?
Well, now they are starting their own families and, in true millennial fashion, rewriting traditional gendered roles as they go.
Goldman Sachs reports American parents currently spend $1 trillion each year on their children, not including college costs - a figure that is forecasted to grow in coming years.
Our population is changing. With more than fifty percent of the world’s population currently made up of people 30 years old or younger, millennials are now the largest generation on the planet [U.S. Census Bureau]. By 2017, Millennials will represent the majority in terms of purchasing power, and by 2025, they will be the majority of the workforce [Pew Research].
With these changes comes a new face of consumers and employees—that of the millennial.
A lot being’s published on the emergence of Generation Y, and many an organization is beginning to feel the effects of the generational gap that may exist between the 35 and under crowd and their more experienced predecessors.
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